XETA Technologies, Inc. Reports First Quarter Financial Results
2011年3月8日 - 6:41AM
- 1Q11 Revenue increased 19% to $27.4 million vs. 1Q10 revenue of
$23.0 million
- 1Q11 GAAP EPS: $0.05 vs. 1Q10 GAAP EPS: $0.06
- 1Q11 Non-GAAP EPS: $0.07
XETA Technologies, Inc. (Nasdaq:XETA) today reported earnings of
$571,000, or $0.05 per diluted share, on revenue of $27.4 million
for the first fiscal quarter ended January 31, 2011. This compares
to earnings of $633,000, or $0.06 per diluted share, on revenue of
$23.0 million for the first fiscal quarter ended January 31,
2010.
During the first quarter of fiscal 2011, the Company recorded
$324,000 of non-recurring expenses for professional fees and other
costs related to corporate development activities. Excluding
non-recurring expenses recorded during the first quarter ended
January 31, 2011, non-GAAP net income was $768,000, or $0.07 per
diluted share.
Line of Business |
1Q11 |
1Q10 |
% Change |
Maintenance & Repair |
11,254 |
8,218 |
37% |
Design & Integration |
3,137 |
3,042 |
3% |
Cabling |
905 |
857 |
6% |
Total Services |
15,296 |
12,117 |
26% |
Commercial |
9,711 |
10,039 |
-3% |
Hospitality |
2,276 |
828 |
175% |
Total Systems |
11,987 |
10,867 |
10% |
Other Revenue |
122 |
60 |
Nmf |
Total Revenue |
27,406 |
23,044 |
19% |
Total revenue increased 19% during the first quarter of fiscal
2011 primarily due to the contribution from business acquired
during the past nine months. The effect of supply chain issues
from a major supplier and unusually strong comparisons with the
prior year negatively impacted Commercial systems revenue and
resulted in a 3% decrease in that category year over
year. Hospitality systems revenue increased $1.4 million to
$2.3 million as a result of improved capital spending in that
market sector and a large data and voice network order received
from a new customer associated with the Company's new high speed
internet product offering.
The company said that it completed the move to its new St.
Louis-based network operating center ("NOC") during the first
quarter. The 23,000 square foot facility houses staff and
technology to provide proactive network and application monitoring,
help desk services, and 24/7 technical support for a wide variety
of industries. The NOC also houses the Company's primary
logistics and staging facility to support our standard nationwide
implementation protocol. Greg Forrest, CEO, said, "This world
class facility greatly expands our service offering and gives XETA
the capability to proactively monitor and resolve issues often
before they can escalate."
During the first quarter of FY11, gross margin was 25.5 percent
of revenue versus 27.5 percent during the first quarter of FY10.
Systems margin remained relatively unchanged year over year and
within targeted ranges. Services margin decreased to 28.0
percent of sales versus 32.1 percent during the same period a year
ago. Operating expenses during the first quarter of FY11 were
$6.1 million, up from $5.3 million reported during the first
quarter of FY10. Excluding non-recurring expenses during the first
quarter, operating expenses were 21 percent of revenues in the
first quarter of fiscal 2011 compared to 23 percent of revenues in
the first quarter of fiscal 2010. Excluding non-recurring
expenses during the first quarter of 2011, net income increased to
$768,000, or 2.8 percent of sales, versus $633,000, or 2.7 percent
of sales during the first quarter of 2010.
Forrest continued, "During the first quarter, which is typically
our seasonally weakest, we reported the highest quarterly revenue
in more than 10 years and the third largest quarterly revenue in
the Company's history. Momentum built during the quarter and
revenue was back-end loaded. This trend, combined with supply
chain issues at one of our major vendors, affected utilization and
profitability of our implementation services during the first
quarter. In addition, duplicate costs associated with the move
into our new NOC affected our services margin. Operating
expenses, excluding non-recurring items, were lower as a percentage
of revenues in comparison with the prior year, which reflects the
cost efficiency programs we implemented last year, as well as
acquisition related synergies."
