Earnings Announced:
WOBURN, Mass.-July 15, 1996- FOCUS Enhancements Inc. (NASDAQ: FCSE,
FCSEW; BSE: FCS, FCSW) today announced that revenues for the second
quarter ended June 30, 1996, increased 27 percent to $4,369,255,
compared with revenues of $3,434,154 during the three months ended
June 30, 1995.
FOCUS also reported net income for the quarter ended June 30, 1996,
of $81,752, or $0.01 per share, compared with net income of $54,773,
or $0.01 per share, for the period ended June 30, 1995.
For the six months ended June 30, 1996, revenues decreased 6 percent
to $8,171,134, compared with revenues of $8,708,875 during the six
months ended June 30, 1995. FOCUS also reported a net loss for the
six months ended June 30, 1996, of ($3,563,100), or ($0.45) per share,
compared with net income of $107,273, or $0.02 per share, for the
six-month period ended June 30, 1995.
"We are pleased to report a profitable second quarter, particularly
since we were able to implement our strategy of significantly
increasing revenues by diversifying and broadening our global
customer list," said Thomas Massie, chairman and chief
executive officer of FOCUS. "Formerly, our biggest customer was
Apple Computer, which accounted for 43 percent of our revenues in
the second quarter of 1995. Apple accounted for only one percent of
sales in the second quarter of this year, and the company experienced
significant increases in orders from Zenith Electronics Corp. and
other Original Equipment Manufacturers (OEMs). In addition, we
realized an increase in sales to our international customers.
We plan to continue this successful customer diversification
strategy as we introduce new products to the marketplace."
FOCUS Enhancements Inc., is an industry leader in the development
and marketing of a wide range of proprietary multimedia video
graphics and networking products for the rapidly converging
multi-billion dollar computer and television industries. The
company's products, which are sold through Original Equipment
Manufacturers (OEMs) and resellers, merge PCs and TVs
for use in presentations, demonstrations, lessons, and training
sessions.
The condensed consolidated statement of income and selected
balance sheet data for the company follows.
Three Months Ended June 30 Six Months Ended June 30
1996 1995 1996 1995
Revenues $4,369 $3,434 $8,171 $8,709
Net income (loss) 82 55 (3,563) 107
Net income (loss) per share 0.01 0.01 (0.45) 0.02
Weighted-average number of shares used in computation of per-share net income
8,895 6,305 7,974 5,681
Selected Balance Sheet Data
June 30
1996 1995
Cash 610 72
Accounts receivable 4,635 2,844
Inventory 1,894 1,607
Other current assets 169 151
Total current assets 7,308 4,674
Long-term assets 2,439 4,038
Total assets 9,747 8,712
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Liabilities 5,712 6,030
Equity 4,035 2,682
Total liabilities & equity 9,747 8,712
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