Wednesday March 31, 2:26 pm Eastern Time
Company Press Release
Telebyte Reports 1998 Revenues and Net Income
GREENLAWN, N.Y.--(BUSINESS WIRE)--March 31, 1999--Telebyte Technology, Inc. (OTC Bulletin Board: TBTI - news) reported net sales and net income for 1998. Net sales for the year ended December 31, 1998 were $5,568,787 as compared to $5,479,603 in 1997. This represented an increase in net sales in 1998 of 1.6% over net sales in 1997.
Net income for 1998 was $333,500 or $0.22 per share, compared with net income of 466,825 or $0.32 for 1997. This marks the completion of the Company's eighth consecutive profitable year.
Research and development increased in 1998 to $469,415 or 8.4% of net sales, from $319,996 or 5.8% of net sales in 1997. This increase reflects the Company's continued commitment to new product development, primarily in test equipment for the DSL market, specifically Local Loop Simulators.
Dr. Kenneth S. Schneider, Chairman and CEO, stated that he is pleased with the direction the company is moving.
Telebyte Technology, Inc. is a developer, manufacturer and marketer of data communications equipment for copper and fiber optic cable. Telebyte Technology, Inc. also manufactures Digital Subscriber Line (DSL) test equipment. DSL technology provides high-speed access to the Internet. The Company's products are available around the world to OEM's, distributors, system integrators, VAR's and end users. Telebyte's products can be seen on the Internet at telebyteusa.com.
Telebyte Technology, Inc.
Condensed Statement of Earnings
Year Ended December 31,
1998 1997
Net Sales $5,568,787 $5,479,603
Income Before Taxes $ 369,500 $ 473,825
Income Tax $ 36,000 $ 7,000
Net Income $ 333,500 $ 466,825
Earnings Per Share:
Basic $ 0.22 $ 0.32
Diluted $ 0.22 $ 0.31
Average Shares Outstanding:
Basic 1,501,783 1,481,766
Diluted 1,524,233 1,503,154
This release may include forward-looking statements concerning Telebyte's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Telebyte does not undertake any obligations to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filing with Securities and Exchange Commission.
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Contact:
Telebyte Technology, Inc., Greenlawn
Michael Breneisen, President (516) 423-3232 ex 426
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