(JAVELIN-SYSTEMS)(JVLN) Javelin Systems Reports Record Second Quarter and Six Months Revenues; Revenue up 248 Percent for Comparable Quarter and 181 Percent for Six Months (Business Wire; 01/28/98)
IRVINE, Calif.--(BUSINESS WIRE)--Jan. 28, 1998--Javelin Systems Inc. (Nasdaq:JVLN), a designer of innovative, integrated touchscreen computers, Wednesday announced record revenues for its fiscal 1998 second quarter and six months ended Dec. 31, 1997.
According to Javelin Systems President and Chief Executive Officer Richard P. Stack, revenues for the quarter were up 248 percent while revenue for the six-month period not only increased 181 percent over last year's comparable period but also topped total revenues for fiscal 1997. "Revenues and net income for the quarter were exclusive of contributions from two acquisitions made in late December," added Stack.
Javelin posted revenues for the second quarter of $4.45 million compared with revenues of $1.28 million for the same period last year. The net income for the quarter was $92,578, or an earnings per share of $0.03 compared with a net loss of $689,792, or a loss per share of $0.26 for the fiscal second quarter ended Dec. 31, 1996.
The revenue for the six months ending Dec. 31, 1997 increased significantly to $7.40 million with net income of $113,750, or an earnings per share of $0.03. This compares with revenues of $2.64 million for the same period last year with a net loss of $792,217, or a loss per share of $0.33. Gross profit margin for the six months was 23 percent versus 21 percent for last year's comparable period.
"This quarter's growth continues to reflect the technology evolution taking place within our target markets and the strength of our NexDisplay products to address market expectations," said Stack. "During the quarter Manhattan-based Madison Square Garden installed a sophisticated point-of-sale solution throughout its sports arena, theater and exposition center.
"This installation included a network of over 200 of our NexDisplay systems. Additionally, ClubCorp International, an owner and manager of private athletic clubs and country clubs, began installation of our touchscreen systems throughout their 200 locations. Our expanding user base and increased revenues indicate industry acceptance and a growing demand for our open-system platform and cutting-edge technology," added Stack.
According to Javelin Systems Chief Financial Officer Horace M. Hertz, the company has a strong balance sheet with current assets of $9.63 million, a current ratio of 1.52:1 with no long-term debt.
Javelin Systems designs, develops, markets and sells open system, touch- screen computers through Original Equipment Manufacturers (OEMs) and a network of systems integrators. The company's innovative computers integrate substantially all of the functionality of a standard desktop PC into a small footprint, network-ready package utilizing industry standard operating systems, such as Microsoft's DOS, Windows, Windows95 and WindowsNT. -0-