|By Business Wire||
|January 7, 2013 04:03 PM EST||
EACO Corporation (OTCQB:EACO) today reported the results for the first quarter ending November 30, 2012.
Net sales, net income and earnings per share were as follows for the three months ended November 30, 2012 (dollars in thousands, except per share information):
|Three Months Ended November 30,|
|Basic and diluted earnings per common share||$||0.08||$||0.12||(33||)%|
As of November 30, 2012, the Company’s sales team numbered 304 employees an increase of 12% from 272 employees on November 30, 2011. The Company’s sales force is divided into Sales Focus Teams (SFTs). The Company had 85 SFTs as of November 30, 2012, an increase of 4% from 82 SFTs on November 30, 2011, with the average size going from 3.3 employees to 3.7 employees per SFT.
The current annual estimated North American market for the products the Company distributes is $6.7 billion. The Company’s current estimated market share is 1.7%.
EACO Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share information)
|Cash and cash equivalents||$||2,139||$||2,568|
|Restricted cash, current||831||--|
|Trade accounts receivable, net||14,046||13,972|
|Marketable securities, trading||398||197|
|Prepaid expenses and other current assets||472||464|
|Assets held for sale||1,521||1,521|
|Deferred tax asset, current||265||290|
|Total current assets||32,746||31,201|
|Restricted cash, non-current||549||548|
|Real estate properties held for leasing, net||8,201||8,253|
|Equipment and leasehold improvements, net||1,332||1,106|
|Deferred tax asset||2,053||2,111|
|Other assets, principally deferred charges, net of accumulated amortization||788||1,110|
|LIABILITIES AND SHAREHOLDERS’ EQUITY|
|Trade accounts payable||$||10,352||$||9,519|
|Accrued expenses and other current liabilities||1,850||2,482|
|Liability for short sales of trading securities||831||--|
|Liabilities of discontinued operations – short-term||146||146|
|Liabilities of assets held for sale||1,163||1,113|
|Current portion of long-term debt||430||555|
|Total current liabilities||14,772||13,815|
|Liabilities of discontinued operations – long-term||2,528||2,567|
|Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding at November 30, 2012 and August 31, 2012 (liquidation value $900)||1||1|
|Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding at November 30, 2012 and August 31, 2012||49||49|
|Additional paid-in capital||12,378||12,378|
|Accumulated other comprehensive income||557||478|
|Total shareholders’ equity||15,357||14,893|
|Total liabilities and shareholders’ equity||$||45,669||$||44,329|
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share information)
|Three Months Ended|
|Cost of goods sold||21,159||19,071|
|Selling, general and administrative expenses||7,260||6,530|
|Total operating expenses||7,260||6,530|
|Income from operations||841||860|
|Non-operating income (expense):|
|Gain on sale of trading securities||33||--|
|Unrealized (loss) gain on trading securities||(55||)||193|
|Interest expense, net||(167||)||(181||)|
|Total non-operating (expense) income||(189||)||12|
|Net income before income taxes||652||872|
|Provision for income taxes||269||247|
|Cumulative preferred stock dividend||(19||)||(19||)|
|Net income attributable to common shareholders||$||364||$||606|
|Basic and diluted earnings per share||$||0.08||$||0.12|
|Basic and diluted weighted average common shares outstanding||4,861,590||4,861,590|
EACO Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Three Months Ended
|Adjustments to reconcile net income to net cash used in operating activities:|
|Depreciation and amortization||180||188|
|Bad debt recovery||(18||)||--|
|Change in inventory reserve||(62||)||(15||)|
|Net gain on trading securities||(22||)||(193||)|
|(Increase) decrease in:|
|Trade accounts receivable||(56||)||6|
|Prepaid expenses and other assets||305||108|
|Deferred tax asset||83||152|
|Increase (decrease) in:|
|Trade accounts payable||142||298|
|Accrued expenses and other current liabilities||(582||)||(815||)|
|Liabilities of discontinued operations||(39||)||(27||)|
|Net cash used in operating activities||(583||)||(964||)|
|Purchase of property and equipment||(345||)||(155||)|
|Purchase of marketable securities, trading||(179||)||(86||)|
|Short sales of marketable securities||831||--|
|Change in restricted cash||(832||)||(4||)|
|Net cash used in investing activities||(525||)||(245||)|
|Net borrowings (payments) on revolving credit facility||150||(700||)|
|Borrowing of long-term debt||--||1,600|
|Payments on long-term debt||(243||)||(192||)|
|Net cash provided by financing activities||579||969|
|Effect of foreign currency exchange rate changes on cash and cash equivalents||100||224|
|Net decrease in cash and cash equivalents||(429||)||(16||)|
|Cash and cash equivalents - beginning of period||2,568||1,368|
|Cash and cash equivalents - end of period||$||2,139||$||1,352|
|Supplemental disclosures of cash flow information:|
|Cash paid for interest||$||169||$||186|
|Cash paid for taxes||$||196||$||415|
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 20, 2017 03:00 PM EST Reads: 1,635
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 20, 2017 02:15 PM EST Reads: 583
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 20, 2017 01:30 PM EST Reads: 5,726
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,232
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 20, 2017 12:30 PM EST Reads: 3,184
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 20, 2017 12:30 PM EST Reads: 1,647
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 20, 2017 12:30 PM EST Reads: 4,345
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 20, 2017 12:15 PM EST Reads: 5,833
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 20, 2017 10:45 AM EST Reads: 3,701
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 20, 2017 10:45 AM EST Reads: 6,086
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 20, 2017 09:45 AM EST Reads: 2,930
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 20, 2017 08:30 AM EST Reads: 4,758
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 20, 2017 08:15 AM EST Reads: 4,949
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 08:15 AM EST Reads: 4,720
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 20, 2017 07:15 AM EST Reads: 2,981
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Jan. 20, 2017 07:00 AM EST Reads: 9,083
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jan. 20, 2017 07:00 AM EST Reads: 6,873
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 20, 2017 03:00 AM EST Reads: 920
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 20, 2017 02:30 AM EST Reads: 5,039
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 20, 2017 02:00 AM EST Reads: 6,590