ThrustMaster Reports Explosive Growth in Revenues and Earnings, and
Declares a 3% Stock Dividend
PORTLAND Ore., Jan. 28 /PRNewswire/ -- Thrustmaster Inc today reported record revenues of $15.1 million for the
fourth quarter of 1996, an increase of 136% over revenues of $6.4 million for the fourth quarter of 1995. Net income
climbed 250% to a record $1.4 million in the quarter, compared to $406,000 for the same period in 1995. Earnings per
share rose to $0.31 in the quarter compared to $0.09 per share in the fourth quarter of 1995.
Revenues for the year ended December 31, 1996 rose 59% to $30.8 million, an increase of $11.4 million over revenues
of $19.4 million in 1995. Net income increased to $2.3 million, or $0.50 per share compared to $1.4 million, or $0.33
per share for 1995.
During the quarter, ThrustMaster announced the release of their Formula T2 racing wheel for Macintosh computers. The
Formula T2 is the only commercially available driving wheel for Mac game players and incorporates into the Mac format
all of the features found in the PC version of its popular racing wheel.
ThrustMaster also announced during the quarter the release of TOP GUN (TM) USB, one of the first joysticks available
using Universal Serial Bus (USB) technology -- a collaborative technology development effort by Compaq, Digital
Equipment Corporation, IBM PC Company, Microsoft, NEC and Northern Telecom that brings all peripheral connectivity
outside the computer's central processing unit. Known as "hot attach," this new connection standard streamlines computer
peripheral installation by allowing multiple devices to be instantly detected and configured when plugged into the USB port.
"This quarter was fueled by the continued success of the Formula T2 racing wheel and acceptance of products introduced in
1996," explained Stephen Aanderud, ThrustMaster's CEO. "Our Formula T2 and Grand Prix 1 racing wheels surpassed our
expectations. Additionally, we are encouraged with the tremendous success we had in Europe and expect to continue this
momentum by adding additional sales personnel in other significant European markets throughout the year."
ThrustMaster also announced that in response to its very favorable fourth quarter earnings report, the Board of Directors
declared a 3% stock dividend payable to shareholders of record on February 14, 1997. ThrustMaster shares will trade
ex-dividend beginning February 12, 1997. The increase in shares outstanding, as a result of the dividend, adjust earnings
per share for the quarters ended December 31, 1996 and 1995 to $0.30 and $0.09 respectively. For the years ended
December 31, 1996 and 1995, the adjusted earnings per share are $0.49 and $0.32 respectively.
ThrustMaster, Inc. designs, develops, manufactures and markets interactive control devices that are used with
entertainment software operating on IBM- compatible and Macintosh personal computers. Their principal products include
auto racing controllers and flight simulation products modeled after their counterparts in military jet aircraft. Other
products include a game pad and a controller for pinball simulation.
This press release contains certain forward looking statements. While these statements reflect management's best current
judgment, they are subject to risks and uncertainties that could cause actual results to vary. These risk factors are
identified in the Company's Form 10-Q for the quarterly period ended September 30, 1996, filed with the Securities and
Exchange Commission on November 6, 1996.
NOTE: Formula T2 and Macintosh Formula T2 are trademarks of ThrustMaster, Inc. TOP GUN (TM), (R) & (c) 1996
Paramount Pictures. All Rights Reserved. TOP GUN is licensed through Viacom Consumer Products. Viacom Consumer
Products merchandises properties on behalf of Paramount Pictures, Paramount Television and Simon & Schuster as well as
third-part properties. Viacom Consumer Products, a unit of Viacom Entertainment Group, is a division of Viacom Inc. All
other trademarks are the property of their respective owners.
THRUSTMASTER, INC.
SUMMARY INCOME STATEMENTS
Dollars in thousands (Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
1996 1995 1996 1995
Revenues $15,07 $6,404 $30,821 $19,415
Cost of goods sold 9,865 4,151 19,592 11,815
Gross profit 5,211 2,253 11,229 7,600
Operating expenses:
Research and engineering 753 498 2,105 1,845
Selling, general and administrative 2,281 1,274 5,961 4,111
Total operating expenses 3,034 1,772 8,066 5,956
Income from operations 2,177 481 3,163 1,644
Interest income 142 114 466 404
Income before income taxes 2,319 595 3,629 2,048
Pro Forma Information
Provision for income taxes 898 189 1,370 687
Net income $ 1,421 $ 406 $ 2,259 $ 1,361
Net income per share $ 0.31 $ 0.09 $ 0.50 $ 0.33
Weighted average shares outstanding 4,561 4,427 4,512 4,168
On January 21, 1997, the Board of Directors of ThrustMaster, Inc. declared a 3% stock dividend payable to shareholders
of record on February 14, 1997. The adjusted pro forma earnings per share for the quarters ended December 31, 1996
and 1995 were $0.30 and $0.09 respectively. For the years ended December 31, 1996 and 1995, the adjusted pro forma
earnings per share were $0.49 and $0.32 respectively.
THRUSTMASTER, INC.
SUMMARY BALANCE SHEETS Dec. 31, Dec. 31,
Dollars in Thousands (Unaudited) 1996 1995
Cash and cash equivalents $ 6,420 $ 8,090
Accounts receivable 9,820 2,897
Inventories 3,560 2,526
Other current assets 348 506
Other assets 1,113 1,083
$21,261 $15,102
Accounts payable $ 3,021 $ 1,203
Other current liabilities 2,321 540
Long-term debt -- 10
Deferred income taxes 21 38
Shareholders' equity 15,898 13,311
$21,261 $15,102
SOURCE ThrustMaster Inc.
Help
Back to Thrustmaster Inc news page
Questions or Comments? |
