MSN hatte ich vorsorglich letzte Woche für 6,10 verkauft, heute gabs Zahlen, man weiss nie obs ne böse Überraschung gibt.
Bin jetzt aber wieder drin zu 6,70,denn die Zahlen haben mal wieder alles in den Schatten gestellt, die Party geht weiter.
Net Increase +281%! Kurziel 10 Dollar mindestens.
chart.bigcharts.com/bc3/quickchart/...66&mocktick=1&rand=3766" style="max-width:560px" >
Emerson Radio Announces 2003 Third Quarter Financial Results; Net Revenues Increase 29%; Operating Income Jumps by over 281%
PARSIPPANY, N.J., Jan 29, 2003 (BUSINESS WIRE) -- Both Segments Report Strong
Revenue Growth and Substantial Operating
Income Improvement; Earnings Per Share of $.12 Climbs 9% over Prior
Year Same Period
Emerson Radio Corp. (AMEX: MSN) today reported consolidated financial results for
the third quarter ended Dec. 31, 2002 of fiscal 2003.
Consolidated Results:
Emerson reported that consolidated revenues for the third quarter increased
29.3% to $91.3 million from $70.6 million in the comparable period last fiscal
year as a result of revenue increases in both operating segments. Operating
income increased 281.2% to $4.2 million from $1.1 million over last year's third
quarter reflecting strong performance in its consumer electronics segment and
continued improvement in its sporting goods segment. Net income for the third
quarter was $3.3 million or $.12 per diluted share, compared to $4.1 million or
$.11 per diluted share in the same period last year as Emerson continued to
record a non cash tax expense associated with the utilization of its substantial
net operating loss carry forwards in the current period not required in the same
year ago period. Additionally, last year's results included a one time $2.9
million gain from a legal settlement associated with the consumer electronics
segment not recognized this year.
For the first nine months of fiscal 2003, consolidated revenues increased 13.2%
to $293.6 million from $259.3 million for the same period of the previous year.
For the year-to-date, consolidated operating margins were 6.4%, up from 3.6% in
the comparable nine-month period in fiscal 2002. Operating and net income for
the current nine-month period increased to $18.7 million (100.1% increase) and
$11.9 million (7.5% increase), respectively, from $9.3 million and $11.1
million, respectively, in the same period last year. Earnings per share based on
operating income increased 182% to $.65 from $.23 for the year-to-date
nine-month period.
The Company also forecasts that full year fiscal 2003 revenues are expected to
increase by approximately 13% to $358 million over fiscal 2002 revenues of $318
million.
Consumer Electronics:
Third quarter revenues for Emerson's consumer electronics business increased
35.8% to $72.8 million from $53.6 million in the same period last year,
primarily due to increases in licensing revenues and unit sales of audio and
themed products offset by a slight decline in unit sales of microwave oven
products. Additionally, SG&A expenses for the third quarter declined to 7.4%
from 9.4% as a percentage of sales in last year's third quarter, primarily due
to reductions in advertising costs and salaries, as well as the recovery of
certain receivables. Operating margins continue to run ahead of the comparable
prior year period improving to a record 9.2% ($6.7 million) in the third quarter
from 8.0% ($4.3 million) one year earlier, mainly due to the ability to increase
revenues while holding SG&A costs in check.
Third quarter net income for the consumer electronics segment was $4.6 million
as compared to $6.2 million in the same period of the previous year. Unlike the
comparable prior year third quarter, the current year third quarter results
include charges associated with non cash tax net operating losses and do not
include a $2.9 million one-time gain from the favorable settlement of litigation
included one year earlier.
Licensing revenues have continued to move strongly ahead of last year's levels.
As such, year-to-date licensing revenues increased 50% to $7.5 million from $5.0
million for the first nine months of fiscal 2002. Year to date operating margins
and earnings continue to run ahead of prior year levels as operating income
increased to $20.5 million (9.2% of net revenues) from $13.2 million (7.1% of
net revenues).
