Aastra Reports 13th Consecutive Record Quarter
fin-info.com
TORONTO, ONTARIO--Aastra Technologies Limited - (TSE: "AAH") is
pleased to report record net sales for the 13th consecutive
quarter and a record net profit. Net sales for the three months
ended June 30, 2000 were $45.0 million, a 112% increase from sales
of $21.2 million for the same period in 1999. Net sales for the
six months ended June 30, 2000 were $85.3 million compared to
$39.3 million in 1999, a 117% increase.
As a result of the continued increase in revenue, Aastra recorded
a net income of $3.4 million or $0.26 per share for the second
quarter ended June 30, 2000 compared to a net income of $1.1
million or $0.12 per share for the second quarter of 1999. For the
six months ended June 30, 2000, net income increased to $6.3
million or $0.56 per share compared to $2.1 million or $0.22 per
share for the same period in 1999. Excluding interest and income
taxes, operating income for the three months ended June 30, 2000
increased to $5.3 million or 11.8% of sales compared to $1.8
million or 8.4% of sales for the same period last year. Operating
income for the six months ended June 30, 2000 increased to $9.8
million or 11.5% of sales compared to $3.3 million or 8.3% of
sales for the same period in 1999.
During the second quarter, the Company generated sales of $26
million from the products it acquired from the Nortel Networks'
Access Solutions Division. While the demand for the access
solution products continued to be strong during the second
quarter, sales were impacted by severe world-wide component
shortages which caused production delays for several products.
The Company believes that it will have mitigated the impact of
these component shortages by the end of the third quarter.
Excluding sales of products acquired from Nortel, net sales were
$19 million during the second quarter compared to $21.2 million in
the previous year.
Aastra also continued to increase its research and development
activities. During the second quarter, the Company established an
additional technology group, based in Calgary, Alberta, to focus
on the development of the next generation of access solution
products. In addition, the Company continues to focus on the
development of Internet enabled telephony devices for the
wired-line.
Aastra Technologies Limited develops, markets and distributes
communications equipment. Aastra products include basic telephone
sets, caller ID devices and custom-engineered telephone sets that
incorporate Telco services including caller ID and call waiting.
Aastra sells to all the major Telcos in Canada, the United States
and Mexico. In the retail market, Aastra has the exclusive
license to use the "BELL(R) Equipment - SONECOR" trademark for
telephones sets and its products are distributed to Wal Mart,
Circuit City, Radio Shack and other mass retailers. The Toronto
Stock Exchange has neither approved nor disapproved of the
information included in this press release.
/T/
AASTRA TECHNOLOGIES LIMITED
2000 SECOND QUARTER HIGHLIGHTS
(Canadian Dollars)
Six months ended June 30, 2000 1999
---------------------------------------------------------------------------
Net sales $ 85,342,800 $39,337,000
Operating income $ 9,823,700 $ 3,260,900
Net income $ 6,289,700 $ 2,051,300
Earnings per share - basic $ 0.56 $ 0.22
Earnings per share - fully diluted $ 0.47 $ 0.21
Common shares outstanding - 14,519,601 (1999 - 9,347,101)
Weighted average common shares outstanding - 11,206,252 (1999 - 9,246,978)
Three months ended June 30, 2000 1999
---------------------------------------------------------------------------
Net sales $ 44,996,800 $21,236,900
Operating income $ 5,288,400 $ 1,787,700
Net income $ 3,396,200 $ 1,143,500
Earnings per share - basic $ 0.26 $ 0.12
Earnings per share - fully diluted $ 0.26 $ 0.11
Weighted average common shares outstanding - 12,762,062 (1999 - 9,281,892)
Pretty much on my target, Gofer |
