TELT.25.Q out.At the least net loss way down from a year ago Q.expense reduction of
approximately $430,000.Not bad.
(COMTEX)B: Teltronics Announces First Quarter Results Net Loss Decreased
y 92% Compared to the Same Period in 2003 ( PRNewswir
B: Teltronics Announces First Quarter Results Net Loss Decreased By 92% Compared
to the Same Period in 2003 ( PRNewswire-FirstCall )
SARASOTA, Fla., May 17, 2004 /PRNewswire-FirstCall via COMTEX/ -- Teltronics,
Inc. (OTC Bulletin Board: TELT) today announced its financial results for the
three months ended March 31, 2004.
Sales for the three months ended March 31, 2004 were $11.3 million as compared
to $11.6 million reported for the same period in 2003. Gross profit margin for
the three months ended March 31, 2004 increased to 44.8% from 40.6% reported for
the same period in 2003. Operating expenses for the three months ended March 31,
2004 were $4.7 million as compared to $5.1 million reported for the same period
in 2003. The net loss for the three months ended March 31, 2004 was $67,000 as
compared to a net loss of $794,000 reported for the same period in 2003. The net
loss available to common shareholders for the three months ended March 31, 2004
was $220,000 as compared to $945,000 reported for the same period in 2003. Our
diluted net loss per share for the three months ended March 31, 2004 was $0.03
as compared to a diluted net loss per share of $0.16 reported for the same
period in 2003.
"We are pleased that our net loss decreased over $700,000 as compared to the
same period in 2003," said Ewen Cameron, Teltronics' President and Chief
Executive Officer. "With our continuous, cost-saving efforts and more focused
strategic direction, we witnessed a significant operating expense reduction of
approximately $430,000 as compared to the first quarter of 2003. We are also
positive about the initial success of our new products and more optimistic about
where the telecom industry is going in 2004," concluded Cameron.
About Teltronics Inc.
Teltronics, Inc. is dedicated to excellence in the design, development, and
assembly of electronics equipment and software to enhance the performance of
telecommunications networks. The Company manufactures telephone switching
systems and software for small-to-large size businesses, government, and 911
public safety communications centers. Teltronics provides remote maintenance
hardware and software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their telecommunications
systems. The Company also serves as an electronic contract-manufacturing partner
to customers in the U.S. and overseas. Further information regarding Teltronics
can be found at their web site, www.teltronics.com.
A number of statements contained in this press release are forward-looking
statements, which are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such because the context of the statement will
include words such as we "believe," "anticipate," "expect," or words of similar
import. Similarly, statements that describe our future plans, objectives,
strategies or goals are also forward-looking statements. These forward-looking
statements involve a number of risks and uncertainties that may materially
adversely affect the anticipated results. Such risks and uncertainties include,
but are not limited to, the timely development and market acceptance of products
and technologies, competitive market conditions, successful integration of
acquisitions, the ability to secure additional sources of financing, the ability
to reduce operating expenses, and other factors described in the Company's
filings with the Securities and Exchange Commission. Shareholders, potential
investors and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements made herein and are cautioned not to
place undue reliance on such forward- looking statements. The forward-looking
statements made herein are only made as of the date of this press release and we
disclaim any obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.
TELTRONICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, December 31,
2004 2003
(Unaudited)
Current assets:
Cash and cash equivalents $59,778 $146,277
Accounts receivable, net of
allowance for doubtful accounts 6,893,032 3,560,936
Costs and estimated earnings
in excess of billings on
uncompleted contracts 546,901 539,663
Inventories, net 5,484,024 5,491,472
Prepaid expenses and other
current assets 559,931 433,955
Total current assets 13,543,666 10,172,303
Property and equipment, net 4,955,170 5,469,801
Goodwill 673,324 241,371
Other intangible assets, net 180,514 192,835
Other assets 305,500 243,294
Total assets $19,658,174 $16,319,604
LIABILITIES AND SHAREHOLDERS' DEFICIENCY
March 31, December 31,
2004 2003
(Unaudited)
Current liabilities:
Current portion of long-term
debt, including notes payable
in default $12,650,409 $11,225,868
Current portion of capital
lease obligations 24,709 24,163
Accounts payable 7,062,543 5,609,512
Billings in excess of costs
and estimated earnings on
uncompleted contracts 362,554 469,210
Accrued expenses and other
current liabilities 2,651,136 2,274,693
Deferred revenue 2,005,146 1,457,852
Total current liabilities 24,756,497 21,061,298
Long-term liabilities:
Long-term debt, net of current portion 1,081,436 1,290,685
Capital lease obligations, net of
current portion 84,879 92,010
Total long-term liabilities 1,166,315 1,382,695
Commitments and contingencies
Shareholders' deficiency:
Common stock, $.001 par value,
40,000,000 shares authorized,
7,829,736 and 7,729,736 issued and
outstanding at March 31, 2004 and
December 31, 2003, respectively 7,830 7,730
Non-voting common stock, $.001 par value,
5,000,000 shares authorized, zero
shares issued and outstanding -- --
Preferred Series A stock, $.001 par value,
100,000 shares authorized, 100,000 shares
issued and outstanding 100 100
Preferred Series B Convertible stock,
$.001 par value, 25,000 shares authorized,
12,625 shares issued and outstanding 13 13
Preferred Series C Convertible stock,
$.001 par value, 50,000 shares
authorized, 40,000 shares issued
and outstanding 40 40
Additional paid-in capital 24,242,918 24,169,538
Accumulated other comprehensive loss (35,909) (42,485)
Accumulated deficit (30,479,630) (30,259,325)
Total shareholders' deficiency (6,264,638) (6,124,389)
Total liabilities and
shareholders' deficiency $19,658,174 $16,319,604
TELTRONICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
2004 2003
Net sales
Product sales and installation $8,793,931 $9,207,079
Maintenance and service 2,513,199 2,373,427
11,307,130 11,580,506
Cost of goods sold 6,238,225 6,873,586
Gross profit 5,068,905 4,706,920
Operating expenses:
General and administrative 1,513,637 1,509,151
Sales and marketing 2,086,969 2,167,999
Research and development 812,000 1,124,387
Depreciation and amortization 284,520 323,855
4,697,126 5,125,392
Income (loss) from operations 371,779 (418,472)
Other income (expense):
Interest (411,746) (298,366)
Financing (22,275) (78,600)
Other (2,710) 4,875
(436,731) (372,091)
Loss before income taxes (64,952) (790,563)
Income taxes 1,698 3,900
Net loss (66,650) (794,463)
Dividends on Preferred Series
B and C Convertible stock 153,655 150,500
Net loss available to common
shareholders $(220,305) $(944,963)
Net loss per share:
Basic and Diluted $(0.03) $(0.16)
Weighted average shares outstanding 7,795,670 6,052,463
For further information please contact Ewen Cameron, President & CEO of
Teltronics, Inc., +1-941-753-5000, telt@teltronics.com.
SOURCE Teltronics, Inc.
CONTACT: Ewen Cameron, President & CEO of Teltronics, Inc.,
+1-941-753-5000, telt@teltronics.com
URL: teltronics.com
prnewswire.com
Copyright (C) 2004 PR Newswire. All rights reserved.
-0-
KEYWORD: California
INDUSTRY KEYWORD: CPR
STW
TLS
OTC
SUBJECT CODE: ERN
OTC
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