Boston Acoustics, Inc. (NASDAQ-BOSA) today announced its financial
results for the fourth quarter of the 2005 fiscal year and for the
fiscal year which ended March 26, 2005. Net sales for the quarter
increased approximately 41%, to $16.3 million from $11.5 million
for the same period a year ago. Net income increased 47% to
approximately $.7 million from approximately $.5 million, and
diluted earnings per share increased to $.17 per share compared to
$.12 per share for the same period a year ago. For the twelve
months ended March 26, 2005, net sales increased approximately 12%
to $59.1 million from $52.6 million in the same period a year ago.
Net income increased to approximately $3.2 million compared to $1.9
million and diluted earnings per share were $.76 per share compared
to $.43 per share for the twelve months ended March 27, 2004. The
Company also announced that, in compliance with the Agreement and
Plan of Merger dated June 8, 2005 among the Company, D&M
Holdings US,Inc. and Allegro Acquisition Corp., the Company's
regular quarterly dividend will not be paid in July. 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 March 26, March
27, 2005 2004 Net Sales $16,288,389 $11,542,522 Cost of Goods Sold
9,341,748 6,321,540 Gross Profit 6,946,641 5,220,982 Selling and
Marketing Expenses 3,516,514 2,811,392 General and Administrative
Expenses 1,151,738 962,919 Engineering and Development Expenses
1,031,122 1,060,029 Total Operating Expenses 5,699,374 4,834,340
Income from Operations 1,247,267 386,642 Interest Income, net
16,203 9,004 Other Income (Expense) 11,683 275,797 Income before
provision for income taxes 1,275,153 671,443 Provision for Income
Taxes 558,000 183,000 Net Income $ 717,153 $ 488,443 Basic Earnings
per Share $ .17 $ .12 Diluted Earnings per Share $ .17 $ .12
Weighted Average Shares Outstanding Basic 4,178,512 4,121,047
Diluted 4,276,792 4,215,602 Twelve Months Ended March 26, March 27,
2005 2004 Net Sales $59,058,361 $52,627,938 Cost of Goods Sold
33,844,597 31,437,264 Gross Profit 25,213,764 21,190,674 Selling
and Marketing Expenses 11,661,073 10,057,112 General and
Administrative Expenses 4,474,010 4,557,078 Engineering and
Development Expenses 4,488,741 4,460,341 Total Operating Expenses
20,623,824 19,074,531 Income from Operations 4,589,940 2,116,143
Interest Income, net 39,999 101,655 Other Income (Expense) 250,524
483,335 Income before provision for income taxes 4,880,463
2,701,133 Provision for Income Taxes 1,644,000 844,000 Net Income $
3,236,463 $ 1,857,133 Basic Earnings per Share $ .78 $ .44 Diluted
Earnings per Share $ .76 $ .43 Weighted Average Shares Outstanding
Basic 4,171,662 4,238,796 Diluted 4,235,403 4,277,397 Consolidated
Balance Sheets March 26, March 27, 2005 2004 Assets Current Assets
Cash and cash equivalents $ 6,784,588 $ 7,552,054 Accounts
receivable, net 11,234,090 8,202,044 Inventories 12,243,617
12,240,838 Deferred income taxes 2,099,000 2,492,000 Prepaid income
taxes 858,000 480,000 Prepaid expenses and other current assets
1,028,474 956,142 Total current assets 34,247,769 31,923,078
Property and Equipment, net 10,232,741 10,874,343 Other Assets, net
1,274,825 1,160,710 Total assets $45,755,335 $43,958,131
Liabilities and Stockholders' Equity Current Liabilities Accounts
payable $ 7,454,464 $ 7,322,535 Accrued payroll & related
expenses 701,931 523,234 Dividends payable 355,174 354,182 Current
maturity of line of credit 9,432 309,394 Other accrued expenses
1,552,475 1,730,873 Total current liabilities 10,073,476 10,240,218
Stockholders' Equity 35,681,859 33,717,913 Total liabilities and
stockholders' equity $45,755,335 $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. Boston Acoustics intends to file a proxy
statement with the Securities and Exchange Commission in connection
with the merger transaction referenced above. Investors and
security holders are urged to read this filing when it becomes
available because it will contain important information about the
merger transaction. Investors and security holders may obtain a
free copy of the proxy statement (when it is available) and other
documents filed with the SEC by Boston Acoustics at the SEC's
Internet site (http://www.sec.gov). Copies of the proxy statement
and the filings with the SEC incorporated by reference in the proxy
statement can also be obtained, without charge, by directing a
request to Boston Acoustics, 300 Jubilee Drive, Peabody,
Massachusetts, 01960, Attention: Investor Relations. The directors
and executive officers of Boston Acoustics and D&M Holdings may
be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information regarding the
special interests of these directors and executive officers in the
merger transaction will be included in the proxy statement.
Additional information regarding the directors and executive
officers of Boston Acoustics is also included in Boston Acoustics'
proxy statement for its 2004 Annual Meeting of Stockholders, which
was filed with the SEC on July 26, 2004. This proxy statement is
available free of charge at the SEC's Internet site and Investor
Relations at Boston Acoustics as described above.
Boston Acoustics (NASDAQ:BOSA)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Boston Acoustics (NASDAQ:BOSA)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024