Mackie Designs Inc. Announces Third Quarter Earnings
November 3, 1998 – Woodinville, Wash. – Mackie Designs Inc. (Nasdaq: MKIE) today announced revenues and earnings for third quarter ended September 30, 1998. Revenues for the third quarter were $30.6 million, compared with $21.6 million for the comparable quarter in 1997. Net income for the quarter was $1.8 million, or $0.14 per share, compared with net income of $1.8 million, or $0.13 per share, in the third quarter of 1997. Financial results for the 1998 quarter reflect consolidated numbers for Mackie Designs Inc., which include its newly acquired subsidiary, Digital 8•Bus in quantity this quarter, which together with our core product revenues gave us a solid revenue boost over second quarter this year," continued Wemyss. "While Mackie's gross sales, excluding those for RCF, were down nominally quarter to quarter 1998 versus 1997, Mackie has been able to sustain healthy numbers despite a weak offshore market. Our investment in Research and Development has enabled us to expand our technology base and product range, providing us the facility to deal with the downturn of the global market."
Chief Executive Officer Greg Mackie added, "When Mackie went public, I was determined to use the new-found resources to finance a family of pro audio products. Having earned a notable share of the analog mixer market, we introduced a number of new technology products that give us a foot in the door in other segments. With the introduction of amplifiers, powered processed speakers, large-format consoles, a digital audio workstation interface, and, most recently, the Digital 8•Bus, we have demonstrated that we can enter other significant markets successfully. I believe that Mackie is on the right track, and look forward to growing our business in a broader number of product categories."
Income Statement
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
About Mackie
Mackie Designs Inc. is known worldwide as a leading manufacturer and marketer of high-quality, affordable professional audio systems. Mackie products can be found in professional and project recording studios, video and broadcast suites, post production facilities, sound reinforcement applications including churches and nightclubs, retail locations and on major musical tours. Mackie Designs Inc. products are marketed by 54 distributors to more than 100 countries around the world.
"Mackie." is a registered trademark of Mackie Designs Inc. in the United States and other countries.
For more information please contact: Mackie Designs Inc. • 16220 Wood-Red Road N.E. • Woodinville, WA 98072 • Phone: 425-487-4333 • Fax: 425-487-4337 • Internet: www.mackiedesigns.com |