Geoffrey P. Jurick, Chairman & Chief Executive Officer of Emerson Radio, stated,
"We are pleased to report that Emerson performed exceptionally well for this
quarter again due to the continued success of our various license arrangements
and solid sales growth in our core products. Additionally, themed product
revenues continued to expand with a wider array of product placements being made
available through our recently introduced Girl Power(TM) branded products."
Kenneth A. Corby, Executive Vice President and Chief Financial Officer added,
"This is yet another record quarter for the consumer electronics segment in
which we earned 9.2% operating income as a result of solid revenue growth and
continued cost containment. Barring any negative impacts from economic and
political developments, we remain confident that our objective of improved
margins and revenue growth for the year as a whole will be achieved."
Sporting Goods:
Third quarter revenues in the sporting goods segment, traditionally the weakest
period, increased 8.7% to $18.5 million from $17.0 million in the same period of
the prior year. The Company pointed to recovering revenues from government,
youth and school sales and a continued migration of revenues to its Internet
sites primarily attributable to its associate programs. Additionally, gross
margins decreased to 27.4% from 28.4% in the same period of last year due to
competitive pressures and certain bid related sales. SG&A expenses as a percent
of revenues declined to 40.2% from 46.6% due to the continued favorable impact
of previously implemented programs. Lower payroll expenses, as a result of a
reduced headcount and a reduction in catalog, Internet and related expenses,
reduced facility and amortization charges, contributed to SSG's lower third
quarter SG&A expenses, which are down approximately $500,000 or 6% from last
year's comparable period and net losses decreased for the quarter to $2.3
million from $3.7 million.
On a year-to-date basis, revenues were $71.4 million as compared to $73.2
million for the same nine-month year-to-date period and gross margins improved
to 29.8% from 28.2% with SG&A expenses declining by $1.4 million or 5.6%. For
the year-to-date nine-month period, net losses were reduced to $2.1 million from
$4.4 million.
Mr. Jurick commented, "During the third quarter, SSG continued to improve as
indicated with a 9% increase in revenues, the continued reduction in SG&A
expenses and significant reduction in its operating losses. Furthermore, open
bookings, a measurement of orders received but not yet fulfilled, increased by
over 100% from the prior year giving us cause for continued optimism.
Additionally, the Associate Program continued to expand with more and more
organizations being given the opportunity to obtain products via on-line
ordering."
Mr. Corby explained, "SSG over the past several quarters continues to benefit
from the many strategic and operational initiatives previously implemented. Year
to date, margins continue to be ahead of prior year performance at all levels
and we look towards the fourth quarter with a focus on strengthening this
ongoing improvement. Sales continue migrating to SSG's electronic ordering
platforms which, in turn, offers us the opportunity for higher margins and the
possibility to further enhance brand loyalty with existing accounts and to
attract new customers."
Closing:
Mr. Jurick concluded, "Emerson's consolidated balance sheet remains strong with
substantial cash and liquidity available through its lending arrangements. Major
aspects of each segment continue to show continued strength. On-going business
development measures recently resulted in the signing of a letter of intent with
a major Chinese based retailer, which should offer Emerson significant new
revenue opportunities beginning in the next fiscal year. Cultivating this and
other international markets combined with the continued focus on the domestic
market leads us to believe fiscal 2004 will be another strong year. "
Investor Conference Call
Geoffrey P. Jurick, Chairman & Chief Executive Officer and Kenneth A. Corby,
Executive Vice President & Chief Financial Officer, will host a conference call
on Thursday, Jan. 30, 2003, at 10:00 a.m. ET, to discuss financial results and
corporate developments. The conference call will be broadcast live over the
Internet via the Investor Relations section of the Company's Web site at
www.emersonradio.com. To listen to the live call, go to the Web site at least 10
minutes early to download and install any necessary audio software. If you are
unable to listen live, the conference call will be archived and can be accessed
for approximately 90 days.
