American Bank Note Holographics Reports Third Quarter Results.Business Editors ELMSFORD, NY--(BUSINESS WIRE)--Oct. 31, 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 third quarter and nine months ended September September: see month. 30, 2001. Revenues for the third quarter of 2001 increased 12% to $5.2 million, compared with $4.7 million for the third quarter of 2000. Net income for the third quarter of 2001 was $0.1 million, or $0.01 per share, compared with net income of $0.1 million, or $0.01 per share for the third quarter of 2000. The Company's results in the third quarter of 2000 were aided by a one-time benefit of $750,000 that resulted from a product liability reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for a previously reserved warranty expense from the Company's insurance carriers. Revenues for the first nine months of 2001 increased 8% to $15.5 million, from $14.3 million for the comparable period in 2000. Net income for the first nine months of 2001 was $0.6 million, or $0.03 per share, compared with net income of $0.5 million, or $0.03 per share, for the first nine 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, "The recent terrorist attacks on the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. have highlighted the need for improved security in all aspects of society. ABNH is committed to providing the best optical security devices to protect documents of value and identification documents as well as consumer and industrial products that are vulnerable to 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 tampering tampering The adulteration of a thing. See Drug tampering. . In the third quarter we increased our investment in improving solutions for the security problems that impact manufacturers and users of identification documents, pharmaceutical products and a wide variety of other products. While long sales cycles for certain security applications and the slackening economy have curtailed 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. sales growth, we believe that we have developed an effective suite of security solutions to address the growing world wide need for improved product and document security." 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 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)
September 30, December 31,
2001 2000
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 6,868 $ 7,926
Accounts receivable, net of allowance for
doubtful accounts of $100 and $75 3,854 3,000
Inventories, net of allowances of $782
and $678 3,333 3,015
Deferred income taxes 1,258 1,191
Prepaid expenses and other 759 391
Total current assets 16,072 15,523
Machinery, equipment and leasehold
improvements,net of accumulated
depreciation and amortization
of $8,245 and $7,709 4,933 5,117
Deferred income taxes 238 727
Goodwill, net of accumulated
amortization
of $2,867 and $2,608 7,494 7,753
Other assets 41 14
Total Assets $ 28,778 $ 29,134
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,883 $ 2,298
Accrued expenses 2,193 2,687
Customer advances 82 161
Total current liabilities 4,158 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 40,000,000 shares; issued
and outstanding 18,483,720 shares 185 185
Additional paid-in-capital 23,994 23,994
Retained earnings (deficit) 441 (191)
Total Stockholders' Equity 24,620 23,988
Total Liabilities and Stockholders'
Equity $ 28,778 $ 29,134
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
CONDENSED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenue:
Sales $ 5,137 $ 4,598 $ 15,177 $ 13,958
Royalty income 106 92 316 332
5,243 4,690 15,493 14,290
Costs and expenses:
Cost of goods sold 2,457 1,712 7,299 5,702
Selling and administrative 2,029 1,924 5,622 5,836
Research and development 372 224 946 562
Depreciation and amortization 271 271 795 793
5,129 4,131 14,662 12,893
Operating income 114 559 831 1,397
Interest income (expense) 57 (368) 223 (613)
Income before provision
for income taxes 171 191 1,054 784
Provision for income taxes 68 76 422 313
Net income $ 103 $ 115 $ 632 $ 471
Net income per share:
Basic and diluted $ 0.01 $ 0.01 $ 0.03 $ 0.03
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