American Bank Note Holographics Announces Financial Results for the First Quarter of 2001.Business Editors NEW YORK--(BUSINESS WIRE)--May 8, 2001 Revenue Improves to $5.1 Million; Net Income Improves to $0.3 Million American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bank Note Holographics, Inc. ("ABNH ABNH American Bank Note Holographics, Inc ", OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ABHH), a world leader in the design, production and marketing of security holograms for the protection of transaction cards, valuable documents and consumer and industrial products, today announced its results for the first quarter of 2001. Revenue for the three months ended March 31, 2001 was $5.1 million compared to $5.0 million for the three months ended March 31, 2000. Net income for the three months ended March 31, 2001, was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.3 million, or $0.02 per share, compared to net income of approximately $0.2 million, or $0.02 per share, for the comparable period of 2000. Kenneth Traub, President and Chief Executive Officer of American Bank Note Holographics, commented, "We are pleased with our continued progress and the successful repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of ABNH. We have made significant investments in product development and the infrastructure to support our growth plans, and we anticipate these investments will have a more significant impact starting in the second half of 2001. Our growth initiatives are focused on enhancing our leadership position in our core credit card market, and extending our product line and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in our other target markets of bank notes, product authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. , ID Cards, security packaging and commercial holography." About American Bank Note Holographics, Inc. American Bank Note Holographics is a world leader in the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , production and marketing of mass-produced mass-pro·duce tr.v. mass-pro·duced, mass-pro·duc·ing, mass-pro·duc·es To manufacture in large quantities often by or as if by assembly-line techniques. Adj. 1. holograms. The Company's products are used primarily for security applications such as counterfeiting counterfeiting, manufacturing spurious coins, paper money, or evidences of governmental obligation (e.g., bonds) in the semblance of the true. There must be sufficient resemblance to the genuine article to deceive a person using ordinary caution. protection and authentication of transaction cards, identification cards, documents of value, and consumer and industrial products, as well as for packaging and promotional applications. Securities 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. All statements contained herein, as well as oral statements that may be made by ABNH or by officers, directors or employees of ABNH acting on ABNH's behalf, that are not statements of historical fact, constitute "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. " and are made pursuant to the Safe-Harbor provisions 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. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, that could cause the actual results of ABNH to be materially different from the historical results or from any future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such risks and uncertainties are more fully discussed in ABNH's filings with the Securities and Exchange Commission, including ABNH's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . ABNH is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to revise or update any forward-looking statements in order 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 that may arise after the date of this release. This press release is available on the ABNH Web site at www.abnh.com or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide Web site at www.kcsa.com.
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share data)
March 31, December 31,
2001 2000
-------------- -----------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 7,056 $ 7,926
Accounts receivable, net of
allowance for
doubtful accounts of $75 3,273 3,000
Inventories, net of allowances
of $721 and $678 3,664 3,015
Deferred income taxes 1,205 1,191
Prepaid expenses and other 267 391
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---------
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Total current assets 15,465 15,523
Machinery, equipment and
leasehold improvements,
net of accumulated
depreciation and amortization
of $7,884 and $7,709 5,007 5,117
Deferred income taxes 519 727
Other assets 14 14
Goodwill, net of accumulated
amortization of $2,694 and $2,608 7,667 7,753
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Total Assets $ 28,672 $ 29,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,121 $ 2,298
Accrued expenses 2,093 2,687
Customer advances 180 161
-------------- ------------
Total current liabilities 4,394 5,146
Commitments and contingencies
Stockholders' Equity:
Preferred stock, authorized
5,000,000 shares;
no shares issued or outstanding ---- ----
Common stock, par value $.01
per share, authorized
30,000,000 shares; issued and
outstanding 18,483,720 shares 185 185
Additional paid-in-capital 23,994 23,994
Retained earnings (deficit) 99 (191)
---------- ---------
Total Stockholders' Equity 24,278 23,988
Total Liabilities and
Stockholders' Equity $ 28,672 $ 29,134
AMERICAN BANK NOTE HOLOGRAPHICS, INC
CONDENSED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended
March 31,
2001 2000
------------------------
Revenue:
Sales $ 5,032 $ 4,875
Royalty income 105 142
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5,137 5,017
Costs and expenses:
Cost of goods sold 2,373 1,957
Selling and administrative 1,814 2,123
Research and development 302 161
Depreciation and amortization 261 266
------- -------
4,750 4,507
------- -------
Operating income 387 510
Interest income (expense) 97 (118)
------- -------
------- -------
Income before provision
for income taxes 484 392
Provision for income taxes 194 157
------- -------
------- -------
Net income $ 290 $ 235
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Net income per share:
Basic and diluted $ 0.02 $ 0.02
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