American Bank Note Holographics Reports Second Quarter Financial Results.Business Editors ELMSFORD, N.Y.--(BUSINESS WIRE)--Aug. 3, 2001 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 second quarter and six months ended June June: see month. 30, 2001. Revenues for the second quarter of 2001 increased 12% to $5.1 million, compared with $4.6 million for the second quarter of 2000. Net income for the second quarter of 2001 was $0.2 million, or $0.01 per share, compared with net income of $0.1 million, or $0.01 per share for the second quarter of 2000. Revenues for the first six months of 2001 increased 7% to $10.3 million, from $9.6 million for the comparable period in 2000. Net income for the first six months of 2001 was $0.5 million, or $0.03 per share, compared with net income of $0.4 million, or $0.03 per share, for the first six months of 2000. 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 continued improvement in our financial performance particularly as we continued to invest in new product development and marketing for each of our target markets during the second quarter. We believe these investments will stimulate stimulate /stim·u·late/ (stim´u-lat) to excite functional activity. stim·u·late v. To arouse a body or a responsive structure to increased functional activity. our long term revenue and profit growth as we address the increasing demand for effective security solutions for the manufacturers and issuers of transaction cards, valuable documents, ID cards, pharmaceuticals and branded goods." 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 and the 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)
June 30, December 31,
2001 2000
--------- ------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 7,062 $ 7,926
Accounts receivable, net 3,200 3,000
Inventories, net of
allowances of $767 and $678 3,673 3,015
Deferred income taxes 1,227 1,191
Prepaid expenses and other 306 391
--------- --------
Total current assets 15,468 15,523
Machinery, equipment and
leasehold improvements, net of
accumulated depreciation and
amortization of $8,061 and $7,709 4,887 5,117
Deferred income taxes 337 727
Goodwill, net of accumulated
amortization of $2,780 and $2,608 7,581 7,753
Other assets 44 14
--------- --------
Total Assets $ 28,317 $ 29,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,594 $ 2,298
Accrued expenses 2,021 2,687
Customer advances 185 161
--------- --------
Total current liabilities 3,800 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) 338 (191)
--------- --------
Total Stockholders' Equity 24,517 23,988
--------- --------
Total Liabilities and
Stockholders' Equity $ 28,317 $ 29,134
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AMERICAN BANK NOTE HOLOGRAPHICS, INC.
CONDENSED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- ----------------------
2001 2000 2001 2000
------------ ------------ ------------ --------
Revenue:
Sales $ 5,008 $ 4,485 $ 10,040 $ 9,360
Royalty income 105 98 210 240
------- ------- ------- -------
5,113 4,583 10,250 9,600
Costs and expenses:
Cost of goods sold 2,469 2,033 4,842 3,990
Selling and
administrative 1,779 1,789 3,593 3,912
Research and
development 272 177 574 338
Depreciation and
amortization 263 256 524 522
------- ------- ------- -------
4,783 4,255 9,533 8,762
------- ------- ------- -------
Operating income 330 328 717 838
Interest income
(expense), net 69 (127) 166 (245)
------- ------- ------- -------
Income before provision
for income taxes 399 201 883 593
Provision for
income taxes 160 80 354 237
------- ------- ------- -------
Net income $ 239 $ 121 $ 529 $ 356
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Net income per share:
Basic and diluted $ 0.01 $ 0.01 $ 0.03 $ 0.03
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