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Symbolics Announces Profitable Third Quarter
FOR IMMEDIATE RELEASE
CONTACT: Ronald R. Benanto (617) 221-1045
Francis J. Feeney, Jr. (617) 221-1052
SYMBOLICS ANNOUNCES PROFITABLE THIRD QUARTER
BURLINGTON, MASS., April 27, 1989 -- Symbolics, Inc., (NASDAQ:
SMBX), today announced its third consecutive profitable quarter
during its fiscal year 1989 for the period ending April 2, 1989.
Revenues for the third quarter were $17,136,000. This
compares with revenues of $17,406,000 for the comparable quarter
a year earlier and $16,647,000 reported for the previous quarter
in 1989. The second quarter to third quarter increase
principally reflects increased shipments of Symbolics' new
MacIvoryTM and XL400TM products, introduced earlier this year.
Net income of $401,000, or $.01 per share, for the third
quarter is comparable to the $415,000 and $432,000 net profits
reported for the first and second fiscal quarters of 1989,
respectively. Year-to-date net income for the nine month period
ended April 2, 1989 totals $1,248,000 or $.05 per share, and
compares favorably to the $24,783,000, or $0.93 per share, net
loss reported during the same nine month period a year ago, which
included an unusual charge of $11,698,000 for corporate
restructuring.
Commenting on the third quarter results, Jay Wurts, Symbolics'
chairman, chief executive officer, and president, stated, "Our
financial performance is in line with our expectations. We
continue to be encouraged both by the response of our customer
base to our new Ivory-based products as well as by their renewed
commitment to our existing hardware and software products."
Symbolics, Inc., headquartered in Burlington, Mass., and with
operations in Chatsworth, Calif., is the leading provider of
symbolic processing systems used for the development and delivery
of expert systems, computer aided software engineering (CASE),
computer aided design and engineering (CAD/CAE) and advanced
image generation and processing.
MacIvory, Ivory and XL400 are trademarks of Symbolics, Inc.
####
SYMBOLICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
(In thousands, except shares April 2, April 3,
and per share amounts) 1989 1988
Revenues $ 17,136 $ 17,406
Cost of sales 7,807 8,574
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Gross profit 9,329 8,832
Operating expenses and unusual
charges:
Research and development (a) 1,934 3,655
Selling, general & administrative 6,755 10,121
Unusual charges:
o corporate restructuring - -
o buy-out of interest in
R&D joint venture - -
----------------------------------------------------------------
Income <loss> from operations,
including unusual charges 640 <4,944>
Interest <income>/expense, net 136 <41>
-----------------------------------------------------------------
Income <loss> before provision for
income taxes 504 <4,903>
Provision for income taxes 103 <11>
-----------------------------------------------------------------
Net income <loss> $ 401 $ <4,892>
=================================================================
Income <loss> per common share $ .01 $ <.18>
=================================================================
Weighted average number of shares
of common stock 28,367,343 27,116,229
================================================================-
==
(a) Under the provisions of Statement of Financial Accounting
Standards No. 86, "Accounting for the Costs of Computer
Software to be Sold, Leased or Otherwise Marketed", the
Company capitalized $479,000 of software production costs
in the third quarter of fiscal 1989, $1,464,000 in the
nine month period ending April 2, 1989 and $1,008,000
in the nine month period ended April 3, 1988.
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SYMBOLICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
April 2, June 30,
(In thousands) 1989 1988
(Unaudited) (Audited)
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ASSETS
Current assets:
Cash and short-term investments $ 8,568 $11,047
Accounts receivable 16,203 13,284
Inventories 14,606 16,209
Other current assets 1,282 1,652
---------------------------------------------------------------------
Total current assets 40,659 42,192
Property, plant and equipment 26,001 34,620
Less accumulated depreciation and
amortization 19,329 27,626
---------------------------------------------------------------------
Net property, plant & equipment 6,672 6,994
Other assets 3,614 3,171
---------------------------------------------------------------------
$50,945 $52,357
=====================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------------
urrent liabilities:
C Accounts payable $ 5,545 $ 5,552
Deferred revenues 3,871 3,257
Current portion of long-term debt 694 845
Accrued costs of corporate
restructuring 3,241 5,269
Other current liabilities 7,602 7,682
---------------------------------------------------------------------
Total current liabilities 20,953 22,605
Long-term debt 542 682
Accrued costs of corporate
restructuring 7,243 8,284
Deferred credits - 239
Common shareholders' equity 22,207 20,547
---------------------------------------------------------------------
$50,945 $52,357
=====================================================================
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