OK guys. EQNX released their Q1 results. According to the press release they made their estimates, (but didn't beat 'em). Unfortunately, this seems to make the price go down. On the happy side, they announced that they're buying back shares:
Naturally, I curious about what folks think the price is going to do.
What's a fair price for EQNX right now?
Thanks in advance.
-Wog
Equinox Announces First Quarter Results And Buyback Status
PR Newswire - April 19, 1999 09:44
SUNRISE, Fla., April 19 /PRNewswire/ -- Equinox Systems Inc. (Nasdaq: EQNX) today announced results for the quarter ended March 31, 1999.
Net income for the first quarter of 1999 was $1,242,000 on sales of $8,284,000 compared to net income of $1,188,000 on sales of $7,756,000 in the same period last year.
Bill Dambrackas, Equinox President and founder, commented, "Equinox had a good start in 1999 with first quarter earnings of $0.22 per share which met analysts' estimates. In addition, new customer relationships and new products introduced in the first quarter have positioned Equinox into several exciting new markets that open new growth opportunities for the Company.
"In our opinion, the recent trading prices of Equinox shares have been unusually low, similar to many other small-cap companies. Under our existing stock buyback program, we repurchased 87,300 shares in the open market during the first quarter and we are currently authorized to repurchase an additional 591,300 shares, or approximately 10% of the total Equinox shares outstanding."
Equinox, with headquarters in Sunrise, Florida, creates products that add high-performance computer ports to servers for Internet access and commercial connectivity. The unique combination of Equinox proprietary hardware and software removes the communications burden from server operating systems and adds comprehensive communications port management. The products are marketed to end-users under the Equinox brand name through a worldwide two-tier distribution channel and network of Value-added Resellers (VARs). Equinox also builds custom versions of its products for Original Equipment Manufacturers (OEMs), such as Hewlett-Packard and IBM, which sell and support the products worldwide under their own brand names.
Further information on Equinox is available at www.equinox.com.
Equinox Systems Inc.
Summary Consolidated Financial Information (Unaudited)
(In thousands, except earnings per share)
Three Months Ended
March 31,
1999 1998
INCOME STATEMENT DATA:
Net sales $ 8,284 $ 7,756
Gross profit 4,309 4,081
Operating expenses:
Research and development 872 768
Selling, general and admin. 1,751 1,747
Income from operations 1,686 1,566
Other income 195 207
Income before income taxes 1,881 1,773
Net income 1,242 1,188
Weighted average shares
used in diluted computation 5,737 5,469
EARNINGS PER SHARE:
Basic $ 0.23 $ 0.24
Diluted $ 0.22 $ 0.22
March 31,
1999
BALANCE SHEET DATA:
Cash and marketable securities $ 18,662
Accounts receivable 5,750
Inventories 5,534
Working capital 26,928
Total assets 35,351
Long-term debt ---
Shareholders' equity 30,327
The forward-looking statements included above are based on current
expectations, however, actual results may differ materially due to
risks and uncertainties including: changes in business or economic
conditions, competition, product shortages, and the risk factors
listed in the reports that Equinox files with the Securities and
Exchange Commission, including the Form 10-K filed in March 1999.
Equinox Contact:
Mary Dyer 954-746-9000 extension 481, or news@equinox.com.
SOURCE Equinox Systems Inc.
/CONTACT: Mary Dyer 954-746-9000, extension 481, or news@equinox.com/ |
