Good thing I held off.
FieldWorks Reports Record Fourth Quarter and Fiscal 1997 Results
EDEN PRAIRIE, Minn. -- FieldWorks, Incorporated (Nasdaq: FWRX), a leading manufacturer of application-specific computing solutions for demanding field environments, today reported fourth quarter 1997 net sales of $7,172,554, an increase of 104 percent over fourth quarter 1996 and an increase of $1.2 million over third quarter 1997. It also reported its first profitable quarter with net income of $32,176.
"We are excited and pleased to tell shareholders that we have achieved profitability," said Karen Engebretson, FieldWorks' vice president of finance. "This important milestone was consistent with our 1997 objectives.
"We're also excited to report that annual net sales grew from $13.1 million in 1996 to $23.8 million in 1997, an 82-percent increase."
"Field force automation is the fastest-growing segment of the computer market because it's the final frontier for using computers to increase worker productivity," said Gary Beeman, FieldWorks' chief executive officer. "With our knowledge of the different vertical markets that are automating -- transportation, utility, public safety, military and medical
-- and our aggressive expansion of product line and addition of services like software support, we are positioned to be a leader in field force automation, particularly in the field service area."
Other milestones reached in fourth quarter 1997 include: a move to a new 53,000-square-foot headquarters with a state-of-the-art manufacturing facility; the addition of Jim Bruha formerly of Polaris as vice president of operations and Jacque Meyers formerly of Unisys as vice president of engineering; the announcement of a new product line of mobile embedded servers, the FW2000 Series; and repair turnaround times consistently better then the industry average.
FieldWorks designs, builds and sells application-specific computing solutions for demanding field environments. Users include field professionals in transportation, utility, public safety, government/military, medical and other industries worldwide. FieldWorks' products are designed and produced in compliance with its formal quality system, which is certified to the international IS09001 quality standard.
FieldWorks' headquarters are at 7631 Anagram Drive, Eden Prairie, Minn., 55344, USA. URL: field-works.com ; Telephone 612-974-7000; Fax 612-974-7199.
Forward-looking statements in this news release, if any, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changing economic or business conditions, the impact of competition, the availability of financing, the success of products in the marketplace and other risk factors inherent in the computer industry and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.
FieldWorks, Incorporated
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended For the Years Ended
January 4 January 5 January 4 January 5
1998 1997 1998 1997
NET SALES $7,172,554 $3,513,305 $23,815,045 $13,111,077
COST OF SALES 4,781,146 2,466,955 15,394,663 8,310,933
Gross profit 2,391,408 1,O46,350 8,420,382 4,800,144
OPERATING EXPENSES:
Sales and marketing 1,139,612 958,401 4,268,001 3,234,692
General and
administrative 779,657 759,612 3,034,670 2,232,040
Research and development502,060 531,602 1,884,128 1,896,448
Total operating
expenses 2,421,329 2,249,615 9,186,799 7,363,180
Operating loss (29,921) (1,203,265) (766,417) (2,563,036)
INTEREST INCOME (EXPENSE)
AND OTHER, net 62,097 (133,561) (257,561) (356,328)
NET INCOME (LOSS) FROM
CONTINUING OPERATIONS 32,176 (1,336,826) (1,023,978) (2,919,364)
LOSS FROM DISCONTINUED
OPERATION -- (29,793) -- (376,682)
NET INCOME (LOSS) $32,176 $(1,366,619) $(1,023,978) $(3,296,046)
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:
Net loss per common share from
continuing operations $-- $(.20) $(.12) $(.44)
Loss per common share from
discontinued operation -- (.01) -- (.06)
Net loss per common share $-- $(.21) $(.12) $(.50)
Weighted average common
shares outstanding 8,720,651 6,617,673 8,282,438 6,602,207
/CONTACT: Investors, Karen Engebretson, Vice President - Finance & CFO,
612-974-7050, kengebretson@field-works.com, Media, Vincent Dipas,
Communications Manager, 612-974-7035, vdipas@field-works.com, both of
FieldWorks Incorporated/
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