Earnings Briefs
Staff -- TWICE, 6/25/2001
Warrantech Net Moves Into Black For Fiscal Q4, 12 Mos.
EULESS, TEXAS — Service contract and extended warranty company Warrantech reported net income of $24,014 in its fiscal fourth quarter ended March 31, compared with a loss of $537,634 in the year-ago three months. The net earned administrative fee for the fourth quarter was $12.7 million, down about 2 percent from the $13 million reported in the same quarter in 2000. The company's Consumer Products segment net earned administrative fee decreased to $7.8 million, compared with $10.4 million in the year-ago fourth quarter, due mainly to the loss of the Staples account. For the 12 months, net income reached $1.9 million, compared with a loss of $8.2 million in the same 12 months last year. Net earned administrative fee for the 12 months increased to $49.7 million, about 15 percent above the $43.3 million recorded the previous year.
Boston Acoustics Sees Flat Q4 Sales, Moves Into Red
PEABODY, MASS. — Mobile and home audio company Boston Acoustics reported a 1 percent drop in net sales for its fiscal fourth quarter, hitting $26.6 million, down from $26.9 million in the year-ago period. The company recorded a $1.3 million net loss for the three months ended March 31, compared with net income of $1 million in the same quarter last year. In addition, the fourth-quarter results also reflect a larger-than-expected foreign-currency translation loss of $434,000, related to the company's foreign subsidiaries. Net sales for the fiscal year climbed 9 percent to $117.7 million, compared with $108 million the previous 12 months. Net income for the year dropped 41 percent to $3.9 million, compared with $6.6 million last year. The 2001 fiscal year covers 53 weeks of sales and earnings, compared with 52 weeks in fiscal 2000.
Handspring Halves Q4 Revenue Expectations
MOUNTAIN VIEW, CALIF. — Significant price introductions by competitors, softening consumer demand and inventory pressures have caused handheld computer maker Handspring to cut its fourth-quarter revenue outlook in half and reduce prices for its two premier models. The company now expects fourth-quarter revenue to come in at $60 million to $65 million for the three months ending in June. This is well below its most recent forecast of $130 million and down from third-quarter revenues of $123.8 million for the period ended last March. Handspring plans to take an inventory charge in the fourth quarter of up to $20 million.
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