News for NWCM:
(BSNS WIRE) NewCom Reports More Than 47 Percent Increase in Profits for
NewCom Reports More Than 47 Percent Increase in Profits for First Quarter
Business Editors
WEST LAKE VILLAGE, Calif.--(BUSINESS WIRE)--July 8, 1998--NewCom
Inc. (Nasdaq:NWCM) Wednesday reported that its first quarter was its
ninth consecutive profitable quarter.
The company announced that net revenues for the first fiscal
quarter were $22,315,227, up by 44.8 percent from $15,429,677 in the
comparable prior-year quarter. The company also reported net profits
increased to $1,565,617, or 16 cents per share, on 10 million shares
for the first quarter ended May 31, 1998, an increase of 47.2 percent.
This compares with a net profit of $1,066,482, or 14 cents per
share, on 7,578,947 shares for the comparable quarter in 1997. The
increase in shares outstanding is a result of the IPO completed by the
company in September 1997.
NewCom is a provider of modems, soundboards, multimedia kits and
other Internet-connection hardware and software for both televisions
and computers.
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NewCom Inc.
Condensed Financial Statements
Statement of Operations
Three Months
1998 1997
Net revenues $ 22,315,227 $ 15,429,677
Total costs and expenses 20,749,610 14,363,195
Net income $ 1,565,617 $ 1,066,482
Basic earnings per share 16 cents 14 cents
Diluted earnings per share 12 cents 14 cents
Average common and common equivalent
shares outstanding
Basic 10,000,000 7,578,947
Diluted 12,869,575 7,578,947
Balance Sheet
May 31, 1998 Feb. 28, 1998
Assets
Current assets $ 88,192,825 $ 91,437,200
Net property and equipment 2,119,183 2,347,799
Other assets 7,208,879 2,342,017
Total $ 97,520,887 $ 96,127,016
Liabilities and equity
Current liabilities $ 39,695,233 $ 39,589,306
Note due to Aura 19,160,805 19,433,338
Notes payable 16,443 21,583
Stockholders' equity 38,648,406 37,082,789
Total $ 97,520,887 $ 96,127,016
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CONTACT: NewCom Inc., West Lake Village
Steve Veen, 310/643-5300, ext. 215
or
Willstar Consultants Inc., Dallas
Dianne Will, 214/954-9300
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: TELECOMMUNICATIONS COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS
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