Fred, Here's some good news:
Tuesday November 4 4:07 PM EST
Company Press Release
Optelecom, Inc. Announces Third Quarter, Record Nine Month Results
GAITHERSBURG, Md., Nov. 4 /PRNewswire/-- Optelecom, Inc. (Nasdaq:OPTC) a
leading ISO 9001 certified communications company, today announced
results for its third fiscal quarter and the nine month period ended
September 30, 1997.
Revenue for the quarter totaled $3,179,442 compared to $2,382,428 for
the same period in 1996. Net income for the quarter totaled $367,107
compared to $332,248 in 1996. Earnings per share for the third quarter
were $0.28 compared to $0.28 a year ago. Earnings per share are based on
1.310 million and 1.198 million weighted average shares outstanding for
each respective period.
For the nine-month period ended September 1997, revenues increased 46%
to a record $9.38 million from $6.43 million for the same period of
fiscal 1996. Net income for the nine-month period reached $830,872 an
increase of 55.5% compared to 1996 results of $534,293. Earnings per
share for the nine month period were $0.64 up from 1996's $0.45 per
share. Earnings per share are based on 1.297 million and 1.175 million
weighted average shares outstanding for the respective periods.
Edmund Ludwig, president and chief executive officer of Optelecom, Inc.,
stated ''While all of our operating units are performing well, I am
particularly pleased with the progress of the Communication Products
Division (CPD). CPD head Bob Fredrick continues to run a tight ship,
implementing cost control efforts in manufacturing that have allowed for
a rapid increase in shipped products while containing the expense of our
expansion. The division revenues approached $2.5 million for the
quarter, an increase of 63% over last year's $1.5 million. CPD net
income grew to more than $160,000 for the quarter compared to $29,000
for the quarter last year. This growth highlights the continuing
progress of the division. We're seeing increased sales of our
high-resolution video products, intelligent transportation systems and
air traffic control applications at home and in Europe and China.
''The pending acquisition of Paragon Audio Visual, Ltd., with its strong
presence in financial trading floor markets will further strengthen our
international sales efforts,'' added Ludwig.
Optelecom designs, develops and manufactures innovative transmission,
interface and network products. A systems solution provider, Optelecom's
Communication Products Division draws upon the extensive experience of
its science and engineering teams to provide business and government
clients with cost effective, reliable, user-friendly solutions to meet a
variety of communications needs.
OPTELECOM, INC.
Condensed Statements of Operations
for the Three Months Ended September 30, 1997 and 1996
(UNAUDITED)
Three Months Three Months
Ended Ended
Sept. 30, 1997 Sept. 30, 1996
Revenue $3,179,442 $2,382,428
Direct Costs, Overhead and G&A 2,658,151 1,823,850
Operating Income 521,291 558,578
Other Expenses 23,064 7,081
Income Before Income Taxes 498,227 551,497
Provision for Income Taxes 131,120 219,249
Net Income 367,107 332,248
Net Earnings Per Share 0.28 0.28
Weighted Average Number of Common Shares and
Common Share Equivalents Outstanding 1,309,953 1,197,904
OPTELECOM, INC.
Condensed Statements of Operations
for the Nine Months Ended September 30, 1997 and 1996
(UNAUDITED)
Nine Months Nine Months
Ended Ended
Sept. 30, 1997 Sept. 30, 1996
Revenue $9,381,615 $6,433,078
Direct Costs, Overhead and G&A 8,107,022 5,525,829
Operating Income 1,274,593 907,249
Other Expenses 25,162 42,907
Income Before Income Taxes 1,249,431 864,342
Provision for Income Taxes 418,559 330,049
Net Income 830,872 534,293
Net Earnings Per Share 0.64 0.45
Weighted Average Number of Common Shares and
Common Share Equivalents Outstanding 1,296,571 1,175,356
SOURCE Optelecom, Inc.
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More news for referenced ticker symbols: OPTC, and related industries:
telecommunications.
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