TELT...Nasdaq 2 5/16 by 2 17/32...has calmed down some since this release last week (high of 2.88 post release).
Here is the release again and their last qtrs numbers:
(PR NEWSWIRE) Teltronics Receives $20 Million Order From the New York Board o
Teltronics Receives $20 Million Order From the New York Board of Education for
Its 20-20 Switching System
SARASOTA, Fla., Jan. 16 /PRNewswire/ -- Teltronics, Inc. (Nasdaq: TELT)
today announced it received a $20 million order from the New York Board of
Education (NYBOE) to supply and install telecommunication systems over the
next 6 months for 40 New York City schools as part of a phased contract. This
additional contract is a result of the acquisition of the Harris'
20-20 switching system last year, which the Company has now fully integrated
into Teltronics.
"We have been very pleased with the capabilities and performance of the
20-20 switch, and with Teltronics, as it has undertaken with speed and
diligence the installations, repairs and service for the switches," said
Rick Scott, Operations Manager, Division of Information Technology and
Telecommunications for the NYBOE.
"This is a very significant order for Teltronics as it represents an
important validation of our acquisition strategy," said Ewen Cameron,
President and CEO of Teltronics. "We acquired Harris' 20-20 switching system
last year because we believed it is a superior product with a large and
growing market opportunity. This follow-on order with NYBOE, combined with a
recent order from the New York Department of Corrections, and the
establishment of our new subsidiary in Mexico, signifies our ability to
quickly integrate an acquisition and supply superior service to customers."
Teltronics' 20-20 switch, formerly the Harris 20-20 switch, is a fully
integrated, voice/data switching system capable of supporting the most
demanding networking and stand-alone private switching system requirements.
Scaling from under 256 ports to almost 10,000, the 20-20 switch efficiently
communications needs of small businesses to large corporations. More than
20,000 of the 20-20 communications systems are now in operation around the
world -- including companies such as: utilities, Manufacturing, retail,
government, health care, call centers, high security and financial
institutions. The 20-20 offers integrated Automatic Call Distribution,
including CRM, Real Time Conferencing, Enterprise Networking, Switch
Management, Record Collection, Computer Telephone Integration, and Office
Phones & Attendant Workstations.
About Teltronics Inc.
Teltronics, Inc. is dedicated to excellence in the design, development,
and assembly of electronics equipment and software that enhances the
performance of telecommunications networks. The Company manufactures
telephone switching systems and software for small to large sized businesses,
government, and 911 public safety communications centers. Teltronics provides
remote maintenance hardware and software solutions to help large organizations
and regional telephone companies effectively monitor and maintain their
telecommunications systems. The Company also serves as an electronic contract
manufacturing partner to customers in the U.S. and overseas and manufacturers
911 enterprise safety products.
Interactive Solutions, Inc., a subsidiary of Teltronics, Inc., designs and
markets technologically advanced, multimedia computer solutions for the
education of hard-of- hearing, deaf and learning disabled people. Teltronics'
common stock trades on The Nasdaq SmallCap Market tier of The Nasdaq Stock
Market under the symbol "TELT". Further information regarding Teltronics can
be found at their web site, www.teltronics.com.
A number of statements contained in this press release are forward-looking
statements which are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve a number of risks and uncertainties, including the timely
development and market acceptance of products and technologies, competitive
market conditions, successful integration of acquisitions, the ability to
secure additional sources of financing, the ability to reduce operating
expenses, the ability to comply with the rules for inclusion in The Nasdaq
Stock Market and other factors described in the Company's filings with the
Securities and Exchange Commission. The actual results that the Company
achieves may differ materially from any forward-looking statements due to such
risks and uncertainties.
CONTACT: Ewen R. Cameron, President & CEO, of Teltronics, 941-753-5000,
or telt@teltronics.com; or Charles Messman, cmessman@mkr-group.com, or
Dan Durkin, ddurkin@mkr-group.com, 212-308-4557, both of MKR Group, for
Teltronics.
SOURCE Teltronics, Inc.
