BRYAN, Texas, Oct. 12 /PRNewswire/ -- Neutral Posture Ergonomics, Inc.
(Nasdaq: NTRL) today reported record sales and earnings for the second
consecutive quarter. The Company reported a 41% increase in net income to
$287,868 ($.09 per common share) for the three months ended September 30, 1998
compared to net income of $203,453 ($.08 per common share) for the
corresponding 1997 period. Earnings per share for the three months ended
September 30, 1998 increased to $0.09 based on 3.3 million shares outstanding
as compared to $0.08 on 2.5 million shares outstanding for the 1997 period.
Net sales for the three month period ended September 30, 1998 totaled
$4.2 million, a 43% increase as compared to $2.9 million for the similar 1997
period. This was the highest level of net sales ever reported by the Company.
"We are very excited to announce that sales and profits for the first
quarter were the highest in our history. We are pleased to show a 43%
increase in net sales and the ability to show an increase in earnings per
share even though shares outstanding increased approximately 34%," commented
Rebecca Boenigk, Chairman and Chief Executive Officer. "The first quarter
results reflected management's focus on incorporating the Harvard chair lines
into the existing marketing and production processes. Our success in
accomplishing this goal has allowed us to refocus our efforts on the Neutral
Posture(R) chair line which is evident with over 50% increases in the backlog
at quarter end of unfilled orders for both product lines over the previous
quarter end."
"We have made outstanding progress on many key initiatives, and we believe
that our ongoing investments in innovative product additions and improvements
and the strengthening of our sales force positions us well for continued
growth. I want to extend my sincere thanks to all of our associates, sales
representatives and dealers for their hard work."
Neutral Posture Ergonomics, Inc. manufactures, markets and distributes
office, multitask and ergonomic seating. Neutral Posture Ergonomics, Inc. is
a certified Women Business Enterprise and its common stock is listed on the
Nasdaq National Market under the symbol NTRL.
This press release may include certain statements that may be deemed to be
"forward-looking" within the meaning of the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended. There are
certain important factors which could cause actual results to differ
materially from those anticipated by the forward-looking statements. Certain
of the important factors which could cause actual results to differ materially
from those in the forward-looking statements include, among other things,
changes from anticipated level of sales, the ability to integrate acquired
product lines and related businesses, future national or regional economic and
competitive conditions, changes in relationships with customers, customer
acceptance of existing and new products, pricing pressures due to excess
capacity, raw material cost increases, change of tax rates, change of interest
rates, declining conditions in the industry, validity of patents, availability
of key component parts, casualty to or other disruption of the Company's
production facility and equipment, delays and disruptions in the shipment of
the Company's products and other factors that generally affect business.
Neutral Posture Ergonomics, Inc.
Summarized Statements of Income
(In thousands, except for per share amounts)
(Unaudited)
For the Three Months
Ended September 30,
1998 1997
Net Sales $4,212 $2,949
Cost of Sales 2,656 1,792
Gross Profit 1,556 1,157
Selling General and
Administrative 1,122 819
Operating Income 434 338
Interest Income (Expense)
and Other - Net 27 (16)
Income Before Income Taxes 461 322
Pro Forma Income Taxes (A) 173 119
Pro Forma Net Income (A) $288 $203
Pro Forma Net Income Per
Common Share $.09 $.08
Average Shares Outstanding 3,344 2,500
(A) Pro Forma prior to October 1997
Summarized Balance Sheets
(In thousands)
September 30, June 30,
1998 1998
(Unaudited)
Assets
Current Assets:
Cash $2,957 $3,370
Accounts receivable - net 2,681 1,991
Inventory 1,429 1,061
Other 420 373
Total current assets 7,487 6,795
Property and Equipment - Net 2,001 1,850
Other Assets 439 478
Total assets $9,927 $9,123
Liabilities and Shareholders' Equity
Current Liabilities $2,009 $1,496
Long-term Debt 564 576
Deferred Income Tax Liability 162 162
Shareholders' Equity 7,192 6,889
Total liabilities and
shareholders' equity $9,927 $9,123
SOURCE Neutral Posture Ergonomics, Inc.
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Related links:
http://www.neutralposture.com
Company News On-Call:
http://www.prnewswire.com/comp/125652.html or fax,
800-758-5804, ext. 125652
CONTACT:
David Campbell, President of Neutral Posture
Ergonomics, 409-778-0502
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