VTEK... earnings yesterday... NASDAQ stock. See
vodavi.com
Vodavi Technology, Inc. (Nasdaq:VTEK) today announced that revenues
for the three months ended September 30, 1999 totalled $14,033,000, a
7.3% increase over revenues of $13,073,000 reported for the comparable
three-month period in 1998. Net income for the current reporting
quarter increased 31.3% to $609,000, or $.14 earnings per share, when
compared to net income of $464,000, or $.11 earnings per share, for the
three months ended September 30, 1998.
For the nine months ended September, 30, 1999, the Company reported
revenues of $37,981,000, an increase over revenues of $37,402,000
posted for the comparable nine-month period in the prior year. Net
income for the current nine-month period totalled $1,080,000, or $.25
earnings per share, a 62.9% increase over net income of $663,000, or
$.15 earnings per share, for the nine-month period in 1998.
Greg Roeper, Chief Operating Officer and President of Vodavi, stated,
"Although we've been very consistent over the past five consecutive
quarters in delivering notable increases in net profitability,
management is most pleased with our outstanding top line performance
this quarter. Despite the sale of our Repair Operations in July of this
year, a division which contributed approximately $350,000 in revenue to
the Company during the third quarter of 1998, we have nonetheless
successfully achieved record revenues in the third quarter and are
excited about our future opportunities. The personnel changes and new
sales and marketing strategies implemented over the past several months
are beginning to have an impact. Most notably, our Triad and Infinite
dealer programs turned in record financial performances, with Infinite
sales increasing by 41%.
Roeper continued, "During the second quarter of this year, we acquired
critical voice processing technology, which has served as the platform
to introduce more voice processing products into our overall product
mix. During the third quarter of 1999, voice-processing revenue grew to
approximately 19.8% of total revenue, as compared to 14.5% of total
revenue during the calendar year of 1998. Voice-processing revenues in
our Infinite dealer direct program in the third quarter of 1999
exceeded the program's voice-processing revenue for all of 1998.
Consequently, we are enjoying considerable enhancement in our gross
profit margins, increasing to 36.0% of revenue for the third quarter of
1999 compared to 34.2% achieved in the third quarter of 1998. Improved
pricing, cost reductions from select vendors and reduced discounts
provided to customers have also contributed to the gain in our margins
and bottom line profitability."
Concluding, Roeper added, "While we are quite pleased with the
financial performance of the Company so far in 1999, we remain
concerned about the performance of the Company's stock. The Company,
together with U.S. Bancorp Piper Jaffrey, is continuing to explore
strategic and financial alternatives to enhancing shareholder value. We
recognize that our shareholders only realize value if the improved
performance is reflected in the stock price. We are committed to
working toward that objective."
Tom |
