Alpha Technologies Group Fiscal 2001 First Quarter Pre-Tax Income From Continuing Operations Increases 51% On 23% Revenue Gain.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 27, 2001 Alpha Technologies Group, Inc. (Nasdaq:ATGI ATGI Alpha Technologies Group, Inc. ATGi Active Technologies Group, Inc. ) announced today that pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter of fiscal 2001 ended January 28, 2001 increased 51% to $1,867,000, compared to pre-tax income from continuing operations for the first quarter of fiscal 2000 of $1,235,000. Net income from continuing operations was $1,150,000, or $0.15 per 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. share, which reflected a 38% income tax rate. This compares to net income from continuing operations for last year's first quarter of $1,235,000, or $0.17 per diluted share, which reflected a 0% income tax rate. Revenue from continuing operations for this year's first quarter increased 23% to $16,161,000. This included revenue of approximately $1,300,000 from National Northeast (NNE NNE abbr. north-northeast Noun 1. NNE - the compass point that is midway between north and northeast nor'-nor'-east, north northeast ), since its acquisition on January 9, 2001. NNE is engaged in the aluminum heat sink A material that absorbs heat. Typically made of aluminum, heat sinks are widely used in amplifiers and other electronic devices that build up heat. Small heat sinks are the most economical method for cooling microprocessors and other chips. and extrusion business in Pelham, New Hampshire Pelham is a town in Hillsborough County, New Hampshire, United States. The population was 10,914 at the 2000 census. The estimated population in 2005 was 12,485.[1] History . Revenue from continuing operations for the first quarter of fiscal 2000 was $13,185,000. Gross margin from continuing operations increased to 28.3% for the first quarter of fiscal 2001. Gross margin for last year's first quarter was 27.6%. 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. as a percentage of sales (operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: ) increased to 12.5% for this year's first quarter from 10.9% for the same period a year earlier. "The new fiscal year is off to a strong start as we focus our resources exclusively on our growth opportunity in thermal management. The integration of NNE is proceeding according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan, and we expect this business to contribute significantly to our results in fiscal 2001. NNE diversifies our revenue base with new customers and products, and its state-of-the-art facility significantly expands Alpha's manufacturing capacity and extrusion capabilities. Fiscal 2001 Outlook "In view of the current economic environment, we are carefully monitoring conditions in each of the industries we serve so that we can quickly respond to risks or take advantage of new business opportunities that may develop. We will continue to manage costs closely. We expect growth in revenue, earnings and cash flow in fiscal 2001, driven both by NNE and internal growth," said Chairman and Chief Executive Officer Lawrence Butler. About Alpha Technologies Group Alpha Technologies Group, Inc. designs, manufactures and sells thermal management products, principally fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: aluminum extrusions (heat sinks) that dissipate dis·si·pate v. dis·si·pat·ed, dis·si·pat·ing, dis·si·pates v.tr. 1. To drive away; disperse. 2. unwanted heat generated by electronic components. The Company's thermal management products serve the microprocessor microprocessor, integrated circuit containing the arithmetic, logic, and control circuitry required to interpret and execute instructions from a computer program. , computer, automotive, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , industrial controls, transportation, power supply, factory automation, consumer electronics, and aerospace and defense industries. Conference Call Alpha has scheduled a conference call this morning at 11:00 AM ET to discuss its results for the first quarter of fiscal 2001. A simultaneous WebCast of the conference call may be accessed online at www.StreetFusion.com or at www.Alphatgi.com. A replay will be available immediately following the WebCast at these same Internet addresses There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. . For a telephone replay, dial 800/633-8284, reservation No. 18002333 beginning at approximately 1:00 PM ET. 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. This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, excess or shortage of production capacity, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
ALPHA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED STATEMENT OF INCOME
($ in thousands, except for per share data)(unaudited)
Three Months Ended
Jan. 28, Jan. 30,
2001 2000(a)
(Restated)
Sales $ 16,161 $ 13,185
Cost of sales 11,592 9,540
Gross profit 4,569 3,645
Operating expenses
Research & development 229 220
Selling, general and administrative 2,316 1,984
Total operating expenses 2,545 2,204
Operating income 2,024 1,441
Interest income 149 1
Interest expense (290) (207)
Other income (expense) (16) --
Operating income before taxes 1,867 1,235
Provision for income taxes 717 --
Income from continuing operations 1,150 1,235
Income (loss) from discontinued
operations, net of tax (59) 380
Gain on sale from discontinued
operation, net of tax 207 --
Extraordinary loss, early extinguishment
of debt, net of tax (400) --
Net income $ 898 $ 1,615
Net income per common share
Basic earnings per common share:
Income from continuing operations
before tax $ 0.27 $ 0.19
Provision for income tax (0.10) --
Income from discontinued operations 0.00 0.06
Gain on sale of discontinued operation 0.02 --
Extraordinary loss (0.06) --
Net Income $ 0.13 $ 0.25
Diluted earnings per common share:
Income from continuing operations
before tax $ 0.25 $ 0.17
Provision for income tax (0.10) --
Income from discontinued operations -- 0.06
Gain on sale of discontinued operation 0.02 --
Extraordinary loss (0.05) --
Net Income $ 0.12 $ 0.23
Average common shares used in computation
Basic 6,843 6,578
Diluted 7,433 7,091
(a) Restated to reflect discontinued operations
SELECTED BALANCE SHEET DATA
($ in thousands)(Jan. 2001 unaudited)
Jan. 28, Oct. 29,
2001 2000
Cash $ 1,263 $ 12,364
Working capital 11,559 22,646
Debt-current maturities 6,000 1,080
Long Term Debt 31,300 2,200
Total assets 83,099 45,605
Stockholders' equity 37,252 34,515
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