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thought you might find this of interest:
NEWS: GENROCO, Inc. Announces 56% Annual Sales Growth
SLINGER, Wis., May 28 /PRNewswire/ -- GENROCO, Inc. (GENROCO) (OTC
Bulletin Board: GRCI) today announced financial results for the 1998 Fiscal Year ended
March 31, 1998. Annual revenue for the Company increased 56.0% to $5,788,000,
compared to $3,710,000 for the previous fiscal year ended March 31, 1997. Net
income for FY'98 increased 26.5% to $634,000 ($.57 per share), compared to
$501,000 ($.47 per share) for FY'97. During the 1998 Fiscal Year, the Company
accrued $205,000 for income taxes, while requiring no provision for income tax in the
previous year.
The Company's improved revenue is largely due to increased sales of its
TURBOfibre(R) family of Fibre Channel (FC) and Digital Video Broadcast
(DVB) product lines to its customers for use in digital television data
transmission and related high performance applications. The improvement in
earnings is the direct result of this growth in sales.
Shareholders' equity increased 261.5% to $1,005,000 as of March 31, 1998,
compared to $278,000 as of March 31, 1997. GENROCO's ratio of current assets to
current liabilities (current ratio) reached 2.51 to 1 as of March 31, 1998 compared to
1.09 to 1 on March 31, 1997. Additional note-worthy improvements to the Company's
financial strength during FY '98 were the elimination of $356,000 in contingent liabilities
and the establishment of a $500,000 line of credit with a major Wisconsin bank.
GENROCO increased research and development spending 46.4% to $1.04 million
during Fiscal Year 1998, from $713,000 the previous year.
Carl Pick, Chairman and CEO of GENROCO said, "In Fiscal Year 1998,
GENROCO continued to fortify it's position as a leading purveyor of extremely high
performance I/O controllers through advancements in the Company's technology and
enhancement of key customer relationships. We are now well positioned to use our
proprietary expertise in solving a number of significant data movement problems for our
established partners and customers. GENROCO is about to begin shipping new
product offerings which will be especially suitable for use in delivering interactive video
services about to be offered to the general public by major cable and satellite
broadcasting companies. We also expect to become a dominant force in the business of
supplying building blocks for next generation Internet, system area networks, and
HDTV broadcast studios that require bandwidth in the gigabyte per second range."
Formed in 1974, Wisconsin-based GENROCO is one of the world's premier suppliers
of ultra high performance digital video, storage, and network controllers for
workstations and superservers made by Digital, SGI/Cray, Sun, HP/Convex, Fujitsu,
Tektronix, and other major platform suppliers. Among numerous unique offerings,
GENROCO produces high-bandwidth, low host overhead Digital Video Broadcast,
Fibre Channel, and Hippi interfaces for PCI and SBUS computer systems. Further
information about the Company and its products can be found on the World Wide Web
at genroco.com
The matters regarding the future discussed in this news release include certain
forward-looking statements that involve specific risk and uncertainty. In accordance
with the Private Securities Litigation Reform Act of 1995, the following are important
factors that could cause GENROCO's actual results to differ materially from those
expressed or implied by such forward-looking statements: these include, but are not
limited to general economic conditions in the Company's markets, the loss of one or
more of it's significant customers, or the delay in the implementation of a large project
which could cause quarterly variations in GENROCO's revenues and earnings. |
