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| PEABODY,
Mass.--(BUSINESS WIRE)--Oct. 19, 2000--Boston Acoustics, Inc.
(NASDAQ:BOSA - news) today announced financial results for its FY2001
second quarter ended September 30, 2000.
Net sales for the quarter increased 21%, to $34.6 million from $28.7 million for the same period a year ago. Net income increased 34% to $2.2 million compared to $1.7 million. Diluted earnings per share increased 45% to $.45 per share compared to $.31 per share for the same period a year ago. Year-to-date (six months) net sales increased 14% to $57.4 million, net income was approximately $3.4 million compared to $2.8 million and diluted earnings per share were $.69 per share compared to $.54 per share for the six months ended September 30, 2000. The second quarter of Fiscal 2001 covers 14 weeks of sales and earnings compared to 13 weeks for the second quarter of Fiscal 2000. CEO Andy Kotsatos stated, ``The double digit increases we are experiencing in our Core home entertainment products are being driven by explosive growth of DVD player sales. We expect that trend to continue, but closer to the rate indicated by our six-month performance to date, since the second quarter results had the benefit of a beginning $1.2 million back order and a 14-week quarter. Our margins suffered in this quarter because of the higher personnel and operational costs associated with catching up. We expect our margins to remain about the same in the third quarter.'' ``Any balance sheet is a snapshot in time, and ours indicates a momentary increase in accounts receivable and a consequent increase in our line of credit. The increase in inventories is predominately Multimedia finished goods.'' Boston Acoustics, Inc. provides audio solutions for home entertainment, automobiles and personal computers. Founded in 1979, Boston Acoustics is located in Peabody, Massachusetts. -0- Three Months Ended
(14 weeks) (13 weeks)
Sept. 30, 2000 Sept. 25, 1999
Net Sales $ 34,584,146 $ 28,679,502
Cost of Goods Sold 24,873,312 20,041,878
Gross Profit 9,710,834 8,637,624
Selling and Marketing Expenses 3,360,317 2,694,756
General and Administrative Expenses 1,238,455 1,296,701
Engineering and Development Expenses 1,404,694 1,764,517
Total Operating Expenses 6,003,466 5,755,974
Income from Operations 3,707,368 2,881,650
Interest Income (Expense), net (126,476) (155,062)
Income before provision for income taxes 3,580,892 2,726,588
Provision for Income Taxes 1,343,000 1,054,000
Net Income $ 2,237,892 $ 1,672,588
Basic Earnings per Share $.46 $.33
Diluted Earnings per Share $.45 $.31
Weighted Average Shares Outstanding
Basic 4,908,245 5,064,715
Diluted 4,954,202 5,320,674
Six Months Ended
(27 weeks) (26 weeks)
Sept. 30, 2000 Sept. 25, 1999
Net Sales $ 57,407,174 $ 50,524,834
Cost of Goods Sold 40,432,171 34,847,102
Gross Profit 16,975,003 15,677,732
Selling and Marketing Expenses 6,069,056 5,215,929
General and Administrative Expenses 2,492,848 2,396,524
Engineering and Development Expenses 2,780,344 3,164,648
Total Operating Expenses 11,342,248 10,777,101
Income from Operations 5,632,755 4,900,631
Interest Income (Expense), net (212,379) (326,600)
Income before provision for income taxes 5,420,376 4,574,031
Provision for Income Taxes 2,033,000 1,762,000
Net Income $ 3,387,376 $ 2,812,031
Basic Earnings per Share $.69 $.56
Diluted Earnings per Share $.69 $.54
Weighted Average Shares Outstanding
Basic 4,908,245 5,038,702
Diluted 4,925,629 5,254,793
Consolidated Balance Sheets
Sept. 30, 2000 March 25, 2000
Assets
Current Assets
Cash, cash equivalents and investments $ 1,472,969 $ 1,506,741
Accounts Receivable 16,678,977 12,632,632
Inventories 26,662,953 19,333,515
Other current assets 2,824,946 2,696,536
Total current assets 47,639,845 36,169,424
Property and equipment, at cost 16,480,844 15,614,034
Other assets 1,192,587 1,080,569
Total assets $65,313,276 $52,864,027
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $10,310,173 $ 6,002,158
Accrued payroll & related expenses 2,353,651 2,148,272
Current maturity line of credit 1,517,979 1,602,287
Other current liabilities 2,305,591 1,588,401
Total current liabilities 16,487,394 11,341,118
Line of credit 9,600,000 4,850,000
Shareholders' equity 39,225,882 36,672,909
Total liabilities and
shareholders' equity $65,313,276 $52,864,027
Certain statements in this press release contain certain forward-looking statements concerning Boston Acoustics' operations, economic performance and financial condition. Such forward-looking statements are based on a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Boston Acoustics to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause such differences include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K for the fiscal year ended March 25, 2000. The words ``believe,'' ``expect,'' ``anticipate,'' ``intend,'' and ``plan'' and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Contact:
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