-0- 01/16/2001
/CONTACT: Ewen R. Cameron, President & CEO, of Teltronics, Inc.,
941-753-5000, or telt@teltronics.com; or Charles Messman, cmessman@mkr-
group.com, or Dan Durkin, ddurkin@mkr-group.com, 212-308-4557, both of MKR
Group, for Teltronics/
/Web site: teltronics.com
(TELT)
CO: Teltronics, Inc.; New York Board of Education
ST: Florida
IN: CPR EDU TLS
SU: CON
*** end of story ***
(COMTEX) B: Teltronics Announces Third Quarter Earnings Sales Increas
B: Teltronics Announces Third Quarter Earnings Sales Increase 46% Over Prior
Year
SARASOTA, Fla., Nov 6, 2000 /PRNewswire via COMTEX/ -- Teltronics, Inc.
(Nasdaq: TELT) today announced its financial results for the third quarter ended
September 30, 2000.
Sales for the third quarter of 2000 increased 46% to $13.6 million from $9.3
million reported in the third quarter of 1999. The gross profit for the third
quarter of 2000 increased 50% to $6.9 million from $4.6 million for the
comparable quarter a year ago. Net income for the third quarter of 2000 was
$756,986, or $0.14 per diluted share, as compared to a net income of $624,182,
or $0.13 per diluted share, for the third quarter of 1999.
Sales for the nine months of 2000 increased 15% to $27.6 million from sales of
$24.0 million for 1999. Gross profit for the first nine months of 2000 increased
to $12.2 million from $11.9 million for the comparable period a year ago. The
net loss for the 2000 nine-month period was $2.1 million, or a $0.50 loss per
diluted share, which compared to net income of $1.0 million or $0.21 per diluted
share, for the first nine months of 1999. The net loss for 2000 was due to low
sales to our major distributors, increased operating expenses and one-time
acquisition expenses of $400,000.
"We are pleased with our third quarter results as sales and net income improved
sequentially over the second quarter by $7.2 million and $2.8 million,
respectively," commented Ewen Cameron, Teltronics' President and Chief Executive
Officer. "Significant contributors to this solid progress were the strategic
acquisitions of Harris Corporation's 20-20 switching line and Telident, Inc.,
which were both completed in the second quarter of 2000. Teltronics has fully
integrated all the product lines from the acquisitions into production and is
actively shipping products. In addition, the Company repaid debenture payments
of $750,000 due on September 30, 2000 and $250,000 due on October 30, 2000,
resulting in considerably less interest payments."
Cameron continued, "It has been a very positive quarter for our subsidiary,
Interactive Solutions, Inc. Sales of its iCommincator system reached $507,000
for the first nine months of 2000, as compared to $22,000 in sales for the first
nine months of 1999. We saw our iCommunicator customer base grow dramatically in
2000 as we found a key niche in the educational market, and we expect that
market opportunity to continue expanding as we move forward. Interactive
Solutions also signed key distribution agreements with Hearing Resources and
Harris Communications (not associated with Harris Corporation) for the
iCommunicator system."
"We believe that the initiatives we have undertaken thus far in 2000 should
enable Teltronics to achieve a pattern of sustainable growth and profitability,
as well as, improved shareholder value," concluded Cameron.
About Teltronics, Inc.:
Teltronics, Inc. is dedicated to excellence in the design, development, and
assembly of electronic equipment and software to enhance the performance of
telecommunications networks. The Company manufactures telephone switching
systems and software for small-to-large businesses, governments, and 911 public
safety communications centers. Teltronics provides intelligent management
hardware and software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their telecommunications
systems. The Company also serves as an electronic contract manufacturing partner
with customers in the U.S. and overseas. Interactive Solutions, a subsidiary of
Teltronics, Inc., designs, manufactures and markets technologically advanced
systems for the hearing impaired. Teltronics' common stock trades on The Nasdaq
SmallCap Market tier of The Nasdaq Stock Market under the symbol "TELT."
