Alpha Technologies Group Second Quarter Net Income More Than Doubles to $0.30 Per Diluted Share From $0.12.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers SOUTH PASADENA South Pasadena (păs'ədē`nə), city (1990 pop. 23,936), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1888. Medical supplies, clothing, and transportation and electronic equipment are manufactured. , Calif.--(BUSINESS WIRE)--June 6, 2000 First Half Net Income Increases 177%; to $0.53 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 From $0.20 Further Growth Anticipated in the Second Half Alpha Technologies Group, 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 :ATGI ATGI Alpha Technologies Group, Inc. ATGi Active Technologies Group, Inc. ) announced today that net income for the second quarter of fiscal 2000 ended April 30, 2000 increased 151% to $2,161,000, or $0.30 per diluted share. This compares to net income of $861,000, or $0.12 per diluted share, for the second quarter of fiscal 1999. Revenue increased 11% to $18,001,000 for the fiscal 2000 second quarter from $16,164,000 a year earlier, reflecting an 18% increase in sales of thermal management products to $14,057,000. For the six months ended April 30, 2000, net income increased 177% to $3,776,000, or $0.53 per diluted share. Revenue rose to $34,863,000, paced by a 15% increase in thermal management revenue to $27,242,000. For the first half of fiscal 1999, net income was $1,365,000, or $0.20 per diluted share, on revenue of $32,475,000. Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. Butler, chairman and chief executive officer, said, "Alpha's thermal management business is performing exceptionally well. Gross margin in this segment increased to 29% from 25% for last year's second quarter, a tribute to the many operational improvements we put in place during the past year. Our all-out commitment to customer service also is paying dividends in the form of accelerating growth of thermal management product sales." The CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. continued, "Strong bookings in the second quarter increase our confidence that we will achieve the continued growth in revenue and earnings we are striving for from all of our businesses in the second half of the fiscal year. We also are pleased to report that Alpha's strong cash flow allowed us to reduce debt by approximately $2,443,000 so far this year even as our working capital has increased to more than $11,500,000 at April 30th. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Alpha Technologies' continued growth." About Alpha Technologies Group Alpha Technologies Group, Inc. designs, manufactures and sells 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. 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; electronic connectors; and custom-designed electronic subsystems. In conjunction with the provisions of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " section 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, this press release may contain 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. pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to future anticipated projected plans, performance and developments, as well as other statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors which could affect Alpha Technologies Group, Inc. are included in the company's Form 10Q and Form 10K filed with the Securities and Exchange Commission.
ALPHA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONDENSED STATEMENT OF INCOME
(in thousands except per share data)(unaudited)
Three Months Ended Six Months Ended
May 2, April 30, May 2, April 30,
1999 2000 1999 2000
-------- -------- -------- ------
Sales
Thermal Management Segment $ 11,897 $ 14,057 $ 23,596 $ 27,242
Connector Segment 2,770 2,384 5,768 4,579
Subsystems Segment 1,497 1,560 3,111 3,042
-------- -------- -------- --------
Total sales $ 16,164 $ 18,001 $ 32,475 $ 34,863
Cost of sales
Thermal Management Segment 8,914 9,976 18,051 19,516
Connector Segment 1,980 1,620 4,017 3,105
Subsystems Segment 1,122 1,181 2,350 2,209
-------- -------- -------- --------
12,016 12,777 24,418 24,830
Gross profit 4,148 5,224 8,057 10,033
Operating expenses
Research & development 176 202 374 425
Selling, general &
administrative 2,870 2,831 5,788 5,569
-------- -------- -------- --------
Total operating expenses 3,046 3,033 6,162 5,994
Operating income 1,102 2,191 1,895 4,039
-------- -------- -------- --------
Interest income (expense), net (226) (199) (484) (414)
Other income (expense), net (15) 169 (46) 151
-------- -------- -------- --------
Income before taxes 861 2,161 1,365 3,776
Provision for income taxes -- -- -- --
-------- -------- -------- --------
Net income $ 861 $ 2,161 $ 1,365 $ 3,776
======== ======== ======== ========
Net income per common share
Basic $ 0.12 $ 0.33 $ 0.20 $ 0.57
Diluted $ 0.12 $ 0.30 $ 0.20 $ 0.53
======== ======== ======== ========
Weighted average common shares
Basic 6,933 6,615 6,933 6,615
Diluted 7,013 7,167 6,960 7,147
======== ======== ======== ========
SELECTED BALANCE SHEET DATA
($ in thousands) (Oct. 1999 audited)
Oct. 31, April 30,
1999 2000
Cash $ 354 $ 274
Working capital 9,098 11,569
Debt (including current maturities) 7,979 5,536
Total assets 34,849 35,327
Stockholders' equity 18,502 22,451
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