American Bank Note Holographics Reports First Quarter Financial Results.Business Editors ELMSFORD, N.Y.--(BUSINESS WIRE)--May 7, 2004 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 Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : ABHH) 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 holograms for security applications, today announced financial results for the first quarter ended March 31, 2004. Net income for the first quarter of 2004 was $0.4 million, or $0.02 per share, compared with net income of $0.2 million, or $0.01 per share, for the first quarter of 2003. Sales for the first quarter of 2004 were $5.0 million, compared with $4.5 million for the first quarter of 2003. Kenneth H. Traub, president and 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. of ABNH, commented, "We are pleased to report a continued improvement in operating performance in the first quarter. We have also continued to build upon the strong position we have established in document security markets and invested in new product development and marketing initiatives to support future growth. Our transaction card business has returned strongly and we anticipate continued strength in this market going forward. We also commenced new identification document programs as well as new pharmaceutical projects which we anticipate will contribute to our growth." About American Bank Note Holographics, Inc. American Bank Note Holographics is a world leader in the origination, production, and marketing of 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 (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. of transaction cards, identification cards, documents of value, consumer and industrial products as well as for packaging and design applications. ABNH is headquartered in Elmsford, NY. For more information, visit www.abnh.com ABNH Forward-Looking Statement 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 news release includes forward-looking statements that involve risks and uncertainties. Although the Company believes such statements are reasonable, it can make no assurance that such statements will prove to be correct. Such statements are subject to certain factors that may cause results to differ materially from the forward-looking statements. Such factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission, including its 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. , a copy of which may be obtained from the Company without charge. The Company undertakes no obligation to publicly release results of any of these forward-looking statements 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 hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unexpected results. This release and prior releases are available on the ABNH Web site at www.abnh.com
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
BALANCE SHEETS
(In thousands, except share data)
March 31, December 31,
2004 2003
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 11,843 $ 11,341
Accounts receivable, net of allowance for
doubtful accounts of $180 3,292 3,174
Inventories 2,342 2,386
Deferred income taxes 961 981
Prepaid expenses 285 385
Other 75 150
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Total current assets 18,798 18,417
Machinery, equipment and leasehold
improvements, net of accumulated depreciation
and amortization of $9,397 and $9,238 2,499 2,490
Other assets 100 113
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Total Assets $ 21,397 $ 21,020
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 581 $ 687
Accrued expenses 1,488 1,627
Customer advances 52 49
Income taxes payable 185 -
--------- ---------
Total current liabilities 2,306 2,363
Deferred income taxes 1,240 1,208
--------- ---------
Total liabilities 3,546 3,571
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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 40,000,000 shares; issued and
outstanding 18,483,720 shares 185 185
Additional paid-in capital 23,994 23,994
Accumulated deficit (6,328) (6,730)
--------- ---------
Total Stockholders' Equity 17,851 17,449
--------- ---------
Total Liabilities and Stockholders' Equity $ 21,397 $ 21,020
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AMERICAN BANK NOTE HOLOGRAPHICS, INC.
STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended
March 31,
2004 2003
Revenue:
Sales $ 5,034 $ 4,538
Royalty income 10 44
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5,044 4,582
Costs and expenses:
Cost of goods sold 2,270 2,016
Selling and administrative 1,683 1,763
Research and development 283 268
Depreciation and amortization 160 179
------- -------
4,396 4,226
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Operating income 648 356
Interest income 23 25
------- -------
Income before provision for income taxes 671 381
Provision for income taxes 269 162
------- -------
Net income $ 402 $ 219
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Net income per share:
Basic and diluted $ 0.02 $ 0.01
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