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Q4 results and Japanese agreement
Date: Thu, 6 Sep 90 18:35 EDT
From: Kimberly L. Cook <cook@RIVERSIDE.SCRC.Symbolics.COM>
Subject: Q4 results and Japanese agreement
To: SYMBOLICS@RIVERSIDE.SCRC.Symbolics.COM
cc: cook@RIVERSIDE.SCRC.Symbolics.COM
NEWS RELEASE
Contact: Ronald R. Benanto (617) 221-1045
Francis J. Feeney, Jr. (617) 221-1052
FOR IMMEDIATE RELEASE
SYMBOLICS ANNOUNCES MAJOR DISTRIBUTION AND MANUFACTURING AGREEMENT WITH
JAPANESE CONSORTIUM
BURLINGTON, Mass., September 6, 1990--Symbolics, Inc. (NASDAQ:SMBX), today
announced that it had entered into an agreement with a Japanese consortium,
led by Nichimen Corporation, granting the consortium an exclusive license
in Japan of distribution and manufacturing rights to Symbolics' Ivory
processor-based software and hardware products for a period of five years.
Symbolics received aggregate cash proceeds of $3.9 million in exchange for
the license and related transactions.
Nichimen Corporation, a major Japanese trading company, currently distributes
Symbolics' products in Japan through its subsidiary, Nihon Symbolics Corporation.
Under this agreement, Symbolics will continue to manufacture hardware products
for the consortium on a cost basis, and will furnish new Ivory-based products for
a period of two years.
Symbolics stated that this capital infusion will aid the Company in financing
its future business plans. Jay Wurts, Symbolics' chairman, chief executive
officer, and president, stated, "This agreement underscores the unique advantage
our technology provides to meet opportunities within today's highly competitive
workstation and graphics markets."
Symbolics, Inc., headquartered in Burlington, Mass., is the leading provider of
symbolic processing hardware and software used in sophisticated applications,
including interactive scheduling and planning, hypertext-based publishing,
computer-aided mathematical computing and HDTV-based graphics imaging and processing.
# # #
Symbolics and Ivory are trademarks of Symbolics, Inc.
NEWS RELEASE
Contact: Ronald R. Benanto (617) 221-1045
Francis J. Feeney, Jr. (617) 221-1052
FOR IMMEDIATE RELEASE
SYMBOLICS ANNOUNCES FOURTH QUARTER AND FISCAL 1990 RESULTS
BURLINGTON, Mass., September 6, 1990--Symbolics, Inc. (NASDAQ:SMBX), today
announced a net profit for its quarter ending June 30, 1990 of $115,000, or
less than $.01 per share, compared with a profit of $533,000 or $.02 per
share for the fourth quarter of fiscal 1989. Revenues for the quarter were
$12,481,000, compared with revenues of $11,333,000 for the previous quarter.
The Company also reported a net loss for fiscal 1990 of $6,177,000 or $.22
per share, compared with a profit of $1,781,000 or $.06 per share for fiscal
1989. Revenues for the fiscal year were $53,538,000, compared with revenues
of $67,237,000 for the previous fiscal year.
The Company also stated that on August 30, 1990, it had completed an agreement
with a Japanese consortium led by Nichimen Corporation for a five year exclusive
license in Japan of manufacturing and distribution rights to Symbolics' Ivory-based
software and hardware products. The aggregate cash proceeds to Symbolics from the
license and related transactions was $3.9 million.
Jay Wurts, Symbolics' chairman, chief executive officer, and president, stated,
"Improved results in our fourth fiscal quarter, due primarily to shipments of
both our new high performance workstation and our graphics products and to the
effect of ongoing cost reduction programs, contributed to our return to profitability
in the fourth quarter. In light of increasing competition within our workstation
market, the need for continued investment in our graphics business, uncertain
economic conditions and decreased customer capital spending, we continue to seek
outside financing, such as our recent transaction with Nichimen Corporation, to
ensure we have sufficient working capital to complete our strategic plans."
Symbolics, Inc., headquartered in Burlington, Mass., is the leading provider of
symbolic processing hardware and software used in sophisticated applications,
including interactive scheduling and planning, hypertext-based publishing,
computer-aided mathematical computing and HDTV-based graphics imaging and processing.
# # #
Symbolics and Ivory are trademarks of Symbolics, Inc.
SYMBOLICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Fiscal Year Ended
(Unaudited) (Audited)
(In thousands, except share June 30, June 30, June 30, June 30,
and per share amounts 1990 1989 1990 1989
Revenues $ 12,481 $ 17,165 $ 53,538 $ 67,237
Cost of sales 5,897 7,508 27,894 29,461
Gross profit 6,584 9,657 25,644 37,776
Operating expenses:
Research and development 1,942 2,689 9,232 9,609
Selling, general &
administrative 4,251 6,357 21,662 25,622
Income (loss) from operations 391 611 (5,250) 2,545
Interest expense, net 153 200 628 528
Income (loss) before provision for
income taxes 238 411 (5,878) 2,017
Provision for income taxes 123 (122) 299 236
Net income (loss) $ 115 $ 533 $(6,177) $ 1,781
Income (loss) per common share $ -- $ .02 $ (.22) $ .06
Weighted average number of shares
of common stock 27,639,282 28,806,914 27,591,608 27,832,099
SYMBOLICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, June 30,
(In thousands) 1990 1989
ASSETS
Current assets:
Cash and cash equivalents $ 2,811 $ 8,374
Accounts receivable 11,091 15,784
Inventories 12,277 13,958
Other current assets 748 1,401
__________________________________________________________________________
Total current assets 26,927 39,517
Property, plant and equipment 17,896 25,453
Less accumulated depreciation and amortization 10,515 17,862
___________________________________________________________________________
Net property, plant and equipment 7,381 7,591
Capitalized software development costs 2,811 1,679
Other assets 2,395 1,540
___________________________________________________________________________
$39,514 $50,327
___________________________________________________________________________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,711 $ 5,538
Deferred revenues 4,375 3,694
Current portion of long-term debt 612 792
Accrued costs of corporate restructuring 828 2,816
Other current liabilities 5,039 6,870
___________________________________________________________________________
Total current liabilities 15,565 19,710
Long-term debt 416 566
Accrued costs of corporate restructuring 6,548 7,296
Shareholders' equity 16,985 22,755
___________________________________________________________________________
$39,514 $50,327
___________________________________________________________________________