Advanced Deposition Technologies, Inc. Reports Third Quarter Results.Business/Technology Editors TAUNTON Taunton, city, England Taunton (tôn`tən, tän`–), city (1991 pop. 47,793), county seat of Somerset, SW England, on the Trove River. , Mass.--(BUSINESS WIRE)--Nov. 13, 2000 Prior to Currency Adjustments Revenues increased by 6%, Nine-Month Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Increased by $597,000, a 73% Increase Advanced Deposition Deposition Christ is taken from the cross and enshrouded. [N.T.: Matthew 27:57–60; Christian Art: Appleton, 55] See : Passion of Christ Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADTC ADTC Armament Development Test Center ADTC Advanced Data Tools Corporation ADTC Apparel Training and Design Centre (India) ADTC Advance Data Transfer Cartridge ADTC Advanced Data Transfer Cartridge ) (BSI BSI - British Standards Institute : DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ) d/b/a A.D. TECH, today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues for the third quarter ending September September: see month. 30, 2000 were $5,980,000 compared to revenues of $6,149,000 for the third quarter of 1999. The Company reported a net loss of $100,000 or ($.02) per share for the quarter compared to net loss of $255,000 or ($.06) per share in the comparable 1999 period. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the nine-month period ended September 30, 2000, the company reported revenues of $20,137,000, compared to $18,673,000 in the comparable 1999 period. The net income for the nine-month period ended September 30, 2000 was $113,000 or $.02 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, compared to a net loss of $148,000 or ($.03) per share on a fully diluted basis for the nine-months ended September 30, 1999. Absent the 20% appreciation of the U.S. dollar over the past twelve months, the Company's reported nine-month revenues would have been greater by more than $2,300,000. The strong dollar also reduced operating income by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $180,000. A.D. TECH's President, Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in August, we continued to maintain this positive trend." Advanced Deposition Technologies, Inc. is a technology and market leader for metallized thin films, coatings and components thereof. Currently, the Company has primary product divisions in markets for electronic capacitors and microwave microwave, electromagnetic wave having a frequency range from 1,000 megahertz (MHz) to 300,000 MHz, corresponding to a wavelength range from 300 mm (about 12 in.) to 1 mm (about 0.04 in.). Like light waves, microwaves travel essentially in straight lines. food packaging. The Company either owns or has licenses to more than 35 patents and 13 patents pending. On a selective basis the Company has licensed its proprietary thin film technologies and patents to market share leaders who can accelerate the revenue and earnings growth of A.D. TECH's unique products and technologies into larger scale commercialization. To receive A.D. TECH's latest news and other corporate documents visit A.D. TECH's web site at www.adtc.net or www.adv-dep.com. Any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the "safe-harbor" provision of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, new products and technological changes, dependence upon third-party vendors, a limited number of customers, political and other uncertainties related to customer purchases, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.
ADVANCED DEPOSITION TECHNOLOGIES, INC.
CONDENSED AND CONSOLIDATED BALANCE SHEET
ASSETS
(In Thousands)
Sept. 30, 2000 Dec. 31, 1999
UNAUDITED AUDITED
CURRENT ASSETS
Cash and cash equivalents $ 189 $ 309
Investment in marketable securities 2 17
Accounts receivable, net of reserve
for doubtful accounts of $146,000
and $184,000 at September 30, 2000
and December 31, 1999, respectively 7,515 6,521
Inventories 4,702 4,567
Prepaid expenses and other current
assets 324 392
Total current assets 12,732 11,806
PROPERTY AND EQUIPMENT, net of
accumulated depreciation 8,013 8,383
OTHER ASSETS, net of accumulated
amortization 4,540 4,942
Total assets $ 25,285 $ 25,131
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Due to financing institutions $ 3,869 $ 4,309
Accounts payable 5,744 4,746
Accrued expenses 668 697
Current maturities of long-term
obligations 2,254 1,335
Total current liabilities 12,535 11,087
LONG-TERM OBLIGATIONS
Revolving line of credit 1,278 1,820
Long-term obligations, net of
current maturities 3,789 4,700
Total liabilities 17,602 17,607
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARY 518 488
STOCKHOLDERS' EQUITY;
Preferred stock, $0.01 par value
1,000,000 shares authorized, none
issued -- --
Common stock, $0.01 par value,
Authorized 10,000,000 shares,
issued 5,094,758 and 4,894,758,
outstanding 5,018,648 and 4,818,648
shares at September 30, 2000 and
December 31, 1999, respectively 51 49
Additional paid-in capital 12,200 11,902
Accumulated deficit (4,373) (4,486)
Accumulated other comprehensive
(loss) (569) (285)
7,309 7,180
Less treasury stock, 76,110 shares
at cost at September 30, 2000
and December 31, 1999 (144) (144)
Total stockholders' equity 7,165 7,036
Total liabilities and stockholders'
equity $ 25,285 $25,131
ADVANCED DEPOSITION TECHNOLOGIES, INC.
CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in Thousands, Except Share and Per Share Amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
REVENUES:
Product sales $ 5,960 $ 6,023 $ 20,024 $ 18,432
Royalties, license fees
and other 20 126 113 241
5,980 6,149 20,137 18,673
COST OF REVENUES 4,872 5,192 16,276 15,018
Gross Profit 1,108 957 3,861 3,655
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 756 759 2,385 2,716
RESEARCH AND DEVELOPMENT
EXPENSES 76 99 202 244
AMORTIZATION EXPENSE 74 54 224 161
Operating income 202 44 1,050 534
INTEREST EXPENSE, NET OF
INTEREST INCOME 272 231 811 642
OTHER (EXPENSE) INCOME 29 (37) 11 7
Income (loss) before
income taxes and
minority interest (41) (224) 250 (101)
INCOME TAXES (BENEFIT) 16 (12) 31 (6)
MINORITY INTEREST IN NET
INCOME OF CONSOLIDATED
SUBSIDIARY 43 43 106 53
Net income (loss) $ (100) $ (255) $ 113 $ (148)
NET INCOME (LOSS) PER
SHARE
Basic $(0.02) $ (0.06) $ 0.02 $ (0.03)
Diluted $(0.02) $ (0.06) $ 0.02 $ (0.03)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
5,018,648 4,305,219 4,912,809 4,267,600
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING,
ASSUMING DILUTION 5,018,648 4,305,219 4,919,209 4,267,600
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