A number of statements contained in this press release are forward-looking
statements which are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
involve a number of risks and uncertainties, including the timely development
and market acceptance of products and technologies, competitive market
conditions, successful integration of acquisitions, the ability to secure
additional sources of financing, the ability to reduce operating expenses, the
ability to maintain adequate liquidity, the ability to comply with the rules for
inclusion in The Nasdaq Stock Market and other factors described in the
Company's filings with the Securities and Exchange Commission. The actual
results that the Company achieves may differ materially from any forward-looking
statements due to such risks and uncertainties.
CONTACT: Ewen Cameron, President & CEO of Teltronics, Inc., 941-753-5000, or
telt@teltronics.com; or Charles Messman, cmessman@mkr-group.com, or Dan Durkin,
ddurkin@mkr-group.com, both of MKR Group, LLC, 415-934-6811, or 212-308-4557,
for Teltronics, Inc.
TELTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Net Sales $13,613,796 $9,336,501 $27,611,292 $24,015,433
Cost of goods
sold 6,684,521 4,721,143 15,366,165 12,088,119
Gross profit 6,929,275 4,615,358 12,245,127 11,927,314
Operating expenses:
General and
administrative 1,431,825 1,090,462 3,549,581 2,968,183
Sales and
marketing 2,425,311 1,598,870 5,553,885 4,325,368
Research and
development 1,670,392 1,003,084 3,702,915 2,794,162
5,527,528 3,692,416 12,806,381 10,087,713
Income (loss)
from operations 1,401,747 922,942 (561,254) 1,839,601
Other income
(expense):
Interest (436,931) (215,279) (865,493) (651,667)
Financing (96,068) (67,362) (241,945) (238,723)
Litigation costs (44,967) (29,043) (372,849) (77,220)
Gain on
dispositions 0 0 0 111,614
Other (20,534) 12,924 1,408 48,613
(598,500) (298,760) (1,478,879) (807,383)
Income (loss)
before income
taxes 803,247 624,182 (2,040,133) 1,032,218
Income taxes (46,261) 0 (46,261) 0
Net income (loss) 756,986 624,182 (2,086,394) 1,032,218
Dividends on
Preferred Series
B Convertible
Stock (37,875) (55,015) (113,625) (189,890)
Net income (loss)
attributable to
Common
Shareholders $719,111 $569,167 $(2,200,019) $842,328
Net income (loss)
per share:
Basic $.15 $.14 $(.50) $.22
Diluted $.14 $.13 $(.50) $.21
TELTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
2000 1999
(Unaudited)
Current Assets:
Cash $345,143 $954,764
Accounts receivable, net of allowance
for doubtful accounts of $248,200 at
September 30, 2000 and $210,000 at
December 31, 1999. 8,040,484 4,754,896
Inventories, net 11,366,940 5,319,765
Prepaid expenses and other current assets 306,392 236,034
Total current assets 20,058,959 11,265,459
Property and equipment, net 5,380,493 3,872,018
Goodwill and other intangible assets 1,356,877 106,914
Other assets 382,567 550,450
Total assets $27,178,896 $15,794,841
TELTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - Continued
LIABILITIES AND SHAREHOLDERS' EQUITY
September 30, December 31,
2000 1999
(Unaudited)
Current Liabilities:
Current portion of long-term debt $4,538,479 $5,266,159
Note payable 6,884,355 0
Current portion of capital lease
obligations 313,563 326,663
Accounts payable 5,572,040 3,151,492
Accrued expenses and other current
liabilities 3,329,711 981,030
Deferred income 1,721,472 734,856
Total current liabilities 22,359,620 10,460,200
Long-term liabilities:
Long-term debt, net of current portion 1,000,000 1,250,000
Capital lease obligations, net of
current portion 29,926 259,662
Total long-term liabilities 1,029,926 1,509,662
Shareholders' equity:
Common stock, $.001 par value, 40,000,000
shares authorized, 4,740,596 and 4,054,522
issued and outstanding at September 30, 2000
and December 31, 1999, respectively. 4,742 4,056
Non-voting common stock, $.001 par value,
5,000,000 shares authorized, zero shares
issued and outstanding. 0 0
Preferred Series A stock, $.001 par value,
100,000 shares authorized, 100,000 shares
issued and outstanding at September 30, 2000 |
