FiberCore Announces First Quarter Results
CHARLTON, Mass., May 03, 2000 (BUSINESS WIRE) -- FiberCore, Inc. (Symbol FBCE).
FiberCore, Inc., a leading manufacturer of optical fiber and preform for the
telecommunication and data communications market, headquartered in Charlton, MA
with production facilities in Jena, Germany announced the results of operations
for the three months ended March 31, 2000. Sales for the three months ended
March 31, 2000 were $3,453,000, 30% greater than the sales of $2,655,000
reported for the same period in 1999. The increase is attributable to an
increase in the volume of products sold.
The Company's gross profit more than doubled to $732,000 or 21.2% of sales for
the first quarter of 2000 from $318,000 or 12% of sales for the first quarter of
1999. The increase reflects higher sales volume and production efficiency
improvements that resulted in lower production costs compared to the first
quarter of 1999. The Company expects that profit margins will continue to
improve as revenue increases and as further process improvements are
implemented.
Cash flow from operations improved to $334,000 in the first quarter of 2000, an
increase of more than 267% compared to the $91,000 reported for the first
quarter of 1999. The improvement is primarily the result of the increased sales.
The Company had a loss on a consolidated basis for the first quarter of 2000 of
$496,000 or $0.01 per share, 24% less than the loss of $655,000 or $0.02 per
share in the first quarter of 1999. This improvement is the result of the higher
sales and gross profit.
Following are the results of operations for the three months ended March 31:
Three Months Ended
March 31,
(in thousands except per share amounts)
2000 1999
Sales $ 3,453 $ 2,655
Gross profit $ 732 $ 318
Net Loss $ (496) $ (655)
Loss per share $ (0.01) $ (0.02)
For more information about the Company, or shareholder information please visit
our Website at: www.FiberCoreUSA.com or contact us at: Phone - (508) 248-3900 or
by FAX - (508) 248-5588 or E-Mail fbce@meganet.net or fbce@aol.com
Except for the historical matters discussed above, the statements in this press
release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those projected as a result of certain
general economic and business conditions; loss of market share through
competition; introduction of competing products by other companies; changes in
industry capacity; pressure on prices from competition or from purchasers of the
Company's products; availability of qualified personnel; ability to obtain
required financing; dependence on a single manufacturing facility and limited
suppliers; the loss of any significant customers; and other factors detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
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CONTACT: FiberCore, Inc.
Charles DeLuca
508-248-3900
FBCE2CDL@aol.com
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: HARDWARE
NETWORKING
TELECOMMUNICATIONS
EARNINGS
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