Ault (NASDAQ:AULTE)
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Ault Incorporated (Nasdaq:AULTE) reported results for
its first quarter fiscal 2006 ended August 28, 2005. For the fiscal
quarter, net sales were $9.2 million, down 11 percent from $10.3
million reported for the first quarter of fiscal 2005. Company
officials noted two reasons for the decline: 1) shifts in strategic
market focus for China that decreased sales by $550,000; and 2) orders
scheduled for shipment at year-end of fiscal 2004 that shipped in the
first quarter of fiscal year 2005 amounting to $588,000.
For the first quarter of fiscal 2006, the Company recorded a net
loss applicable to common stockholders of $(458,000) or $(0.09) per
diluted share, compared to a net loss applicable to common
stockholders of $(119,000), or $(0.02) per diluted share for the same
period last fiscal year.
Professional services and a severance payment totaled $446,000 for
the quarter ended August 28, 2005, an increase of $327,000 over the
comparable quarter of the prior year.
Frederick M. Green, Ault president and chief executive officer,
commented, "We continue to make significant progress toward our goal
of achieving profitability in fiscal 2006 and remain optimistic about
sales increases through the end of the year. The expected increases in
sales are driven primarily by two existing customers that have new
product launches planned during our second quarter."
For more information on this announcement, please join the Ault
first quarter 2006 conference call on Tuesday, October 11, 2005 at
8:00 a.m. Central Daylight Time. To join the conference call, please
call 1-800-638-5439 and enter the pass code 11632370. Please call five
to ten minutes before the designated start time. The live webcast of
the call may be accessed online on StreetEvents at
www.streetevents.com or on Ault's web site at www.aultinc.com. The
call will be archived at StreetEvents and Ault's web site for 90 days.
You may also listen to an encore recording of the conference call from
11:00 a.m. Central Daylight Time Tuesday, October 11 through Tuesday,
October 18, 2005 by dialing 1-888-286-8010 and then the pass code,
42107555.
Ault is a leading manufacturer of power conversion products
headquartered in North America. The Company is a major supplier to
original equipment manufacturers of wireless and wireline
communications infrastructure, computer peripherals and handheld
devices, medical equipment, industrial equipment and printing/scanning
equipment.
Statements regarding Ault's anticipated future performance are
forward-looking and therefore involve risks and uncertainties that
could cause results or developments to differ significantly from those
indicated in the forward-looking statements. These include, but are
not limited to: market conditions in the global electronics industry,
buying patterns of major customers, competitive products and
technologies, the ability to control expense growth, and other factors
set forth in the Company's filings with the Securities and Exchange
Commission.
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AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Share and Amounts Per Share)
(Unaudited)
Three Months Ended
-------------------------
August 28, August 29,
2005 2004
------------ ------------
Net Sales $9,198 $10,336
Cost of Goods Sold 6,593 7,575
------------ ------------
Gross Profit 2,605 2,761
Operating Expenses:
Marketing 798 784
Design Engineering 697 721
General & Administrative 1,571 1,299
------------ ------------
3,066 2,804
------------ ------------
Operating Loss (461) (43)
Non Operating Income (Expense):
Interest Expense (49) (88)
Other 90 13
------------ ------------
41 (75)
------------ ------------
Loss Before Income Taxes (420) (118)
Income Tax Expense 2 1
------------ ------------
Loss From Continuing Operations (422) (119)
Discontinued Operations - 36
------------ ------------
Net Loss (422) (83)
Redeemable Convertible Preferred Stock
Dividends (36) (36)
------------ ------------
Net Loss Applicable to Common Stockholders $(458) $(119)
============ ============
Net Basic and Diluted Loss Per Common Share:
Continuing Operations $(0.09) $(0.03)
Discontinued Operations - 0.01
------------ ------------
Loss Per Common Share $(0.09) $(0.02)
============ ============
Weighted average common shares outstanding:
Basic 4,831,546 4,787,937
Diluted 4,831,546 4,787,937
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 28, May 29,
2005 2005
------------ ------------
Assets:
Current Assets
Cash and Cash Equivalents $2,918 $2,191
Trade Receivables, Less Allowance for
Doubtful Accounts of $786 at August 28,
2005; $781 at May 29, 2005 6,197 5,766
Inventories 3,283 3,377
Note Receivable JEC - Current Portion 1,125 563
Prepaid and Other Expenses 796 741
------------ ------------
Total Current Assets 14,319 12,638
Note Receivable JEC - Non-current portion 1,125 1,687
Property Equipment and Leasehold
Improvements:
Building and Leasehold Improvements 764 764
Machinery and Equipment 5,302 5,314
Office Furniture 378 344
Data Processing Equipment 1,669 1,630
------------ ------------
8,113 8,052
Less Accumulated Depreciation 5,718 5,677
------------ ------------
2,395 2,375
Other Assets 92 106
------------ ------------
Total Assets $17,931 $16,806
============ ============
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 28, May 29,
2005 2005
------------ ------------
Liabilities and Stockholders' Equity:
Current Liabilities
Current Maturities of Long-Term Debt $296 $290
Accounts Payable 6,495 4,892
Accrued Compensation 934 978
Accrued Commissions 239 272
Other 370 350
------------ ------------
Total Current Liabilities 8,334 6,782
Redeemable Convertible Preferred Stock, No
Par Value, 2,074 Shares Issued and
Outstanding; Liquidation Preference of
$1,000 Per Share 2,074 2,074
Stockholders' Equity:
Preferred Stock, No Par Value,
Authorized,
1,000,000 Shares;
Common Shares, No Par Value, Authorized
10,000,000 Shares; Issued and Outstanding
4,861,192 on
August 28, 2005; and 4,806,116 on May 29,
2005; 21,520 21,390
Notes Receivable arising from the sale of
common stock (43) (44)
Accumulated Other Comprehensive Income
(Loss) (45) 55
Accumulated Deficit (13,909) (13,451)
------------ ------------
7,523 7,950
------------ ------------
$17,931 $16,806
============ ============
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