I guess so. They hit the mark. Here's the release. I think the market will be happy with the results. I win on the guess! Since Skeeter though we would outdo estimates. We also had quite a few votes for a shortfall. I am glad that did not happen. Skeeter this should get the stock moving again. If there were any whisper numbers for GEMS it would have to be lower rather than higher. On the reporting date. This certainly shocked me. I've been checking Reuters at WSRN and I couldn't even find the Reuters listing at WSRN tonight.
10/22 18:19 Glenayre Technologies Reports Operating Results for Third Quarter
Ended Septembe
CHARLOTTE, N.C., Oct. 22 /PRNewswire/ -- Glenayre Technologies Inc. (Nasdaq: GEMS) announced today results for
the third quarter ended September 30, 1997.
Net sales for the third quarter of 1997 increased 22% to $112.1 million from $91.6 million for the third quarter of 1996.
Income from operations for the third quarter of 1997 increased 23% to $19.4 million from $15.8 million for the third quarter
of 1996. Earnings per share increased 9% to $0.24 per share on a fully diluted basis for the third quarter ended September
30, 1997, from $0.22 per share on a fully diluted basis for the third quarter ended September 30, 1996.
Net sales for the nine months ended September 30, 1997, increased 15% to $328.1 million from $286.0 million for the
same period of 1996. Income from operations for the nine months decreased 13% to $59.0 million from $67.8 million for
the nine months ended September 30, 1996. Earnings per share decreased 18% to $0.69 per share on a fully diluted basis
for the nine months ended September 30, 1997, from $0.84 per share on a fully diluted basis for the nine months ended
September 30, 1996.
Commenting on the quarter's results, President and CEO Gary Smith, said, "The company achieving 22% topline growth
during third quarter is largely attributable to the Integrated Network Group increasing sales 255% over the same quarter last
year. Despite a decline in NPCS shipments during the quarter, we are encouraged that the one-way U.S. market has
seemingly ended its slide, posting a 28% increase over second quarter 1997."
Stan Ciepcielinski, executive vice president and chief financial officer, stated, "We anticipate that our recent acquisition of
Open Development Corporation and the expected acquisition of Wireless Access Inc. will result in a one-time writeoff in
fourth quarter 1997 between $110-$120 million for purchased research and development. Although softness in orders
caused the book-to-bill ratio to slip below one-to-one during third quarter, we expect both acquisitions to contribute to
fourth quarter 1997 revenues."
Glenayre Technologies Inc. is a worldwide provider of telecommunications infrastructure products and systems serving the
paging, cellular, PCS, telco, voice processing, and point-to-point wireless service provider markets. Glenayre's net sales
exceeded $390 million in 1996 and the company employs approximately 2,100 people worldwide.
This news release contains statements which may be forward looking within the meaning of applicable securities laws. The
statements may include projections regarding future earnings results, and are based upon the company's current expectations
and assumptions, which are subject to a number of risks and uncertainties. Factors that could cause actual results to differ
are discussed in the company's most recently filed Form 10-Q.
GLENAYRE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Third Quarter Nine Months
Ended Ended
9/30/97 9/30/96 9/30/97 9/30/96
Net Sales $112,122 $91,572 $328,065 $286,035
Cost of Sales 52,438 43,830 153,559 129,429
Selling, General &
Administrative 25,175 21,171 73,132 58,226
Research & Development 10,165 7,290 28,183 20,697
Depreciation &
Amortization 4,949 3,479 14,234 9,855
Income from Operations 19,395 15,802 58,957 67,828
Interest Income
(Expense), Net 3,116 2,577 8,124 7,302
Other Income
(Expense), Net (306) 29 (1,049) 105
Income before Income
Taxes 22,205 18,408 66,032 75,235
Provision for Income
Taxes 7,171 4,607 22,592 21,495
Net Income $15,034 $13,801 $43,440 $53,740
Fully Diluted Income
Per Common Share $0.24 $0.22 $0.69 $0.84
Number of Shares used
to compute fully
diluted per share
data 63,511 63,748 63,310 63,867
BALANCE SHEET DATA
(In thousands)
(Unaudited)
9/30/97 12/31/96
Working Capital $280,833 $279,031
Total Assets 588,910 521,210
Stockholders' 508,597 455,861
Equity
NET SALES
Strategic Third Quarter
Marketing Units Ended
9/30/97 9/30/96
Wireless
Messaging $85,473 $77,711
Integrated
Network 19,430 5,468
Wireless
Interconnect 7,219 8,393
Total $112,122 $91,572 SOURCE Glenayre Technologies Inc.
-0- 10/22/97
/CONTACT: Stan Ciepcielinski, CFO, Glenayre Technologies Inc., 704-553-0038 or Fax 704-553-7878/
/Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 111723/
(GEMS)
CO: Glenayre Technologies Inc. ST: North Carolina IN: CPR SU: ERN
China Launches Nationwide Paging Network With Glenayre Infrastructure
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