Boston Acoustics (NASDAQ:BOSA)
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Boston Acoustics, Inc. (NASDAQ:BOSA) today announced its
financial results for the first quarter of the 2006 fiscal year, which
ended on June 25, 2005.
Net sales for the quarter increased approximately 42%, to $18.0
million from $12.6 million compared to the same period a year ago. Net
income increased to approximately $924,000 from approximately $461,000
and diluted earnings per share increased to $.21 per share compared to
$.11 per share for the same period a year ago.
As previously announced on June 8, 2005, Boston Acoustics entered
into an Agreement and Plan of Merger (the "Merger Agreement") with D&M
Holdings U.S., Inc., a Delaware corporation ("D&M"), and Allegro
Acquisition Corp., a wholly owned subsidiary of D&M (the "Merger").
The consummation of the Merger is subject to shareholder approval and
other customary conditions; a Shareholders Meeting has been called for
August 25, 2005 to consider and act on the proposed Merger. The
proposed Merger is discussed in a Current Report on a Form 8-K filed
with the Securities and Exchange Commission on June 9, 2005, which
Report included a copy of the Merger Agreement, and in a Proxy
Statement delivered to the Company's shareholders in connection with
the August 25th Shareholder's Meeting.
In connection with the Merger, the company incurred expenses of
approximately $580,000 during the three-month period ended June 25,
2005. These expenses, reflected as other expenses, included fees and
out of pocket expenses totaling approximately $261,000 paid to the
Company's financial advisor for rendering its opinion to the Boston
Acoustics board of directors, legal fees of approximately $296,000,
and approximately $23,000 for audit and other accounting services.
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Three Months End
----------------------------
June 25, 2005 June 26, 2004
------------- -------------
Net Sales $17,951,953 $12,619,951
Cost of Goods Sold 10,486,445 7,131,958
------------- -------------
Gross Profit 7,465,508 5,487,993
------------- -------------
Selling and Marketing Expenses 3,099,098 2,619,638
General and Administrative Expenses 1,220,531 1,030,172
Engineering and Development Expenses 1,140,854 1,206,654
------------- -------------
Total Operating Expenses 5,460,483 4,856,464
------------- -------------
Income from Operations 2,005,025 631,529
Interest Income, net 22,192 5,901
Other Income (Expense), net (567,556) 46,297
------------- -------------
Income before Provision for Income Taxes 1,459,661 683,727
Provision for Income Taxes 536,000 223,000
------------- -------------
Net Income $923,661 $460,727
============= =============
Basic Earnings per Share $.22 $.11
Diluted Earnings per Share $.21 $.11
Weighted Average Shares Outstanding
Basic 4,199,147 4,166,845
Diluted 4,316,794 4,190,446
Consolidated Balance Sheets
June 25, 2005 March 26, 2005
------------- -------------
Assets
Current Assets
Cash and cash equivalents $7,913,293 $6,784,588
Accounts receivable, net 11,847,784 11,234,090
Inventories 11,565,831 12,243,617
Deferred income taxes 2,099,000 2,099,000
Prepaid income taxes 858,000 858,000
Prepaid expenses and other current
assets 907,028 1,028,474
------------- -------------
Total current assets 35,190,936 34,247,769
Property and Equipment, net 9,860,107 10,232,741
Other Assets, net 1,277,323 1,274,825
------------- -------------
Total assets $46,328,366 $45,755,335
============= =============
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $6,823,473 $7,454,464
Accrued payroll & related expenses 607,201 701,931
Dividends payable - 355,174
Current maturity of line of credit - 9,432
Other accrued expenses 2,099,672 1,552,475
------------- -------------
Total current liabilities 9,530,346 10,073,476
Stockholders' Equity 36,798,020 35,681,859
------------- -------------
Total liabilities and stockholders'
equity $46,328,366 $45,755,335
============= =============
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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.
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 financial statements filed
with its Annual Report on Form 10-K for the fiscal year ended March
26, 2005. 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 has filed 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 because it contains important information about the merger
transaction. Investors and security holders may obtain a free copy of
the proxy statement 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.