Alpha Technologies Group Reports Second Quarter Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--June 10, 2003 Alpha Technologies Group, Inc. (Nasdaq:ATGI ATGI Alpha Technologies Group, Inc. ATGi Active Technologies Group, Inc. ) announced today that revenue for the second quarter ended April 27, 2003 was $12,209,000. This compares to revenue of $13,933,000 for the second quarter of fiscal 2002. The net loss for this year's second quarter was $348,000, or $0.05 per share. This compares to a net loss for last year's second quarter of $348,000, or $0.05 per share. For the six months ended April 27, 2003, revenue was $23,630,000 compared to $26,520,000 for the same period of the prior year. The net loss for this year's first half was $821,000, or $0.12 per share. This compares to a net loss of $662,000, or $0.09 per share, for the first six months of fiscal 2002. "We are maintaining a cautious posture, continuing to reduce costs wherever possible, and positioning the company to benefit from any improvement in the business environment," said Chief Executive Officer Larry Butler
1. . Total debt declined to $23,350,000 at April 27, 2003 from $24,850,000 at October 27, 2002. At April 27, 2003, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $25,150,000, or approximately $3.54 per share. Non-GAAP Financial Measures Cash flow for the first six months of fiscal 2003, as measured by 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.
The following table reconciles GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). to non-GAAP financial measures:
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES
(In Thousands)
Six Months Ended
April 27, April 28,
2003 2002
Net Loss $(821) $(662)
Add (deduct):
Interest expense 1,031 1,285
Costs associated with debt extinguishment and
modifications -- 591
Credit for income taxes (547) (408)
Depreciation and amortization 1,697 1,895
EBITDA $1,360 $2,701
Conference Call Alpha has scheduled a conference call today at 11:00 AM ET. A simultaneous WebCast may be accessed at www.alphatgi.com/pr.html. A replay will be available after 1:00 PM ET at this same Internet address 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 #21144876 after 1:00 PM ET. About Alpha Technologies Group Alpha Technologies Group (www.ALPHAtgi.com), Inc. is engaged in the manufacture, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and sale of thermal management and non-thermal 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: products and aluminum extrusions. The Company is one of the leading manufacturers of thermal management products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Thermal management products, principally heat sinks 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. , 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 automotive, telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , industrial controls, transportation, power supply, factory automation, consumer electronics, aerospace, defense, microprocessor, and computer industries. The Company also sells non-thermal fabricated products and aluminum extrusions to various industries including the construction, sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport and other leisure activity markets. 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 may contain 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 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, compliance with covenants in the Company's loan documents, ability to meet principal payments under those loan documents 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 which may take place after the date of this release.
ALPHA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
Three Months Six Months
Ended Ended
April April April April
27, 28, 27, 28,
2003 2002 2003 2002
SALES $12,209 $13,933 $23,630 $26,520
COST OF SALES 10,727 11,545 20,960 22,351
Gross profit 1,482 2,388 2,670 4,169
OPERATING EXPENSES
Research and development 102 131 195 243
Selling, general and
administrative 1,455 1,597 2,817 3,138
Total operating expenses 1,557 1,728 3,012 3,381
OPERATING (LOSS) INCOME (75) 660 (342) 788
INTEREST EXPENSE (509) (650) (1,031) (1,285)
OTHER INCOME, net 1 10 5 18
COSTS ASSOCIATED WITH DEBT
EXTINGUISHMENTS AND MODIFICATIONS -- (591) -- (591)
LOSS BEFORE BENEFIT FOR INCOME
TAXES (583) (571) (1,368) (1,070)
BENEFIT FOR INCOME TAXES (235) (223) (547) (408)
NET LOSS (348) (348) (821) (662)
LOSS PER COMMON SHARE:
BASIC $(0.05) $(0.05) $(0.12) $(0.09)
DILUTED $(0.05) $(0.05) $(0.12) $(0.09)
WEIGHTED AVERAGE NUMBER
OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
BASIC 7,110 7,110 7,110 7,109
DILUTED 7,110 7,110 7,110 7,109
SELECTED BALANCE SHEET DATA
($ in thousands) Apr. 27, 2003 Oct. 27, 2002
Cash $1,076 $751
Working capital 6,833 9,484
Debt, including current
maturities 23,350 24,850
Total assets 53,038 55,633
Stockholders' equity $25,150 $25,880
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