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EVEREX.TXT
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1993-03-08
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EVEREX
COMPANY BACKGROUND
Everex, established in 1983, now employs 2,200 people and achieves
gross annual sales of $436,500,000.
Everex does approximately 85% of its business in the US. Sales have
been flat or down for PC manufacturers, and as such Everex is looking
to expand its International operations. It already has 4 wholly owned
subsidiaries in Canada, UK, France and Hong Kong. It has just opened
another subsidiary in the Netherlands, and also plans to open
subsidiaries in Germany and Italy It aims, over time, to increase its
foreign sales to about 30% from the present 11%.
It is a member of ACE.
PRODUCTS
Everex manufactures a broad range of products including :
Computers - Microcomputers, Mid-Range, and Notebook
* PC Sales generate about 64% of Everex's revenue, & anticipated to
rise
It has teamed-up with Sharp developing a Notebook, due out in
1992
Data Communications - LAN Connections, Modems
Monitors - Color and Monochrome
PC Accessories
PC Boards - Controller, FAX/Modem, Memory and Video/Graphics
PC I/O - Standard I/O Boards
Printers - Laser/Page Printers
Telecommunications Equipment - External Fax and Fax/Modems
Software, Communications - Computer-to-Computer Links, FAX/Telex,
Networking.
Software, systems - Disk, Tape, and File Utilities
- Disk, Tape, and File Utilities
PRICE RELEASED COMPATIBLE WITH
- Excel Stream 60 (V.4.07) $199 PC-MS/DOS
- Streaming Tape (V.4.08) $150 1985 PC-MS/DOS
Tape Drives - Cartridge/Cassette, DAT
- Cartridge/Cassette :
MODEL ANNCD CAPACITY PRICE
DC2000 - Excel 40F 1988 40MB $419 - $449
- Excel 60F 1990 60MB $299 - $409
- Excel 120F 1991 120MB $359 - $469
- Excel 560 1992 560MB $1,579(Int) $1,729(Ext)
560-DC 1992 1GB
DC600 - Excel 60 1984 60MB $887 - $1,119
- Excel 60T; 60Ti 1984 60MB $999 - $1,149
- Excel 40T; 40Ti 1987 40MB $899 - $1,049
- Excel II 60; 60i 1988 60MB $1,060 - $1,267
- Excel 250 1989 250MB $1,060 - $1,282
- Excel II 250; 250i 1989 250MB $1,233 - $1,447
- Excel 525 1990 525MB $1,795
- Digital Audio Tape :
- Excel DAT 1.3 12/90 1.3GB $3,895
MARKETING
Design - Everex admits that it has been lax in its efforts to
modernize its product designs.
- A Reseller council was created in 1991 as a way to put more
emphasis on Sales and Marketing, and hopefully respond more
closely to customer needs.
Warranty - A standard warranty of 2 years is given on all tape drives.
Distribution : Everex is attempting to increase its distribution base.
It has just signed three VARs - Berlin, NJ-based.
Mt. Prospect, Illinois-based.
Vitek, California-based.
PERSONNEL
President/COO & on Board of Dir : Harold Clark
VP Operations : Philip Lau
Chairman/CEO : Steve Hui
VP Finance/CFO : David Zacarias
VP Marketing/Sales : Mark Marlow
Human Resources Mgr : John Bushore
PR Mgr : Julie Giosso
VP Engineering : William Wong
VP Manufacturing : K.K.Chung
VP Quality : Robert Hayes
Micheal C.Y.Wong, Chairman of Wong's Intl, has resigned from the board
of Directors.
FINANCIAL
After posting its first profitable quarter in a year, Everex Systems
Inc. is pruning less profitable products and keeping a tight lid on
expenses.
The company is paring down the number of Macintosh and PC/2 peripherals
that it sells in favour of higher-margin PCs and is easing itself out
of the scanner business. Over a year ago half its sales came from
peripherals, now that stands at 31%.
Personnel costs are also being reduced - with already a reduction of
400 over the previous year.
Everex is also seeking a private loan of $40M.
INCOME STATEMENT
Quarter Ended Year Ended
July 31, July 31, July 31, July 31,
1991 1990 1991 1990
SALES $118,667 $116,357 $425,067 $436,507
COST OF SALES 94,891 84,381 337,496 312,747
GROSS PROFIT 23,776 31,976 87,571 123,760
PRODUCT DEVELOPMENT 8,578 8,015 34,249 27,737
SELLING & MARKETING 15,852 11,169 51,003 39,240
GENERAL & ADMINISTTRATIVE 4,937 3,663 21,160 24,887
SPECIAL CHARGES 24,815 -- 36,237 --
OPERATING INCOME (LOSS) (30,406) 9,129 (55,078) 31,896
NET OTHER INCOME (EXPENCE) (995) 679 (2,796) 1,316
INCOME (LOSS) BEFORE (31,401) 9,808 (57,874) 33,212
TAXES
TAX EXPENCE (BENEFIT) (54) 2,361 (9,862) 8,756
NET INCOME (LOSS) $(31,347) $ 7,447 $(48,012) $ 24,456
INCOME (LOSS) PER SHARE $ (1.32) 31 cents $ (2.04) $ 1.03
WEIGHTED AVERAGE SHARES
OUTSTANDING 23,692 24,009 23,555 23,859
BALANCE SHEET July 31, April 30, July 31,
1991 1991 1990
ASSETS
Cash & short-term invstmnts $ 11,094 $ 9,623 $ 23,867
Accounts receivable, net 78,526 77,324 72,282
Inventory 90,136 98,221 80,601
Other current assets 8,287 12,236 9,482
188,043 197,404 186,232
Net property & equipment 30,908 31,755 27,774
Other assets 17,743 13,045 10,004
$236,694 $242,204 $224,010
LIABILITIES AND EQUITY
Accounts payable 74,213 69,948 47,850
Short-term bank obligations 31,651 21,312 --
Other current liabilities 31,032 18,947 22,548
136,896 110,207 70,398
Long-term liabilities 7,697 8,854 14,052
Stockholders' equity 92,101 123,443 139,560
$ 236,694 $242,204 $224,010
Their latest financial information is positive, receiving revenues for
FY 1992, Q2 of a record $133,105,000, an increase of 45% from
$92,112,000 for the comparable qtr of the previous year. Net income for
the quarter was $1,169,000, compared to a net loss of $15,435,000 for
the quarter last year. Total operating expenses were down slightly
compared to Q1.
Major Shareholders :
Gatcombe Corp.N.V. (Hong-Kong Based) - Owns 19.9% (Previously 21.3%)