Vodavi Announces 2005 Third Quarter Financial Results
October 25 2005 - 3:25PM
Business Wire
Vodavi Technology Inc. (Nasdaq: VTEK), a provider of business
telecommunications solutions, today announced results for its third
quarter ended Sept. 30, 2005. For the third quarter of 2005, the
company reported revenue of $12.3 million compared with revenue of
$11.7 million in the third quarter of 2004. Net income totaled
$666,000, or $0.16 per share, in the most recent quarter compared
with net income of $657,000, or $0.16 per share, in the comparable
period of 2004. The company reported revenue of $32.7 million for
each of the nine-month periods ended Sept. 30, 2005 and 2004. Net
income for the first nine months of 2005 totaled $1.2 million, or
$0.30 per share, compared with $1.3 million, or $0.32 per share, in
the comparable period of 2004. Gregory K. Roeper, chief executive
officer, stated, "We are pleased with the increase in revenue
generated during the quarter. Several of our dealers had
outstanding quarters and our distributors maintained or slightly
increased inventory levels. In addition, sales of VoIP-related
products increased 64% over the same quarter in 2004. "During the
quarter, the company did incur some expenses related to the
investigation of a strategic M&A transaction which did not
materialize. While this did have a negative impact on reported
earnings for the quarter, management is committed to exploring
strategic opportunities to enhance the value of our company while
at the same time committed to continue our efforts to improve our
operating results. "We also continued with our planned investments
into our sales force. While these investments also negatively
impacted our reported earnings in the third quarter, we remain
optimistic that these investments will pay off." For a more
detailed discussion of the company's financial results, please
refer to the company's Form 10-Q for the quarterly period ended
Sept. 30, 2005, filed with the Securities and Exchange Commission.
Teleconference Information The company has scheduled a
teleconference to discuss its results on Tuesday, Oct. 25, 2005, at
5 p.m. Eastern time. To participate in the teleconference, please
dial 800-834-7251 at least 10 minutes prior to the start of the
call. International participants should dial 706-645-9262. Please
refer to Conference ID: 1746534. A replay of the teleconference
will be available beginning Oct. 25, 2005, at approximately 7 p.m.
Eastern time through Nov. 25, 2005. To listen to the replay by
phone, dial 800-642-1687. If calling internationally, please call
706-645-9291. About Vodavi Vodavi Technology Inc. is an advanced
telephony solutions provider delivering innovative business
communications solutions that help small to large enterprises
increase productivity and reduce costs. Vodavi's full range of
telephony solutions include traditional telephone systems, Voice
over IP (VoIP) technology and converged telephony solutions that
allow enterprises to deploy traditional digital or VoIP
communications simultaneously, providing a flexible and
cost-effective migration path to new technology. The company is
headquartered in Phoenix. For more information on Vodavi, visit
www.vodavi.com. This press release contains forward-looking
statements, including statements regarding the company's business
strategies, the company's business, and the industry in which the
company operates as well as expectations regarding revenue and
income levels, and the market acceptance of new product
introductions. These forward-looking statements are based primarily
on the company's current expectations and are subject to a number
of risks and uncertainties, some of which are out of the company's
control. Actual results could differ materially from the
forward-looking statements as a result of numerous factors,
including those set forth in the company's Form 10-K filed with the
Securities and Exchange Commission. -0- *T VODAVI TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS In
thousands except per share amounts Three Months Ended Six Months
Ended Sept. 30, Sept. 30, ------------------- ------------------
2005 2004 2005 2004 -------- -------- -------- -------- REVENUE,
net $12,256 $11,690 $32,721 $32,717 COST OF GOODS SOLD 7,729 7,529
20,856 21,232 -------- -------- -------- -------- GROSS MARGIN
4,527 4,161 11,865 11,485 -------- -------- -------- --------
OPERATING EXPENSES: Engineering and product development 485 447
1,503 1,460 Selling, general and administrative 2,998 2,649 8,440
7,860 -------- -------- -------- -------- 3,483 3,096 9,943 9,320
-------- -------- -------- -------- OPERATING INCOME 1,044 1,065
1,922 2,165 INTEREST (INCOME) EXPENSE (30) (3) (64) 11 --------
-------- -------- -------- INCOME BEFORE INCOME TAXES 1,074 1,068
1,986 2,154 INCOME TAX PROVISION 408 411 753 828 -------- --------
-------- -------- NET INCOME $ 666 $ 657 $ 1,233 $ 1,326 ========
======== ======== ======== EARNINGS PER COMMON SHARE: Diluted $
0.16 $ 0.16 $ 0.30 $ 0.32 ======== ======== ======== ========
WEIGHTED AVERAGE SHARES OUTSTANDING: Diluted 4,071 4,087 4,101
4,106 ======== ======== ======== ======== VODAVI TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS In thousands Sept.
30, Dec. 31, 2005 2004 ----------- ----------- CURRENT ASSETS: Cash
$ 5,561 $ 4,000 Accounts receivable, net 7,251 7,145 Inventory
3,262 4,569 Deferred income taxes 454 454 Prepaids and other
current assets 664 519 ----------- ----------- Total current assets
17,192 16,687 PROPERTY AND EQUIPMENT, net 1,327 1,363 GOODWILL 725
725 OTHER LONG-TERM ASSETS 45 50 ----------- ----------- $ 19,289 $
18,825 =========== =========== CURRENT LIABILITIES: Trade accounts
payable $ 610 $ 497 Accrued liabilities 1,379 1,352 Accrued rebates
522 641 Trade accounts payable to stockholder 3,324 3,990
----------- ----------- Total current liabilities 5,835 6,480
DEFERRED INCOME TAXES 24 24 STOCKHOLDERS' EQUITY 13,430 12,321
----------- ----------- $ 19,289 $ 18,825 =========== ===========
*T
Vodavi (NASDAQ:VTEK)
Historical Stock Chart
From Sep 2024 to Oct 2024
Vodavi (NASDAQ:VTEK)
Historical Stock Chart
From Oct 2023 to Oct 2024