Airport Systems Reports Fiscal 2000 Results; International and Domestic Contracts Valued At $2.4 Million; Contract Signed in Egypt Valued At $1.2 Million.Business Editors OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--July 20, 2000 Airport Systems International, Inc. (AMEX AMEX See: American Stock Exchange :ASY ASY Ali Sami Yen (Stadium of Galatasaray, Turkey) ASY Assembly Instructions (TMINS) ) today reported results for the fourth quarter and fiscal year ended April 30, 2000. The Company also reported it had received orders for domestic and international navaids and related spares valued at over $2.4 million. This included an ILS ILS In currencies, this is the abbreviation for the Israeli Shekel. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. for Pike County, Kentucky Pike County is a county located in the U.S. state of Kentucky. As of 2000, the population was 68,736. Its county seat is Pikeville6. Pike is the largest county in land area in Kentucky. ; 15 DME's for the FAA; and spares related to the SIVAM SIVAM Sistema de Vigilância da Amazônia (Portuguese: System for the Vigilance Surveillance of the Amazon") SIVAM Sri amritanandanatha Institute of Vedic and Alternative Medicines contract with Raytheon Raytheon Company (NYSE: RTN) is a major American defense contractor and industrial corporation with core manufacturing concentrations in defense systems and defense and commercial electronics. Company. These contracts will ship in the first and second quarters of fiscal 2001. In addition, the Company reported it had signed a contract with the Egyptian Airport Authority to supply ILS equipment to the Abu Simbel Abu Simbel Site of two temples built by Ramses II in the 13th century BC. The area, at the southern frontier of pharaonic Egypt, lies near the present-day border between Egypt and The Sudan. The temples were unknown to the outside world until their rediscovery in 1813. and Taba Airports. This contract, which is expected to be entered into backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. in August 2000, totals $1.2 million and is expected to be shipped in the second and third quarters of fiscal 2001. For the three months ended April 30, 2000, Airport Systems reported consolidated sales of $3.4 million compared with $3.9 million a year ago. The Company reported a consolidated net loss for the fourth quarter of $891,000, or $.35 per share, versus a net loss of $2.3 million, or $1.04 per share, in the year-earlier period. Consolidated sales for the fiscal year 2000 totaled $15.1 million compared with $15.9 million for fiscal 1999. The Company reported a consolidated net loss for the fiscal year of $1.3 million, or $.57 per share, compared with a net loss of $3.6 million, or $1.59 per share for fiscal 1999. For the three months ended April 30, 2000, the Company's subsidiary, DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. , Inc., reported sales of $1.6 million and net income of $128,000. DCI provides contract manufacturing services and custom liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. devices and was acquired by the Company on February February: see month. 7, 2000. Sales for the aerospace unit totaled $1.8 million for the three months ended April 30, 2000, compared to $3.9 million a year ago, resulting in a loss for the quarter of $1.0 million, compared with $2.3 million a year ago. "We are very encouraged by the sales and net income posted by DCI," said Keith S Keith may refer to: People with the given name Keith:
n. 1. One who works as a mason without having served a regular apprenticeship. , President and Chief Executive Officer. "Our integration of DCI is progressing very well and we continue to be pleased with the acquisition. Interestingly, the acquisition of DCI by Airport Systems has led to profitable orders from the aerospace industry. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about DCI's future prospects, particularly as we begin to roll out expanded marketing efforts. Our aerospace business, however, reported another down quarter, primarily due to the fact we were unable to ship a large portion of the equipment on our Jamaica Jamaica (jəmā`kə), independent state within the Commonwealth (2005 est. pop. 2,732,000), 4,232 sq mi (10,962 sq km), coextensive with the island of Jamaica, West Indies, S of Cuba and W of Haiti. contract. The equipment was complete and ready for shipment; however, the customer could not schedule factory acceptance testing (programming) acceptance testing - Formal testing conducted to determine whether a system satisfies its acceptance criteria and thus whether the customer should accept the system. until the first quarter of this year. We were very pleased with the recent signing of both navaid and airfield lighting contracts in Egypt and are optimistic we will be able to secure additional navaid and lighting business there. The recent orders we received from Pike County Pike County is the name of several counties in the United States:
