SAN MATEO, CALIF. (APRIL 17, 1995) Earth & Ware, Inc. (NASDAQ: EWARE)
announced its financial results for the first quarter of 1995.
Revenue for the first quarter was $41.4 million, compared with $26.2 million
in the first quarter of 1994, a 48 percent increase. Income from operations
for the first quarter of 1995 was $10.1 million compared with $6.0 million
in the first quarter of 1994, a 70 percent increase. Net income for the
first quarter was $7.1 million or $0.53 per share, compared with $4.0 million
or $0.31 per share for the same period last year. Net income increased 76
percent from the first quarter of 1994.
The balance sheet remained strong with cash and cash equivalents and short-term
investments totaling $110.0 million compared with $106.2 million at Dec.
31, 1994; total assets stood at $149.0 million.
In March, the company announced its new Shovelware System, an innovative
new set of shovels for teh do-it-yourself gardener.
Also in March, the company signed a letter of intent to enter into a multi-year
distribution agreement with Home Gardners Club. Under terms of the agreement,
Home Gardners Club will have non-exclusive distribution rights for the full
line of Earth & Ware products, and will make the products available
through all 114 outlets in North America
Earth & Ware's headquarters are in San Mateo, Calif. The company employs
approximately 200 people and has 16 worldwide sales offices. Its stock is
traded on the NASDAQ national market system under the symbol EWARE.
Further information regarding Earth & Ware can be obtained through the
company's financial filings with the Securities and Exchange Commission
and by contacting Earth & Ware directly.
Note to Editors: Income Statement and Consolidated Balance Sheets to follow.
Three Months
Ended
March 31,
1995 1994
======== ========
Revenue: $40,364 $ 27,306
Cost of revenue 20,396 13,194
_______ _______
19,968 14,112
Operating expenses:
Research and development 2,809 2,229
Sales and marketing 5,535 4,329
General and administrative 1,592 1,614
_______ _______
9,936 8,172
Income from operations 10,032 5,940
Other income 1,176 525
Income before income taxes 11,208 6,465
Provision for income taxes (4,035) (2,334)
Net income $ 7,173 $ 4,131
Net income per share $ 0.55 $ 0.33
Weighted average common
shares and equivalents 13,047 12,383
March 31, December 31,
1995 1994
========= =========
ASSETS
Current assets:
Cash and cash equivalents $ 25,891 $ 30,219
Short-term investments 85,127 76,755
Accounts receivable 14,975 8,739
Inventories 10,290 8,423
Other current assets 6,501 5,867
_________ _________
Total current assets 142,784 130,003
Property and equipment, net 5,023 4,355
Other assets 1,113 1,103
========= =========
$ 148,920 $ 135,461
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,116 $ 7,431
Accrued and other liabilities 9,173 8,673
Income taxes payable 8,040 5,828
_________ _________
Total current liabilities 27,329 21,932
Stockholders' equity:
Common Stock 123 120
Additional paid-in-capital 77,784 76,898
Retained earnings 43,684 36,511
_________ _________
Total stockholders' equity 121,591 113,529
Total liabilities and
stockholders' equity $ 148,920 $135,461
more press releases