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The AFU and Urban Legend Archive AFU AFU, Inc. afu earnings
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The AFU and Urban Legend Archive AFU AFU, Inc. afu earnings
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From: linden@positive.eng.sun.com (Peter van der Linden)
Newsgroups: alt.folklore.urban
Subject: AFU earnings -- and everybody has a share
Date: 19 Jan 1994 16:58:13 GMT
The following announcement will be made today at market close.
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
Investor contact:
Trelford H. Van Pinkerton (415) 336-6206
Press contact:
Terry O'Terry (415) 555-6424
ALT.FOLKLORE.URBAN EARNINGS UP SHARPLY; BOOKINGS AT ALL-TIME HIGH
MOUNTAIN VIEW, California -- January 19, 1994-- AFU, Inc., (NASDAQ: AFU) today reported second-quarter revenues of $1,131 million, up approximately 8 percent from the $1,051 million reported for the corresponding period of fiscal 1993. Net income for the second quarter was $43.8 million, or $0.46 per share, compared with $24.1 million, or $0.23 per share, for the same period a year ago.
For the first six months of fiscal 1994, AFU recorded revenues of $2,091 million, up 10% from the same period a year earlier. Net income for the six-month period was $60.4 million, or $0.62 per share, compared with $28.9 million, or $0.28 per share, reported in the corresponding period a year ago.
Terry Chan, AFU's chief economist, said, "We are very pleased with the results of the quarter. Our focus on earnings and the quality of our products is paying off with high demand and earnings growth. AFU's successful new product offerings and the resulting strength in the high-end product mix, as well as our continued focus on cost management, helped increase gross margins from last year's level. We also reduced operating expenses as a percent of revenues compared with the prior year for the fifth consecutive quarter. As a result, operating income grew 27% compared with the prior year. In addition, bookings were strong and grew to a new record, with the month long emphasis on "penis related lore" in November 1993 leading the way. Many customers are still unwilling to upgrade from that old discussion. The backlog for AFU products has grown significantly as they have really taken hold in the marketplace."
"We have also enjoyed success in attracting and retaining the best staff, and welcome Professor Robinson, who has had a stunning impact in a very brief time" commented Lee Rudolph, AFU's Vice President for Human Relations. "Our asset and balance sheet management continue to produce excellent results." remarked Tom Cikowski , "Inventory turns, at 10.8, remain among the highest in our industry. The strength of our balance sheet and cash flow enabled us to complete the ten million share stock buyback program announced in June. We have now repurchased more than 17 million shares since July of 1992. As a result, earnings per share grew even more quickly than operating income."
Phil Gustafson (AFU man of the year 1993, and Vice President of Security) concluded, "Our strong system and product lines helped us again improve product mix in the quarter. We had several important wins in the commercial marketplace with our extended discussions on the relationship between mucous and vomit. Planning is in an advanced stage for innovative town-hall style AFU meetings in Chicago and the Rancho Chew land grant estates later in the summer."
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AFU, Inc., is a privately-held integrated portfolio of businesses that supply distributed folklore technologies, products and services. Its innovative open solutions include networked designs, and other value-added technologies. Founded in 1990, AFU is a Fortune 150 company headquartered in Mountain View, California, and a registered Lichtenstein corporation controlled through Old Hat Enterprises, Inc.
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