Mark...ESAN's numbers follow in line with prior qtrs showing pickup in biz and better margins...if you look at the earn report and then the stock price of .22 there is a ttl disconnect..altho it did d 46800 volume and was up 80% in price for the day...they have $.11 per sh for 9mo...that's a PE of 2+...Crossy pointed this one out some time ago:
B: Entrada Networks Announces Third Quarter Results
B: Entrada Networks Announces Third Quarter Results
IRVINE, Calif., Nov 24, 2002 (BUSINESS WIRE) -- Entrada Networks, Inc.
(OTCBB:ESAN) today announced results for the third quarter of fiscal year 2003
ended October 31, 2002. The Company reported total net revenues from its adapter
card and the frame relay businesses of $4.1 million for the third quarter,
compared with $3.1 million reported in the same period last year.
For the third quarter, the Company reported a net income of $0.9 million, or a
profit of $0.07 per share, compared to a net loss of $1.0 million, or a loss of
$0.09 per share, for the same period last year.
For the nine months ended October 31, 2002, the Company reported net revenues of
$10.6 million compared to $9.9 million reported in the same period last year.
For the nine months ended October 31, 2002, the Company's net income increased
to $1.4 million, or a profit of $0.11 per share, from a net loss of $7.2
million, or a loss of $0.66 per share, for the same period last year.
Dr. Kanwar J. S. Chadha, Chairman & Chief Executive Officer of Entrada
commented, "Our core business was profitable once again last quarter, and,
subject to market and economic conditions, our execution of our path to
profitability strategy remains on course."
Financial Details
Selected highlights from Entrada's third quarter fiscal 2003 are presented
below:
ENTRADA NETWORKS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
October 31, January 31,
2002 2002
ASSETS
CURRENT ASSETS
Cash and equivalents $ 507 $ 698
Short-term investments 49 -
Accounts receivable, net 2,439 1,977
Inventory, net 3,917 4,099
Prepaid expenses and other current assets 515 527
TOTAL CURRENT ASSETS 7,427 7,301
PROPERTY AND EQUIPMENT, NET 1,201 1,807
OTHER ASSETS
Deposits 31 31
Restricted cash 300 300
TOTAL OTHER ASSETS 331 331
TOTAL ASSETS $ 8,959 $ 9,439
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt $ 1,303 $ 686
Current maturities of long-term debt 93 115
Accounts payable 1,457 2,713
Other current and accrued liabilities 1,305 2,660
TOTAL CURRENT LIABILITIES 4,158 6,174
Long-term debt and capital lease obligations 107 27
TOTAL LIABILITIES 4,265 6,201
STOCKHOLDERS' EQUITY
Common stock, $.001 par value; 50,000
shares authorized; 12,937 shares issued
and outstanding at October 31, 2002;
11,580 shares issued and outstanding at
January 31, 2002 13 12
Additional paid-in capital 52,160 52,072
Accumulated deficit (47,479) (48,846)
TOTAL STOCKHOLDERS' EQUITY 4,694 3,238
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,959 $ 9,439
ENTRADA NETWORKS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share amounts)
Three Months Ended Nine Months Ended
October 31, October 31,
2002 2001 2002 2001(a)
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
NET REVENUES $ 4,059 $ 3,078 $ 10,648 $ 9,863
COST OF REVENUES 1,872 1,111 5,603 4,899
GROSS PROFIT 2,187 1,967 5,045 4,964
OPERATING EXPENSES
Selling and marketing 206 361 633 2,742
Engineering, research
and development 285 719 853 5,283
General and administrative 569 504 1,587 2,180
Other operating expenses 120 1,292 360 1,774
TOTAL OPERATING
EXPENSES 1,180 2,876 3,433 11,979
INCOME (LOSS) FROM
OPERATIONS 1,007 (909) 1,612 (7,015)
OTHER INCOME (CHARGES)
Interest expense (57) (79) (156) (213)
Other Income (charges) (85) - (89) -
TOTAL OTHER INCOME
(CHARGES) (142) (79) (245) (213)
INCOME (LOSS) BEFORE INCOME
TAX 865 (988) 1,367 (7,228)
PROVISION FOR INCOME TAXES - - - -
NET INCOME (LOSS) $ 865 $ (988) $ 1,367 $ (7,228)
BASIC AND DILUTED INCOME
(LOSS) PER COMMON SHARE:
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
(IN THOUSANDS) 12,937 10,993 12,755 10,993
NET INCOME (LOSS)
PER COMMON SHARE $ 0.07 $ (0.09) $ 0.11 $ (0.66)
BASIC AND DILUTED
NET INCOME (LOSS)
PER COMMON SHARE $ 0.07 $ (0.09) $ 0.11 $ (0.66)
(a) The $3,401 gain from the retention of Sync Research, Inc. shown on
the historical nine months ended October 31, 2001, has been
distributed $(1,351) to cost of sales, $(431) to selling &
marketing, $(810) to engineering and $(809) to general and
administrative to be comparable to the nine months ended October
31, 2002. There is no change to net loss.
About Entrada Networks
Entrada Networks currently has three wholly owned subsidiaries that focus on
developing and marketing products in the network connectivity and storage
networking industries. Rixon Networks manufactures and sells a line of fast and
gigabit Ethernet adapter cards that are purchased by large networking original
equipment manufacturers as original equipment for servers, and other computer
and telecommunications products. Rixon's focus is on two- and four-port cards
and drivers for highly specialized applications. Sync Research manufactures and
services frame relay products for some of the major financial institutions in
the U.S. and abroad. The Torrey Pines subsidiary specializes in the design &
development of SAN transport switching products. Entrada Networks is
headquartered in Irvine, CA and can be found on the Web at
www.entradanetworks.com. |