This press release, other than the historical information, consists of
"forward-looking statements" (as defined in the Private Securities Litigation
Reform Act of 1995) which are identified by the use of words such as "believes,"
"expects," "projects," and similar expressions. While these statements reflect
the Company's current beliefs and are based on assumptions that the Company
believes are reasonable, they are subject to uncertainties and risks that could
cause actual results to differ materially from anticipated results. These risks
and uncertainties are detailed from time to time in the Company's filings with
the Securities and Exchange Commission, including the Company's reports on Form
10-K, 10-Q and 8-K.
EMERSON RADIO CORP., founded in 1948, is headquartered in Parsippany, N.J. The
Company designs, markets and licenses, throughout the world, full lines of
televisions, and other video products, microwave ovens, clocks, radios, audio
and home theater products. Its 53.2% owned subsidiary, Sport Supply Group, Inc.
(OTC:SSPY) is a direct marketer of sports-related equipment and leisure products
to the institutional market, including schools, colleges, universities,
government agencies, military facilities, athletic clubs, athletic teams and
dealers, youth sports leagues and recreational organizations. Emerson's Web site
is www.emersonradio.com.
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Nine Months
Ended Ended
----------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
-------- -------- --------- ---------
Net revenues $91,262 $70,611 $293,596 $259,307
Costs and expenses:
Cost of sales 73,068 55,470 230,310 208,305
Other operating costs and
expenses 1,058 965 3,251 3,709
Selling, general and
administrative expenses 12,916 13,069 41,363 37,962
-------- -------- --------- ---------
87,042 69,504 274,924 249,976
-------- -------- --------- ---------
Operating income 4,220 1,107 18,672 9,331
Interest expense, net (406) (844) (1,981) (2,707)
Gain on litigation -- 2,933 -- 2,933
Minority interest in net loss
of consolidated
subsidiary 1,104 1,751 996 2,070
-------- -------- --------- ---------
Income before income taxes 4,918 4,947 17,687 11,627
Provision for income taxes 1,640 816 5,797 564
-------- -------- --------- ---------
Net income $3,278 $4,131 $11,890 $11,063
======== ======== ========= =========
Net Income per common share
Basic $.12 $.13 $.43 $.35
======== ======== ========= =========
Diluted $.12 $.11 $.42 $.31
======== ======== ========= =========
Weighted average number of
common shares outstanding
Basic 27,129 31,274 27,835 31,320
======== ======== ========= =========
Diluted 28,270 40,253 28,673 40,392
======== ======== ========= =========
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED SUMMARY BALANCE SHEETS
(In thousands)
Dec. 31, March 30,
2002 2002
--------- ---------
Cash and cash equivalents $22,960 $19,228
Accounts receivable 22,545 29,401
Inventory 46,070 41,657
Other current assets 9,979 13,727
--------- ---------
Total current assets 101,554 104,013
Property and equipment 9,926 11,116
Other assets 19,454 20,710
--------- ---------
Total assets $130,934 $135,839
--------- ---------
Current liabilities $45,515 $54,723
Long-term borrowings 27,893 29,046
Minority interest 16,336 17,330
Stockholders' equity 41,190 34,740
--------- ---------
Total liabilities and equity $130,934 $135,839
--------- ---------
CONTACT: Emerson Radio Corp.
Kenneth A. Corby, 972/884-2302
or
Investor Relations:
Laura Boorn, 972/884-2302
(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
KEYWORD: NEW
JERSEY
SUBJECT CODE: COMPUTERS/ELECTRONICS
CONFERENCE
CALLS
EARNINGS
SOURCE:
Emerson
Radio
Corp.
DJIA 8,084.04 4.80
Nasdaq 1,348.60 6.42
S&P 500 861.33 2.79
10 Yr Bond 4.02 0.04
$7 Trades, No Fee IRAS and just $500 to get started.
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Bin jetzt aber wieder drin zu 6,70,denn die Zahlen haben mal wieder alles in den Schatten gestellt, die Party geht weiter.
