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Wednesday January 28, 9:30 am Eastern Time
Company Press Release
SOURCE: Equinox Systems Inc.
Equinox Reports Record Quarter And Year-End Results
SUNRISE, Fla., Jan. 28 /PRNewswire/ -- Equinox Systems Inc. (Nasdaq: EQNX - news) today
reported record earnings and revenue for both the fourth quarter and the year ended December 31,
1997.
Fourth quarter earnings more than doubled to $0.35 per share (diluted) on sales of $8,157,000
compared to earnings in the same period last year of $0.17 per share on sales of $6,047,000.
1997 annual earnings increased 59% to $1.08 per share (diluted), on sales of $28,373,000
compared to earnings last year of $0.68 per share on sales of $24,779,000.
Bill Dambrackas, Equinox President and founder commented, ''Growing customer demand for our
server-based communications products was the driving force behind our record quarter and our
record year-end results. Equally as important as the earnings and revenue improvement, our
underlying fundamentals also improved significantly in 1997. For example -
Gross margins improved to 51% from 48% last year.
Inventories decreased to 93 days of sales from 109 days.
Accounts receivable declined to 43 days of sales outstanding from 55 days.
Cash increased to $15.7 million from $14.3 million despite $5.4 million of stock
repurchases.''
Equinox, with headquarters in Sunrise, Florida, designs and markets server-based communications
products for remote access and commercial connectivity. Their products are available world-wide
through leading distributors, systems integrators and VARs. OEM customers who have selected
Equinox for their I/O needs include Hewlett Packard, AT&T, NCR and Unisys. Further information
is available at equinox.com .
The forward-looking statements included above are based on current expectations, however actual
results may differ materially due to risks and uncertainties including: changes in business or economic
conditions, competition, product shortages, and the risk factors listed in the reports that Equinox files
with the Securities and Exchange Commission, including the most recent Form 10-Q filed in
October 1997.
Equinox Systems Inc.
Summary Consolidated Financial Information
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
Income Statement Data:
Net sales $ 8,157 $ 6,047 $ 28,373 $ 24,779
Gross profit 4,245 2,919 14,422 12,005
Operating expenses
Research and
development 695 695 2,857 2,640
Selling, general
and administrative 1,758 1,426 6,092 5,569
Income from operations 1,792 798 5,473 3,796
Other income 171 119 555 486
Income before income
taxes 1,963 917 6,028 4,282
Net income 1,276 669 3,907 2,755
Weighted average common
and common equivalent
shares outstanding 3,638 4,020 3,616 4,040
Share Earnings:
Basic $ 0.39 $ 0.18 $ 1.15 $ 0.72
Diluted $ 0.35 $ 0.17 $ 1.08 $ 0.68
December 31,
1997
Balance Sheet Data:
Cash and marketable
securities $ 15,709
Accounts receivable 3,881
Inventories 3,295
Working capital 18,810
Total assets 27,583
Long-term debt ---
Shareholders' equity 21,935
SOURCE: Equinox Systems Inc.
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Equinox Systems Inc (Nasdaq:EQNX - news)
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