Here are today's numbers. I recently took a position here and like the stock. Trading around a buck on Nasdaq:
(PR Wires) DJ: VideoLabs, Inc. Announces a Significant Increase In 1st
DJ: VideoLabs, Inc. Announces a Significant Increase In 1st Quarter Revenues
MINNEAPOLIS--(BUSINESS WIRE)--April 14, 1999--VIDEOLABS, INC.(NASDAQ:VLAB)
reported today revenues for the first quarter of 1999 of approximately $1.9
million compared to $1.2 million in 1998, a 54% increase. Gross profit
increased from $542,041 to $703,543. Net income increased 43% from $50,399
to $72,283.
Chairman and CEO James Hansen said, "The increase in sales and earnings are
a reflection of the decisions made during the past year to begin seeking OEM
partners, to accelerate product development and to continue to focus on
professional markets such as audio-visual, health care and videoconferencing
that have gross margins and growth rates that meet our internal targets. Our
core market sales in education and audio-visual increased over 35%
consistent with those market growth rates. The remainder of our top-line
growth was attributable to our internet division and our health care group,
neither of which existed in the first quarter of 1998."
"We continue to pursue an aggressive product development plan which
accounted for the majority of our increase in SG&A expenses and strategic
acquisitions in professional markets to continue to fuel future growth and
utilize our strong balance sheet. During the quarter we also repurchased
41,000 shares of our common stock as a sign of our confidence in the future
bringing our total repurchases to near 400,000 shares of our authorized 1.2
million to be repurchased."
VideoLabs Inc. is a publicly traded (NASDAQ: VLAB) provider of image
capture, transmission and manipulation based solutions for professionals in
education, audio-visual, identification and medical markets. The company is
located at 5960 Golden Hills Drive, Golden Valley, MN 55416 and can be
reached at 612-542-0061 or by fax at 612-542-0069. Internet address is
www.videolabs.com
Certain matters discussed in the press release are forward looking
statements made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including the Company's expectations
regarding 1999 profit, the timing of the new product introductions and the
expectation of lowered costs of materials. All forward looking statements
involve risks and uncertainties. In addition to the factors discussed above,
other factors could cause actual results to differ materially from those
described, including market acceptance of existing and new products; the
receipt or cancellation of orders and timing of the Company's ability to
recognize revenue from those orders; the timely development and market
introduction of new products; the growth and timing of new applications; the
successful expansion of distribution channels; changes in general economic
conditions; cost and availability of components; and fluctuations in foreign
exchange rates. In addition, the markets for the Company's products are
characterized by significant competition, and the Company's results may be
adversely affected by the actions of existing and future competitors,
including the development of new technologies, the introduction of new
products, and the reduction of prices by such competitors to gain or retain
market share.
VIDEOLABS, INC.
STATEMENT OF OPERATIONS
Three Months
Ended
March 31
1999 1998
Sales...............................$ 1,855,865 $ 1,208,843
Cost of goods sold.................. 1,152,322 666,802
------------- -------------
Gross profit........................ 703,543 542,041
Selling, general and
administrative expenses............. 647,612 512,569
------------- -------------
Operating Income (loss)............. 55,931 29,472
Other income (expense)
Interest income..................... 17,039 22,411
Interest expense.................... (781) (1,484)
Gain or (loss) on sale
of assets........................... 94 0
------------- -------------
Total other income (expense)........ 16,352 20,927
Income Tax Benefit.................. 0 0
------------- -------------
Net Income (loss)...................$ 72,283 $ 50,399
============= =============
Basic earnings per common share..... $0.02 $0.02
Weighted average
shares outstanding.................. 4,505,562 3,285,143
Diluted earnings per common share... $0.02 $0.01
Diluted shares outstanding.......... 4,553,465 4,252,163
CONTACT: VideoLabs, Inc., Minneapolis
James Hansen President & CEO
612-542-0061
11:43 EDT APRIL 14, 1999
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