Net Increase +281%! Kurziel 10 Dollar mindestens.
chart.bigcharts.com/bc3/quickchart/...66&mocktick=1&rand=3766" style="max-width:560px" >
Emerson Radio Announces 2003 Third Quarter Financial Results; Net Revenues Increase 29%; Operating Income Jumps by over 281%
PARSIPPANY, N.J., Jan 29, 2003 (BUSINESS WIRE) -- Both Segments Report Strong
Revenue Growth and Substantial Operating
Income Improvement; Earnings Per Share of $.12 Climbs 9% over Prior
Year Same Period
Emerson Radio Corp. (AMEX: MSN) today reported consolidated financial results for
the third quarter ended Dec. 31, 2002 of fiscal 2003.
Consolidated Results:
Emerson reported that consolidated revenues for the third quarter increased
29.3% to $91.3 million from $70.6 million in the comparable period last fiscal
year as a result of revenue increases in both operating segments. Operating
income increased 281.2% to $4.2 million from $1.1 million over last year's third
quarter reflecting strong performance in its consumer electronics segment and
continued improvement in its sporting goods segment. Net income for the third
quarter was $3.3 million or $.12 per diluted share, compared to $4.1 million or
$.11 per diluted share in the same period last year as Emerson continued to
record a non cash tax expense associated with the utilization of its substantial
net operating loss carry forwards in the current period not required in the same
year ago period. Additionally, last year's results included a one time $2.9
million gain from a legal settlement associated with the consumer electronics
segment not recognized this year.
For the first nine months of fiscal 2003, consolidated revenues increased 13.2%
to $293.6 million from $259.3 million for the same period of the previous year.
For the year-to-date, consolidated operating margins were 6.4%, up from 3.6% in
the comparable nine-month period in fiscal 2002. Operating and net income for
the current nine-month period increased to $18.7 million (100.1% increase) and
$11.9 million (7.5% increase), respectively, from $9.3 million and $11.1
million, respectively, in the same period last year. Earnings per share based on
operating income increased 182% to $.65 from $.23 for the year-to-date
nine-month period.
The Company also forecasts that full year fiscal 2003 revenues are expected to
increase by approximately 13% to $358 million over fiscal 2002 revenues of $318
million.
Consumer Electronics:
Third quarter revenues for Emerson's consumer electronics business increased
35.8% to $72.8 million from $53.6 million in the same period last year,
primarily due to increases in licensing revenues and unit sales of audio and
themed products offset by a slight decline in unit sales of microwave oven
products. Additionally, SG&A expenses for the third quarter declined to 7.4%
from 9.4% as a percentage of sales in last year's third quarter, primarily due
to reductions in advertising costs and salaries, as well as the recovery of
certain receivables. Operating margins continue to run ahead of the comparable
prior year period improving to a record 9.2% ($6.7 million) in the third quarter
from 8.0% ($4.3 million) one year earlier, mainly due to the ability to increase
revenues while holding SG&A costs in check.
Third quarter net income for the consumer electronics segment was $4.6 million
as compared to $6.2 million in the same period of the previous year. Unlike the
comparable prior year third quarter, the current year third quarter results
include charges associated with non cash tax net operating losses and do not
include a $2.9 million one-time gain from the favorable settlement of litigation
included one year earlier.
Licensing revenues have continued to move strongly ahead of last year's levels.
As such, year-to-date licensing revenues increased 50% to $7.5 million from $5.0
million for the first nine months of fiscal 2002. Year to date operating margins
and earnings continue to run ahead of prior year levels as operating income
increased to $20.5 million (9.2% of net revenues) from $13.2 million (7.1% of
net revenues).
Geoffrey P. Jurick, Chairman & Chief Executive Officer of Emerson Radio, stated,
"We are pleased to report that Emerson performed exceptionally well for this
quarter again due to the continued success of our various license arrangements
and solid sales growth in our core products. Additionally, themed product
revenues continued to expand with a wider array of product placements being made
available through our recently introduced Girl Power(TM) branded products."
