Today ,,,
Price and Volume
(updated Apr 24, 1998)
52-Week Low $0.438
Recent Price $0.719
52-Week High $1.50
Beta 0.68
Daily Volume (3-month avg) 27.7K
Share-Related Items
Market Capitalization $4.5M
Shares Outstanding 4.79M
Float 3.60M
Sales 30.7M
Book Value 1.18
LECE announces 1 mill share buy back
LEC Technologies (LEC, Nasdaq)
LEC Technologies (LECE) is an undervalued gem selling for 7/8 on the Nasdaq market. The company grew their revenues by nearly 50% in the last year!! With a tiny float of 3.6MM and 4.8M shares outstanding, LECE has a market capitalization of roughly 4.2MM. Sales for the year were a record 30MM+, resulting in a market cap to sales ratio of about 7 to 1. In February the company announced it was opening 3 new sales offices for its Leading Edge Corp. subsidiary. The company has authorized a share buy back for up to 1MM of its shares, about 27% of the float. The CEO has clearly stated that he expects revenues and profits for the next fiscal year to surpass this record year.
Yahoo Business Summary
LECE provides solutions that help organizations reduce technology cost and risk, primarily through the leasing, distribution, and remarketing of high technology equipment. For the nine months ended 9/97, revenues rose 58% to $25.3 million. Net income applicable to Common totalled $141 thousand vs. a loss of $71 thousand. Revenues reflect increased distribution sales due to the acquisition of SCS and the formation of ADI. Earnings also reflect higher leasing and distribution margins.
Recent Earnings Announcement
For the quarter ended DEC 1997, revenues were 5,464; after tax earnings were 17.
(preliminary; reported in thousands of dollars)
Statistics at a Glance -- LECE Last Updated: Apr 24, 1998
Thursday April 2, 9:00 am Eastern Time
Company Press Release
SOURCE: LEC Technologies, Inc.
LEC Technologies, Inc. Reports Fourth Quarter and Record Year-End Results
LAS VEGAS, April 2 /PRNewswire/ -- LEC Technologies, Inc. (Nasdaq: LECE - news) today announced results for the fourth quarter and year ended December 31, 1997.
Fourth quarter revenues totaled $5,464,273 as compared to $5,235,141 for the comparable period last year. Net income was $16,621 or $(0.01) per share, versus a loss of $(1,499,486) or $(0.38) per share for the corresponding period in 1996.
Revenues for the year were a record $30,714,624 as compared to last year's $21,237,400. Net income also reached a five year high of $329,531 or $.02 per share, versus a loss of $(1,398,316) or $(0.45) per share in 1996. The earnings per share amounts for both years were impacted by payment of the quarterly preferred share dividend which amounted to $229,106 or $0.05 per share.
In making the announcement, Michael F. Daniels, President and Chief Executive Officer, said, ''The year-end revenue figure represents a record for the company and is indicative of the strong customer demand for leased and purchased computer and telecommunications equipment offered by LEC Technologies and its subsidiaries. Moreover, the profitable year-end performance is expected to be duplicated and surpassed for the year ending December 31, 1998, however; due to the cost of expansion we anticipate quarterly fluctuations.
The excellent revenue growth was fueled by the performance of Atlantic Digital International, one of the Company's newest business units. ''We expect further gains by ADI throughout the current year as well as continuing into 1999,'' Daniels said.
LEC TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Financial Highlights
Three Months Ended Years Ended
December 31 December 31
1997 1996 1997 1996
Revenues $5,464,273 $5,235,141 $30,714,624 $21,237,400
Net income 16,621 (1,499,486) 329,531 (1,398,316)
Earnings per share (0.01) (0.38) 0.02 (0.45)
Wtd. Avg. Shares 4,789,069 4,055,637 4,674,022 3,625,655
Stockholders' Equity 5,478,370 5,238,190 5,478,370 5,238,190
LEC Technologies, Inc. is a technology services company specializing in the distribution and leasing of computer and telecommunications equipment.
Any forward-looking statements contained in this press release are based upon assumptions believed by the Company to be reasonable and attainable, but they are subject to important factors relating to the Company's operations and business environment, as detailed in the Company's Securities and Exchange Commission filings, which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements
SOURCE: LEC Technologies, Inc.
Wednesday February 11, 10:46 am Eastern Time
Company Press Release
LEC Technologies Inc. Opens Three New Sales Offices
LAS VEGAS--(BUSINESS WIRE)--Feb. 11, 1998--LEC Technologies Inc. (NASDAQ:LECE - news) today announced the opening of three new sales offices for its Leasing Edge Corp. subsidiary.
The regional offices are located in Dallas; Orange County, Calif.; and Lisle, Ill., a suburb of Chicago. The company also said it plans to open a fourth regional office in the northeast in the near future.
In commenting on the announcement, Michael Daniels, president and chief executive officer, said, ''This nationwide expansion represents much more than just a physical presence in these key markets. Rather, each office is staffed with veteran sales people who have been incentivized to grow the company. It is expected that with these highly qualified sales managers in place in early 1998, that our annual revenues will be positively impacted during the year.''
He added, ''We are planning to penetrate these strategic markets with the expectation of initiating relationships with new key accounts and developing further those existing ones. As these offices grow, LEC Technologies will look to open additional offices in target markets.''
LEC Technologies Inc. is a technology services company specializing in the distribution and leasing of computer and telecommunications equipment.
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Contact:
LEC Technologies Inc.
Michael Daniels/Joseph Tagliavia
Tel: 702/454-7900
Fax: 702/454-7779
E-mail: joetag@4lec.com
or
KCSA Worldwide
Leslie A. Schupak/Joseph A. Mansi
Tel: 212/682-6300 ext. 207/205
Fax: 212/697-0910
E-mail: kcsa@aol.com
Tuesday February 10, 8:28 am Eastern Time
Company Press Release
LEC Technologies Announces Stock Buyback Program
LAS VEGAS--(BUSINESS WIRE)--Feb. 10, 1998--LEC Technologies Inc. (NASDAQ: LECE - news) today announced that its board of directors had approved the buyback of up to one million shares of the company's common stock on the open market.
The company said it has already begun purchasing shares and would continue to do so as long as the price remains far below the company's book value per share.
''We believe this action is a prudent one on behalf of our stockholders and communicates management's confidence in the company's long-term outlook,'' said Michael Daniels, LEC's president and chief executive officer.
LEC Technologies Inc. is a technology services company specializing in the distribution and leasing of new and used computer and telecommunications equipment.
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