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| [January 24, 2005] |
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CORRECTING and REPLACING Boston Acoustics Announces Third Quarter Results
PEABODY, Mass. --(Business Wire)-- Jan. 24, 2005 -- In the second graph, second sentence, the diluted earnings per share figure should read: $.43 per share compared to $.25 per share for the same period a year ago. (sted $.42 per share compared to $.25 per share for the same period a year ago.)
The corrected release reads:
BOSTON ACOUSTICS ANNOUNCES THIRD QUARTER RESULTS
Boston Acoustics, Inc. (NASDAQ:BOSA) today announced its financial results for the third quarter of the 2005 fiscal year, which ended December 25, 2004.
Net sales for the quarter increased approximately 16%, to $17.9 million from $15.4 million for the same period a year ago. Net income increased 79% to approximately $1.8 million from approximately $1.0 million, and diluted earnings per share increased to $.43 per share compared to $.25 per share for the same period a year ago. The results for the quarter include a non-recurring reduction to an income tax reserve of $192,000, equivalent to approximately $0.05 per diluted share. The specific reserve was originally provided for during fiscal 2002 and related to the Company's wholly-owned German subsidiary.
For the nine months ended December 25, 2004, net sales increased approximately 4% to $42.8 million from $41.1 million in the same period a year ago. Net income increased to approximately $2.5 million compared to $1.4 million and diluted earnings per share were $.60 per share compared to $.32 per share for the nine months ended December 27, 2003.
President and CEO Moses Gabbay stated, "The overall sales increase of approximately 16% was propelled by new product introductions during the quarter in our core product categories, as well as, increases resulting from the OEM automotive business in partnership with Visteon Corporation."
Gabbay added, "We are pleased with the results. The overall performance improvements reflect the progress of the Company's strategic transformation: people, process, and technology. Furthermore, the achievement of an approximately 98% increase in operating income as compared to the corresponding three-month period a year ago, signals that as sales increase, the Company is in position to capture even greater profits."
Founded in 1979, Boston Acoustics, Inc. (NASDAQ:BOSA) designs, manufactures, and markets high performance audio systems for use in home music and home theater systems, after-market and OEM automotive systems, and custom built-in audio systems. Highly regarded for creating The Boston Sound (TM), the company is renowned for delivering superior, competitively priced products emphasizing performance and value. For further information, visit the company's web site at www.bostonacoustics.com. -0- *T Three Months Ended Dec. 25, 2004 Dec. 27, 2003 Net Sales $17,899,510 $15,377,307 Cost of Goods Sold 10,200,084 8,828,722 Gross Profit 7,699,426 6,548,585 Selling and Marketing Expenses 3,011,942 2,804,028 General and Administrative Expenses 1,208,632 1,392,165 Engineering and Development Expenses 1,170,919 1,186,143 Total Operating Expenses 5,391,493 5,382,336 Income from Operations 2,307,933 1,166,249 Interest Income, net 8,599 44,647 Other Income (Expense) 216,842 209,275 Income before provision for income taxes 2,533,374 1,420,171 Provision for Income Taxes 715,000 404,000 Net Income $1,818,374 $1,016,171 Basic Earnings per Share $.44 $.25 Diluted Earnings per Share $.43 $.25 Weighted Average Shares Outstanding Basic 4,174,446 4,105,645 Diluted 4,258,083 4,144,156 Nine Months Ended Dec. 25, 2004 Dec. 27, 2003 Net Sales $42,769,972 $41,085,416 Cost of Goods Sold 24,502,849 25,115,724 Gross Profit 18,267,123 15,969,692 Selling and Marketing Expenses 8,144,559 7,245,720 General and Administrative Expenses 3,322,272 3,594,159 Engineering and Development Expenses 3,457,619 3,400,312 Total Operating Expenses 14,924,450 14,240,191 Income from Operations 3,342,673 1,729,501 Interest Income, net 23,796 92,651 Other Income (Expense) 238,841 207,538 Income before provision for income taxes 3,605,310 2,029,690 Provision for Income Taxes 1,086,000 661,000 Net Income $2,519,310 $1,368,690 Basic Earnings per Share $.60 $.32 Diluted Earnings per Share $.60 $.32 Weighted Average Shares Outstanding Basic 4,169,379 4,279,825 Diluted 4,219,408 4,302,898 Consolidated Balance Sheets Dec. 25, 2004 March 27, 2004 Assets Current Assets Cash and cash equivalents $7,392,250 $7,552,054 Accounts receivable, net 12,176,113 8,202,044 Inventories 12,964,521 12,240,838 Deferred income taxes 2,492,000 2,492,000 Prepaid income taxes 72,000 480,000 Prepaid expenses and other current assets 902,556 956,142 Total current assets 35,999,440 31,923,078 Property and Equipment, net 9,778,876 10,874,343 Other Assets, net 1,192,326 1,160,710 Total assets $46,970,642 $43,958,131 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $8,274,232 $7,322,535 Accrued payroll & related expenses 742,006 523,234 Dividends payable 355,174 354,182 Current maturity of line of credit 183,224 309,394 Other accrued expenses 2,096,127 1,730,873 Total current liabilities 11,650,763 10,240,218 Stockholders' Equity 35,319,879 33,717,913 Total liabilities and stockholders' equity $46,970,642 $43,958,131 *T
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 27, 2004. 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.
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