Farmstead Telephone Group, Inc. Reports First Quarter 2004 Results
May 13 2004 - 9:00AM
PR Newswire (US)
Farmstead Telephone Group, Inc. Reports First Quarter 2004 Results
EAST HARTFORD, Conn., May 13 /PRNewswire-FirstCall/ -- Farmstead
Telephone Group, Inc. announced operating results for the first
quarter ended March 31, 2004. For the quarter ended March 31, 2004
revenues were $3,406,000, 24% below revenues of $4,504,000,
reported for 2003. The net loss for the quarter was $341,000, or
$(.10) per share, compared with a net loss of $145,000, or $(0.04)
per share, in 2003. George J. Taylor, Jr., Chairman and CEO of
Farmstead Telephone, commented, "the operating results for 2004, as
compared to the comparable prior year period, are the product of
several dynamics affecting the industry in general and Farmstead in
particular. First, there is a continuing softness in corporate
buying in the telecommunications equipment sector. As a result, we
have experienced a decrease in both the number of orders received
and their average order size. Although there have been some signs
of improvement in our industry as evidenced by improved operating
results from some of the key manufacturers, and increased sales
quotation activities, customer spending for new telecommunication
systems has been below our expectations. Second, there is increased
competition in our marketplace, and coupled with the soft economic
conditions, has led to continued sales price erosion." Mr. Taylor
continued "Our overall strategy during these tough economic times
has been to align our operating expenses in relation to current
revenue run-rates, while preserving key personnel that are critical
to maintaining and growing our business. In light of current
conditions, and with no clear indication at this point that sales
levels will significantly increase in the near-term, we will be
focusing on reviewing all of our strategic business alternatives."
About Farmstead Farmstead Telephone Group, Inc. is an Avaya Inc.
Gold Business Partner, and an Authorized Remarketing Supplier of
Classic Avaya(TM) and new Avaya business communications products.
Further information about Farmstead Telephone may be found at
http://www.farmstead.com/. Farmstead Telephone Group, Inc.
Financial Highlights Quarter Ended March 31, 2004 2003 Revenues
$3,406,000 $4,504,000 Net Loss $(341,000) $(145,000) Basic and
Diluted Net Loss Per Share $(0.10) $(0.04) Basic and Diluted
Weighted Average Shares Outstanding: 3,312,666 3,298,958 This
release contains forward-looking statements that involve risks and
uncertainties. In addition to historical information, investors
should consider carefully the risks associated with an investment
in the Company's securities as previously outlined by the Company
in its prior filings with the Securities and Exchange Commission.
CONTACT: George Taylor, Jr., Chairman and Chief Executive Officer
Farmstead Telephone Group, Inc. Voice: 860-610-6006 Fax:
860-610-6001 DATASOURCE: Farmstead Telephone Group, Inc. CONTACT:
George Taylor, Jr., Chairman and Chief Executive Officer of
Farmstead Telephone Group, Inc., +1-860-610-6006 Web site:
http://www.farmstead.com/
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