Cognitronics Reports Higher First Quarter Income Equal to 14 Cents vs.
3 Cents
DANBURY, Conn., April 28 /PRNewswire/ -- Cognitronics Corporation (AMEX:CGN) today reported net income for the
first quarter of 1997 equal to $.14 per share, up substantially from $.03 per share a year ago.
For the quarter ended March 31, 1997, net income was $504,000 versus $108,000 for the same quarter of 1996.
Sales for the first quarter were $5.5 million in 1997, up from $3.8 million in 1996.
The company said that the 47% increase in first quarter 1997 sales over first quarter 1996 sales was attributable to the
doubling of sales of its domestic operations, while sales of distributorship products into the British telecommunications market
were approximately the same in both periods. Sales of the company's McIAS(TM) 16xx series products increased several
fold in the first quarter of 1997, offset in part by lower sales of older products, some of which have been replaced by the
McIAS 16xx series products.
``Sales of domestic operations have experienced strong demand in the fourth quarter of 1996 and the first quarter of 1997
resulting in improved results, and we anticipate that this momentum will continue in the second quarter,'' said Brian J. Kelley,
president and chief executive offer of Cognitronics. ``The sales order backlog at the end of the 1997 first quarter was $3.4
million, up from $2 million at the end of 1996, and has increased to $4 million currently. A significant portion of these orders
are for the company's flagship UNIX(R) based McIAS 16xx/IP systems.''
Statements contained herein which are not historical facts are forward- looking statements. The forward-looking statements in
this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve a number of risks and uncertainties including, but not limited to, product demand, market
acceptance, litigation, risk of dependence on significant customers, third party suppliers and intellectual property rights, risks in
product and technology development and other risk factors detailed in the company's Securities and Exchange Commission
filings.
Cognitronics is a leading manufacturer and supplier of voice processing equipment, including telephone network and call
management products and interactive voice response (IVR) systems, to telephone operating companies, original equipment
manufacturers and commercial end-users.
McIAS is a trademark of Cognitronics Corporation.
UNIX is a registered trademark of Santa Cruz Operation, Inc.
COGNITRONICS CORPORATION
Summary of Results
Three Months
Ended March 31,
1997 1996
Net sales $5,548,000 $3,765,000
Net income $504,000 $108,000
Net income per share $.14 $.03
Weighted average number of
shares outstanding 3,629,705 3,605,232
SOURCE: Cognitronics Corporation
[ CGN telecommunications ] |
