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Communications Systems, Inc. Announces $16.9 Million Order Received by Its Transition Networks, Inc. Subsidiary
Mar 25, 2011 (12:03 PM EDT)
MINNETONKA, Minn., March 25, 2011 /PRNewswire/ -- Communications Systems, Inc. (CSI) (Nasdaq: JCS) announced today that its Transition Networks, Inc. subsidiary received a $16.9 million order for a range of media converters that will be purchased by a Fortune 500 company for installation in multiple sites across the United States. The customer's identity was not disclosed at their request.
In 2010 Transition Networks posted revenues of $67.8 million which represented approximately 56% of CSI's consolidated revenues of $120.1 million. Mr. Bill Schultz, EVP of Operations, commented: "The $16.9 million order we are announcing today is a record order for Transition Networks, and we expect to deliver all of the products ordered during this year. We are excited about this order and will continue to work towards achieving our sales and income goals for Transition Networks and CSI."
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, Communications Systems, Inc. may make forward-looking statements concerning possible or anticipated future financial performance, business activities, developments or plans which are often 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 numerous risks and uncertainties, including the Company's ability to manufacture and deliver its products to customers in time frames they have specified, as well as other risks and uncertainties disclosed in our periodic filings with the SEC (including our recently filed Report on Form 10-K). These risks and uncertainties could cause actual financial 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.
SOURCE Communications Systems, Inc.