UBS has a pretty hot earnings report out. Now it can sell off on news?
Unique Broadband Systems Inc - News Release
Unique Broadband's net income increases in Q3
Unique Broadband Systems Inc UBS
Shares issued 87,765,779 2001-03-27 close $1.65
Wednesday Mar 28 2001 News Release
Mr. Stephen Rosen reports
Financial results for the third quarter of fiscal 2001, which ended Feb. 28, were as follows:
Revenue from operations for the third quarter was $29.3-million, compared with $1.87-million for the same period last year, an increase of 1,467 per cent. Net earnings from operations (excluding unusual items) were $2.2-million or two cents per share for the third quarter, compared with earnings of $482,564 or one cent per share for the same period last year, increases of 356 per cent and 100 per cent.
For the first three quarters of fiscal 2001, revenue from operations was $48.5-million, compared with $5.0-million for the same period last year, an increase of 862 per cent. Net earnings from operations (excluding unusual items) in this period were $5.3-million or five cents per share, compared with $516,746 or one cent per share for the same period last year, increases of 927 per cent and 400 per cent. Including unusual items, earnings for the first nine months of fiscal 2001 were $27.8-million or 28 cents per share.
"As with the prior quarters of our current fiscal year, we continue to show significant quarter-over-quarter and year-over-year growth in both the top and bottom lines," said Stephen Rosen, chief financial officer of UBS. "While we maintain development efforts on our current product focus, we also pay careful attention to our cost structure and the bottom line. Through three quarters of our current fiscal year, we have demonstrated our commitment to profitability. This commitment will not change going forward."
During the third quarter of fiscal 2001, UBS received $25-million in cash on account of its settlement with PixStream Incorporated.
"With our strong balance sheet and cash position, the company is well financed to execute on its business plan, including the completion of development of our OFDM modem and video distribution system without the need to go back to the capital markets," added Mr. Rosen.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months Three months
ended ended
02/28/01 02/29/00
Sales $29,309,500 $ 1,869,654
Cost of
sales 18,114,111 979,861
----------- -----------
Gross margin 11,195,389 889,793
----------- -----------
Expenses
Research and
development 5,115,397 (613,253)
Selling and
admin 3,429,174 860,134
Amortization 362,176 160,348
Interest expense 85,219 0
----------- -----------
Total
expenses 8,991,966 407,229
----------- -----------
Operating profit
before unusual
items 2,203,423 482,564
Unusual items
-- PTV (2,489,638) 0
Proceeds from
legal
settlement 25,000,000 0
----------- -----------
Income before
income taxes 24,713,785 482,564
Income taxes 0 0
----------- -----------
Net income $24,713,785 $ 482,564
=========== ===========
Earnings per
share 0.25 0.01
CONSOLIDATED STATEMENT OF OPERATIONS
Nine months Nine months
ended ended
02/28/01 02/29/00
Sales $48,490,566 $ 5,044,617
Cost of
sales 27,474,461 2,332,018
----------- -----------
Gross margin 21,016,105 2,712,599
----------- -----------
Expenses
Research and
development 7,247,030 249,865
Selling and
admin 7,384,437 1,576,798
Amortization 1,028,329 369,190
Interest expense 85,219 0
----------- -----------
Total
expenses 15,745,015 2,195,853
----------- -----------
Operating profit
before unusual
items 5,271,090 516,746
Unusual items
-- PTV (2,489,638) 0
Proceeds from
legal
settlement 25,000,000 0
----------- -----------
Income before
income taxes 27,781,452 516,746
Income taxes 0 0
----------- -----------
Net income $27,781,452 $ 516,746
=========== ===========
Earnings per
share 0.28 0.01
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
