Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

EACO Corporation Reports Fourth Consecutive Quarter of Double Digit Sales Growth

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,  
2012   2011 Change
(unaudited)
 
 
Net sales/revenue $ 29,260 $ 26,461 11 %
 
Net income $ 383 $ 625 (39 )%
 
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)

 
 

November 30,

  August 31,
2012 2012
ASSETS (unaudited)
Current Assets:
Cash and cash equivalents $ 2,139 $ 2,568
Restricted cash, current 831 --
Trade accounts receivable, net 14,046 13,972
Inventory, net 13,074 12,189
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
 
Non-current Assets:
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
Total assets $ 45,669 $ 44,329
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Current Liabilities:
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
 
Non-current Liabilities:
Liabilities of discontinued operations – long-term 2,528 2,567
Deposit liability 73 147
Long-term debt   12,939   12,907
Total liabilities 30,312 29,436
 
Shareholders’ Equity:
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
Retained earnings   2,372   1,987
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)

(Unaudited)

 
  Three Months Ended
November 30,
2012   2011
Sales $ 29,260 $ 26,461
Cost of goods sold   21,159     19,071  
Gross profit   8,101     7,390  
 
Operating expenses:
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  
Net income 383 625
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

(in thousands)

(Unaudited)

 
 

Three Months Ended
November 30,

2012   2011
 
Operating activities:
Net income $ 383 $ 625
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
Inventory (823 ) (1,291 )
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 )
Deposit liability (74 ) --
Liabilities of discontinued operations   (39 )   (27 )
Net cash used in operating activities   (583 )   (964 )
 
Investing activities:
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 )
 
Financing activities:
Net borrowings (payments) on revolving credit facility 150 (700 )
Bank overdraft 691 261
Preferred dividend (19 ) --
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  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, 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. Me...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...