Aastra Reports Record Financial Results
TORONTO, ONTARIO--Aastra Technologies Limited - (TSE: "AAH") is
pleased to report record net sales for the fifteenth consecutive
quarter and yet another record net profit. Net sales for the
three months ended December 31, 2000 were $54.5 million, an 88%
increase from net sales of $29.0 million for the same period in
1999. Net sales for the year ended December 31, 2000 were $189
million, compared to $97 million in 1999, a 94% increase.
As a result of this increase in revenue, Aastra recorded a net
income of $6.2 million or $0.45 per share for the fourth quarter
ended December 31, 2000, compared to a net income of $1.4 million
or $0.15 per share for the fourth quarter of 1999. For the year
ended December 31, 2000, net income increased significantly to
$17.2 million or $1.35 per share compared to $5.2 million or $0.55
per share for 1999. Excluding interest and income taxes, operating
income for the three months ended December 31, 2000 increased to
$8.7 million or 16.0% of sales compared to $2.4 million or 8.4% of
sales for the same period last year. Operating income for the
year ended December 31, 2000 increased to $25.2 million or 13.4%
of sales compared to $8.4 million or 8.7% for 1999.
The Company is pleased to announce that on November 7, 2000 it
completed the acquisition of Global ADSI Solutions, Inc.
("Global") for up to $4.2 million (US$2.8 million) in cash.
Global, based in New Jersey, is a premier solution provider of
screen based telephony products and services.
"With the acquisition of Global, we believe that Aastra is well
positioned to be a leading solution provider in the high growth
non-PC Internet appliance market," said Tony Shen, President and
COO of Aastra. "We expect to introduce a simple and an affordable
access solution to take advantage of the growing wireless internet
content."
"As our year end financial results indicate, Aastra has
successfully integrated the former Nortel Networks' Access
Solutions business," said Francis Shen, Chairman and CEO of
Aastra. "With over $50 million in cash and marketable securities,
or 62% of our equity, we will be pursuing new business
opportunities. In addition to expanding internal research and
development activities, we will be seeking strategic acquisition
opportunities offered in this uncertain market."
Finally, the Company is pleased to announce that during the three
months ended December 31st, the Company repurchased 239,630 of its
own common shares for aggregate proceeds of $2,091,200. For the
year ended December 31, 2000, the Company repurchased a total of
564,691 of its own common shares for gross proceeds of $5,080,000.
Aastra Technologies Limited develops and markets 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 telephone 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 FOURTH QUARTER HIGHLIGHTS
(Canadian Dollars)
Year ended December 31, 2000 1999
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Net sales $188,651,300 $ 97,069,200
Net income $ 17,183,800 $ 5,155,100
Earnings per share - basic $ 1.35 $ 0.55
Earnings per share - fully diluted $ 1.26 $ 0.51
Common shares outstanding - 14,285,610 (1999 - 9,596,101)
Weighted average common shares
outstanding - 12,762,555 (1999 - 9,375,978)
Three months ended December 31, 2000 1999
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Net sales $54,527,900 $29,033,500
Net income $ 6,191,500 $ 1,412,600
Earnings per share - basic $ 0.45 $ 0.15
Earnings per share - fully diluted $ 0.45 $ 0.14
/T/
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FOR FURTHER INFORMATION PLEASE CONTACT:
Aastra Technologies Limited
Mr. Allan Brett
CFO
(905) 760-4160
abrett@aastra.com |
