American Bank Note Holographics Reports Second Quarter Financial Results.Business/High Tech Editors ELMSFORD, N.Y.--(BUSINESS WIRE)--Aug. 8, 2002 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, 2002. Revenues for the second quarter of 2002 were $5.1 million, compared with $5.1 million for the second quarter of 2001. Net income for the second quarter of 2002 was $0.1 million, or $0.01 per share, compared with net income of $0.2 million, or $0.01 per share for the second quarter of 2001. Revenues for the first six months of 2002 decreased 5% to $9.8 million, from $10.3 million for the comparable period in 2001. Net income for the first six months of 2002 was $0.2 million, or $0.01 per share, compared with net income of $0.5 million, or $0.03 per share, for the first six months of 2001. 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, "In the second quarter we continued to invest in developing and marketing better products to meet the security needs of our target markets. Customers are currently evaluating our products for applications in credit cards, bank notes, ID cards and pharmaceuticals; but long evaluation and sales cycles continue to impact our short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. results. The weakness in the U.S. and other economies has also resulted in reduced volumes of transaction cards, and we expect this will continue to impact sales in this segment for the balance of this year. Nevertheless, we remain convinced con·vince tr.v. con·vinced, con·vinc·ing, con·vinc·es 1. To bring by the use of argument or evidence to firm belief or a course of action. See Synonyms at persuade. 2. that the enhanced security products we have developed are effective solutions to the increasing problems of 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. and fraud, and many of our target customers are gaining a greater appreciation for the value we can provide to their security efforts. As a result, we anticipate broader adoption of our products in markets that are increasingly sensitive to security and fraud." 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 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.
CONDENSED BALANCE SHEETS
(In thousands, except share data)
June 30, December 31,
2002 2001
--------- --------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $7,731 $7,368
Accounts receivable, net of allowance for
doubtful accounts of $100 and $75 3,309 3,322
Inventories, net of allowances of $1,004 and 2,562 3,267
$725
Deferred income taxes 1,222 1,232
Prepaid expenses and other 397 702
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Total current assets 15,221 15,891
Machinery, equipment and leasehold improvements,
net of accumulated depreciation and
amortization
of $8,850 and $8,461 4,988 5,112
Deferred income taxes 4 143
Goodwill, net of accumulated amortization of 7,408 7,408
$2,953
Other assets 27 32
------- -------
Total Assets $27,648 $28,586
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $1,240 $1,809
Accrued expenses 1,518 2,098
Customer advances 110 100
------- -------
Total current liabilities 2,868 4,007
------- -------
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 185 185
40,000,000 shares; issued and outstanding
18,483,720 shares
Additional paid-in-capital 23,994 23,994
Retained earnings 601 400
------- -------
Total Stockholders' Equity 24,780 24,579
------- -------
Total Liabilities and Stockholders' Equity $27,648 $28,586
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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,
------------------ ----------------
2002 2001 2002 2001
------ ------ ------ ------
Revenue:
Sales $4,836 $5,008 $9,456 $10,040
Royalty income 215 105 330 210
------- ------- ------- -------
5,051 5,113 9,786 10,250
Costs and expenses:
Cost of goods sold 2,506 2,469 4,820 4,842
Selling and administrative 1,839 1,779 3,658 3,593
Research and development 300 272 613 574
Depreciation and amortization 197 263 392 524
------- ------- ------- -------
4,842 4,783 9,483 9,533
------- ------- ------- -------
Operating income 209 330 303 717
Interest income 24 69 47 166
------- ------- ------- -------
Income before provision for income 233 399 350 883
taxes
Provision for income taxes 99 160 149 354
------- ------- ------- -------
Net income $ 134 $ 239 $ 201 $ 529
======= ======= ======= =======
Net income per share:
Basic and diluted $0.01 $0.01 $0.01 $0.03
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