Kenneth A. Corby, Executive Vice President and Chief Financial Officer added,
"This is yet another record quarter for the consumer electronics segment in
which we earned 9.2% operating income as a result of solid revenue growth and
continued cost containment. Barring any negative impacts from economic and
political developments, we remain confident that our objective of improved
margins and revenue growth for the year as a whole will be achieved."
Sporting Goods:
Third quarter revenues in the sporting goods segment, traditionally the weakest
period, increased 8.7% to $18.5 million from $17.0 million in the same period of
the prior year. The Company pointed to recovering revenues from government,
youth and school sales and a continued migration of revenues to its Internet
sites primarily attributable to its associate programs. Additionally, gross
margins decreased to 27.4% from 28.4% in the same period of last year due to
competitive pressures and certain bid related sales. SG&A expenses as a percent
of revenues declined to 40.2% from 46.6% due to the continued favorable impact
of previously implemented programs. Lower payroll expenses, as a result of a
reduced headcount and a reduction in catalog, Internet and related expenses,
reduced facility and amortization charges, contributed to SSG's lower third
quarter SG&A expenses, which are down approximately $500,000 or 6% from last
year's comparable period and net losses decreased for the quarter to $2.3
million from $3.7 million.
On a year-to-date basis, revenues were $71.4 million as compared to $73.2
million for the same nine-month year-to-date period and gross margins improved
to 29.8% from 28.2% with SG&A expenses declining by $1.4 million or 5.6%. For
the year-to-date nine-month period, net losses were reduced to $2.1 million from
$4.4 million.
Mr. Jurick commented, "During the third quarter, SSG continued to improve as
indicated with a 9% increase in revenues, the continued reduction in SG&A
expenses and significant reduction in its operating losses. Furthermore, open
bookings, a measurement of orders received but not yet fulfilled, increased by
over 100% from the prior year giving us cause for continued optimism.
Additionally, the Associate Program continued to expand with more and more
organizations being given the opportunity to obtain products via on-line
ordering."
Mr. Corby explained, "SSG over the past several quarters continues to benefit
from the many strategic and operational initiatives previously implemented. Year
to date, margins continue to be ahead of prior year performance at all levels
and we look towards the fourth quarter with a focus on strengthening this
ongoing improvement. Sales continue migrating to SSG's electronic ordering
platforms which, in turn, offers us the opportunity for higher margins and the
possibility to further enhance brand loyalty with existing accounts and to
attract new customers."
Closing:
Mr. Jurick concluded, "Emerson's consolidated balance sheet remains strong with
substantial cash and liquidity available through its lending arrangements. Major
aspects of each segment continue to show continued strength. On-going business
development measures recently resulted in the signing of a letter of intent with
a major Chinese based retailer, which should offer Emerson significant new
revenue opportunities beginning in the next fiscal year. Cultivating this and
other international markets combined with the continued focus on the domestic
market leads us to believe fiscal 2004 will be another strong year. "
Investor Conference Call
Geoffrey P. Jurick, Chairman & Chief Executive Officer and Kenneth A. Corby,
Executive Vice President & Chief Financial Officer, will host a conference call
on Thursday, Jan. 30, 2003, at 10:00 a.m. ET, to discuss financial results and
corporate developments. The conference call will be broadcast live over the
Internet via the Investor Relations section of the Company's Web site at
www.emersonradio.com. To listen to the live call, go to the Web site at least 10
minutes early to download and install any necessary audio software. If you are
unable to listen live, the conference call will be archived and can be accessed
for approximately 90 days.
This press release, other than the historical information, consists of
"forward-looking statements" (as defined in the Private Securities Litigation
Reform Act of 1995) which are identified by the use of words such as "believes,"
"expects," "projects," and similar expressions. While these statements reflect
the Company's current beliefs and are based on assumptions that the Company
believes are reasonable, they are subject to uncertainties and risks that could
cause actual results to differ materially from anticipated results. These risks
and uncertainties are detailed from time to time in the Company's filings with
the Securities and Exchange Commission, including the Company's reports on Form
10-K, 10-Q and 8-K.
