2014

Communications Systems, Inc. Reports First Quarter 2011 Results

MINNETONKA, Minn., May 9, 2011 /PRNewswire/ -- Communications Systems, Inc. (NASDAQ: JCS) today reported financial results for its first quarter ended March 31, 2011.

For the three months ended March 31, 2011, net income was $2,558,000, or $0.30 per diluted share, on sales of $31,023,000. In 2010, the Company earned $1,331,000, or $0.16 per diluted share, on sales of $25,882,000.

Jeffrey K. Berg, President and CEO, commented: "Our first quarter of 2011 was very strong with increases in both revenue and operating income over the prior quarter as well as an increase over Q1 2010.  As the economy continues to strengthen we are well positioned to benefit from the recovery.  We are also excited about another large booking for our Transition Networks business unit of $9.7 million dollars from an existing customer that is in addition to the $16.9 million dollar order announced March 25, 2011."

Further information regarding the Company's results and related matters is provided in the Company's Form 10-Q report for the quarter ended March 31, 2011 that is being filed on or about May 10, 2011.

Cautionary Statement

From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, the Communications Systems Inc. may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans which are typically preceded by the words "believes," "expects," "anticipates," "intends" or similar expressions.  For these forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the SEC, which could cause actual performance, activities or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.

About Communications Systems

Communications Systems, Inc. provides physical connectivity infrastructure and services for cost-effective broadband solutions and is a leading supplier of voice-grade connecting devices and wiring systems. CSI serves the broadband network market as the world's leading supplier of media conversion technology, that permits networks to deploy fiber optic technology while retaining the copper-based infrastructure already embedded in the network. In addition, CSI supplies copper wire and fiber optic structured wiring systems for broadband networks, as well as line filters for digital subscriber line service. CSI also provides network design, training and management services.

CSI CONSOLIDATED SUMMARY OF EARNINGS

Selected Income Statement Data















Three Months Ended


Three Months Ended





March 31, 2011



March 31, 2010



Sales



$

31,022,802


$

25,882,011



Gross margin




13,328,489



10,515,061



Operating income




4,141,279



2,120,265



Income before income taxes




4,160,438



2,112,818



Income taxes




1,602,600



781,894



Net income



$

2,557,838


$

1,330,924













Basic net income per share



$

0.30


$

0.16



Diluted net income per share



$

0.30


$

0.16



Cash dividends per share



$

0.15


$

0.14













Average basic shares outstanding




8,425,003



8,356,873



Average dilutive shares outstanding




8,469,845



8,388,478























Selected Balance Sheet Data

















March 31, 2011



December 31, 2010












Total assets



$

110,317,973


$

109,070,227



Cash , cash equivalents and investments




41,672,756



43,074,730



Property, plant and equipment, net




13,153,360



13,214,067



Long-term liabilities




3,422,676



5,004,156



Stockholders' equity




92,959,024



91,396,693





SOURCE Communications Systems, Inc.



RELATED LINKS
http://www.commsystems.com

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