Condensed Consolidated
Statements of Income |
|
|
Three Months Ended
January 31, |
|
|
2011 |
2010 |
|
|
(Unaudited) |
|
Sales |
Services |
$ 15,296 |
$ 12,117 |
|
Systems |
11,988 |
10,867 |
|
Other |
122 |
60 |
|
Total |
27,406 |
23,044 |
|
|
|
|
Cost of Sales |
Services |
11,017 |
8,231 |
|
Systems |
8,945 |
8,077 |
|
Other |
448 |
397 |
|
Total |
20,410 |
16,705 |
|
|
|
|
Gross Profit |
|
6,996 |
6,339 |
|
|
|
|
Gross Profit Margin |
|
26% |
28% |
|
|
|
|
Operating Expense |
|
|
|
Selling, General and Administrative |
|
5,838 |
5,125 |
Amortization |
|
312 |
187 |
Total Operating Expenses |
|
6,150 |
5,312 |
|
|
|
|
Income from Operations |
|
846 |
1,027 |
|
|
|
|
Interest Expense |
|
(19) |
(6) |
Interest and Other Income |
|
113 |
21 |
Total Interest and Other Income |
|
94 |
15 |
|
|
|
|
Income Before Provision for Income Taxes |
|
940 |
1,042 |
Provision for Income Taxes |
|
369 |
409 |
Net Income after Tax |
|
$ 571 |
$ 633 |
|
|
|
|
Basic Earnings Per Share |
|
$ 0.05 |
$ 0.06 |
Diluted Earnings Per Share |
|
$ 0.05 |
$ 0.06 |
Wt. Avg. Common Shares Outstanding |
|
10,742 |
10,237 |
Wt. Avg. Common Equivalent Shares |
|
10,810 |
10,277 |
|
|
|
|
(The information is unaudited
and is presented in thousands except percentages and per-share
data.) |
|
Consolidated Balance
Sheet Highlights |
|
|
|
(Unaudited) |
|
|
|
|
January 31, 2011 |
October 31, 2010 |
Assets |
Current |
Cash |
$ 722 |
$ 1,003 |
|
|
Receivables (net) |
18,328 |
17,806 |
|
|
Inventories (net) |
6,430 |
6,715 |
|
|
Other |
4,708 |
4,637 |
|
|
Subtotal |
30,188 |
30,161 |
|
|
|
|
|
|
Non-Current |
PPE (net) |
7,571 |
6,932 |
|
|
Goodwill & Intangibles (net) |
21,203 |
20,946 |
|
|
Other |
233 |
326 |
|
|
Subtotal |
29,007 |
28,204 |
|
|
|
|
|
|
Total Assets |
|
$ 59,195 |
$ 58,365 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
Current |
Revolving Line of Credit |
$ 3,392 |
$ 1,756 |
|
|
Notes Payable |
338 |
338 |
|
|
Accounts Payable |
7,803 |
10,032 |
|
|
Accrued Liabilities |
5,087 |
4,006 |
|
|
Unearned Revenue |
5,977 |
6,529 |
|
|
Subtotal |
22,597 |
22,661 |
|
|
|
|
|
|
Non-Current |
Long Term Debt |
173 |
255 |
|
|
Noncurrent Deferred Tax Liability |
396 |
12 |
|
|
Other |
137 |
193 |
|
|
Subtotal |
706 |
460 |
|
|
|
|
|
|
Total Liabilities |
|
23,303 |
23,121 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
$ 35,892 |
$ 35,244 |
|
|
|
|
|
(The information is unaudited
and is presented in thousands.) |
Reconciliation of Adjusted
EBITDA(1) to Net Income |
Quarter Ending January
31, |
|
2011 |
2010 |
|
|
|
Net Income |
$ 571 |
$ 633 |
Interest |
19 |
6 |
Provision for Income Taxes |
369 |
409 |
Impact of Non-recurring Corporate Development
Related Costs |
324 |
-- |
Depreciation |
429 |
286 |
Amortization |
312 |
187 |
EBITDA(1) |
$ 2,024 |
$ 1,521 |
|
|
|
(The information is presented
in thousands.) |
|
|
|
1The Company uses EBITDA
(earnings before net interest, income taxes, depreciation and
amortization) as part of its overall assessment and comparison of
financial performance between accounting periods. XETA believes
that EBITDA is often used by the financial community as a method of
measuring the Company's performance and of evaluating the market
value of companies considered to be in similar businesses. EBITDA
is a non-GAAP financial measure and should not be considered an
alternative to net income or cash provided by operating activities,
as defined by accounting principles generally accepted in the
United States ("GAAP"). A reconciliation of EBITDA to net income is
provided above.