EMERSON RADIO CORP., founded in 1948, is headquartered in Parsippany, N.J. The
Company designs, markets and licenses, throughout the world, full lines of
televisions, and other video products, microwave ovens, clocks, radios, audio
and home theater products. Its 53.2% owned subsidiary, Sport Supply Group, Inc.
(OTC:SSPY) is a direct marketer of sports-related equipment and leisure products
to the institutional market, including schools, colleges, universities,
government agencies, military facilities, athletic clubs, athletic teams and
dealers, youth sports leagues and recreational organizations. Emerson's Web site
is www.emersonradio.com.
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Nine Months
Ended Ended
----------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
-------- -------- --------- ---------
Net revenues $91,262 $70,611 $293,596 $259,307
Costs and expenses:
Cost of sales 73,068 55,470 230,310 208,305
Other operating costs and
expenses 1,058 965 3,251 3,709
Selling, general and
administrative expenses 12,916 13,069 41,363 37,962
-------- -------- --------- ---------
87,042 69,504 274,924 249,976
-------- -------- --------- ---------
Operating income 4,220 1,107 18,672 9,331
Interest expense, net (406) (844) (1,981) (2,707)
Gain on litigation -- 2,933 -- 2,933
Minority interest in net loss
of consolidated
subsidiary 1,104 1,751 996 2,070
-------- -------- --------- ---------
Income before income taxes 4,918 4,947 17,687 11,627
Provision for income taxes 1,640 816 5,797 564
-------- -------- --------- ---------
Net income $3,278 $4,131 $11,890 $11,063
======== ======== ========= =========
Net Income per common share
Basic $.12 $.13 $.43 $.35
======== ======== ========= =========
Diluted $.12 $.11 $.42 $.31
======== ======== ========= =========
Weighted average number of
common shares outstanding
Basic 27,129 31,274 27,835 31,320
======== ======== ========= =========
Diluted 28,270 40,253 28,673 40,392
======== ======== ========= =========
EMERSON RADIO CORP. AND SUBSIDIARIES
CONSOLIDATED SUMMARY BALANCE SHEETS
(In thousands)
Dec. 31, March 30,
2002 2002
--------- ---------
Cash and cash equivalents $22,960 $19,228
Accounts receivable 22,545 29,401
Inventory 46,070 41,657
Other current assets 9,979 13,727
--------- ---------
Total current assets 101,554 104,013
Property and equipment 9,926 11,116
Other assets 19,454 20,710
--------- ---------
Total assets $130,934 $135,839
--------- ---------
Current liabilities $45,515 $54,723
Long-term borrowings 27,893 29,046
Minority interest 16,336 17,330
Stockholders' equity 41,190 34,740
--------- ---------
Total liabilities and equity $130,934 $135,839
--------- ---------
CONTACT: Emerson Radio Corp.
Kenneth A. Corby, 972/884-2302
or
Investor Relations:
Laura Boorn, 972/884-2302
(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
KEYWORD: NEW
JERSEY
SUBJECT CODE: COMPUTERS/ELECTRONICS
CONFERENCE
CALLS
EARNINGS
SOURCE:
Emerson
Radio
Corp.
DJIA 8,084.04 4.80
Nasdaq 1,348.60 6.42
S&P 500 861.33 2.79
10 Yr Bond 4.02 0.04
$7 Trades, No Fee IRAS and just $500 to get started.
Keyword Search
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--------------------------------------------------
Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither FreeRealTime.com nor any of its data or content providers shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. By accessing the FreeRealTime.com site, a member has agreed to the FreeRealTime.com Member Agreement.
Copyright © 1998-2003 FreeRealTime.com, Inc. All rights reserved.
User Agreement, Privacy Statement, Version 3.50