v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our optimism regarding our navaids business. We continue to work a large set of opportunities and we are confident about our prospects for landing a significant portion of this future potential business." The SEC issued Staff Accounting Bulletin (SAB SAB Spontaneous abortion. See Abortion. ) 101 in December 1999, which clarified conditions for recognizing revenue on bill and hold transactions. The Company has recently completed a review of revenue recognition practices in its aerospace unit. Based on that evaluation, Airport Systems has now re-stated its quarterly financial results. The effect of the re-statement was to reduce sales and net income in the quarter ended July 31, 1999 by $1,480,000 and $677,000, respectively. Reported backlog at July 31, 1999 increased $1,480,000. For the quarter ended October 31, 1999, sales were reduced by $58,000 and net income was increased by $26,000. Reported backlog was increased by $1,538,000. For the quarter ended January 31, 2000, sales and net income was increased by $74,000 and $2,000 respectively and reported backlog was increased by $1,464,000. The aggregate effect of these adjustments for the year ended April 30, 2000 was to reduce sales by $1.5 million and net income by $579,000 and increase backlog by $1.5 million. The change does not affect cash flow. A number of the units for which recognition of revenue was delayed will ship and revenue will be recognized in the first quarter of fiscal 2001, with the balance of the units expected to ship by the end of fiscal 2001. Airport Systems International, Inc. is a designer and manufacturer of electronic components, subassemblies and systems. Its aerospace unit designs, manufactures and implements ground-based radio navigation Radio-location intended for the determination of position or direction or for obstruction warning in navigation. and landing systems (navaids) and airfield lighting to aid the in-flight navigation and ground movement of aircraft. These products are used worldwide to guide the navigation of aircraft in various phases of flight and in all visibility conditions. Additionally, the Company's DCI subsidiary provides contract electronic manufacturing services and custom liquid crystal display devices.
Airport Systems International, Inc.
Unaudited Financial Highlights
Three Months Ended
April 30,
---------------------------------------------------
2000 1999
------------------------- ----------------------
Sales $ 3,426,000 $ 3,896,000
Net income
(loss) $ (891,000) $ (2,328,000)
Net income (loss)
per share -- basic $ (.35) $ (1.04)
Net income (loss)
per share
-- diluted $ (.35) $ (1.04)
Weighted average
shares outstanding
-- basic $ 2,526,000 $ 2,230,500
Weighted average
shares outstanding
-- diluted $ 2,526,000 $ 2,230,500
Fiscal Year Ended
April 30,
-------------------------------------------------
2000 1999
------------------------- --------------------
Sales $ 15,128,000 $ 15,944,000
Net income (loss) $ (1,320,000) $ (3,553,000)
Net income (loss)
per share -- basic $ (.57) $ (1.59)
Net income (loss)
per share
-- diluted $ (.57) $ (1.59)
Weighted average
shares outstanding
-- basic $ 2,303,000 $ 2,320,500
Weighted average
shares outstanding
-- diluted $ 2,303,000 $ 2,230,500
Airport Systems International, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Fiscal Year Ended
April 30, April 30,
-------------------------- --------------------------
2000 1999 2000 1999
-------------------------- --------------------------
Sales $ 3,426 $ 3,896 $ 15,128 $ 15,944
Cost of
Products Sold 2,427 3,436 10,793 12,623
-------------------------- --------------------------
Gross Margin 999 460 4,335 3,321
Selling, General
and
Administrative
Expenses 1,616 1,051 4,456 4,383
Research &
Development
Expenses 54 488 831 1,900
Asset Impairment -- 1,299 -- 1,299
-------------------------- --------------------------
Operating Loss (671) (2,378) (952) (4,261)
Other Income
(Expense):
Interest
Expense (229) (74) (377) (119)
Other, Net 9 32 9 48
-------------------------- --------------------------
Loss Before
Income Taxes (891) (2,420) (1,320) (4,332)
Income Taxes
Benefit -- (92) -- (779)
Net Income
(Loss) $ (891) $ (2,328) $ (1,320) $ (3,553)
========================== ==========================
Income (Loss)
Per Share:
Basic $ (.35) $ (1.04) $ (.57) $ (1.59)
========================== ==========================
Diluted $ (.35) $ (1.04) $ (.57) $ (1.59)
========================== ==========================
Weighted Average
Common Shares:
Basic 2,526 2,230 2,303 2,230
========================== ==========================
Diluted 2,526 2,230 2,303 2,230
========================== ==========================
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