The following table reconciles reported GAAP net income per the
income statement to non-GAAP net income:
|
|
|
|
|
|
|
Quarter Ending
January 31, |
|
2011 |
2010 |
|
|
|
Net Income as Reported |
$ 571 |
$ 633 |
Non-recurring Corporate Development Related
Costs (Net of Tax) |
197 |
-- |
Non-GAAP net income |
$ 768 |
$ 633 |
|
|
|
(The information is presented
in thousands.) |
|
|
|
The following table reconciles
reported GAAP diluted earnings (loss) per share ("EPS") to non-GAAP
diluted EPS: |
|
|
|
|
|
|
Quarter Ending
January 31, |
|
2011 |
2010 |
|
|
|
EPS, Diluted - as Reported |
$ 0.05 |
$ 0.06 |
Non-recurring Corporate Development Related
Costs (Net of Tax) |
0.02 |
-- |
EPS, Diluted - Non-GAAP |
$ 0.07 |
$ 0.06 |
About XETA Technologies, Inc.
XETA Technologies, Inc. sells, installs and services advanced
communication technologies for small, medium, and Fortune 1000
enterprise customers. The Company maintains the highest level of
technical competencies with multiple vendors including Avaya,
Mitel, Nortel, Hitachi and Samsung. With a 28-year operating
history and over 16,000 customers from coast to coast, XETA has
maintained a commitment to extraordinary customer service. The
Company's in-house 24/7/365 contact center, combined with a
nationwide service footprint offers customers comprehensive
equipment service programs that ensure network reliability and
maximized network up-time. More information about XETA Technologies
(Nasdaq:XETA) is available at www.xeta.com. Click on the following
link to join our e-mail alert list:
http://www.b2i.us/irpass.asp?BzID=1585&to=ea&s=0.
The XETA Technologies, Inc., logo is a registered trademark of
XETA Technologies and is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=7103 This
news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
include statements concerning the outlook for growth and the pace
of such growth. These and other forward-looking statements
(generally identified by such words as "expects," "plans,"
"believes," "likely," "anticipates" and similar words or
expressions) reflect management's current expectations,
assumptions, and beliefs based upon information currently available
to management. Investors are cautioned that all forward-looking
statements are subject to certain risks and uncertainties which are
difficult to predict and that could cause actual results to differ
materially from those projected. These risks and uncertainties
include, but are not limited to: the condition of the U.S. economy
and its impact on capital spending in our markets; the successful
integration of recently acquired businesses into ours and
realization of anticipated synergies and growth opportunities from
these transactions; changes in Avaya's marketing and dealer channel
strategy; unpredictable quarter to quarter revenues; our ability to
maintain and improve upon current gross profit margins; intense
competition and industry consolidation; dependence upon a few large
wholesale customers for the recent growth in our Managed Services
offering; the availability and retention of revenue professionals
and certified technicians; failure to obtain shareholder approval
or failure to satisfy other conditions required for the
consummation of the pending merger with PAETEC Holding Corp.;
failure or delay in consummation of the pending merger for other
reasons. Additional factors that could affect actual results
are described in the "Risk Factors" section of the Company's Form
10-K and Form 10-Q filings with the SEC.
CONTACT: Dave Mossberg
Three Part Advisors, LLC
817-310-0051
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