American Building Control Reports 2004 Second Quarter Results.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -- 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 Building Control, Inc. (Nasdaq:ABCX) today reported operating results for the second quarter ended June June: see month. 30, 2004. On July July: see month. 1, 2004 the Company sold its SecurityandMore and Industrial Vision Source lines of business ("DSG DSG Direct Shift Gearbox (Audi) DSG Dosage DSG Deputy Secretary General DSG Dressing DSG Designate DSG Desmoglein DSG Duke Student Government (Duke University) Business"). Accordingly, the reported results for the second quarter classify clas·si·fy tr.v. clas·si·fied, clas·si·fy·ing, clas·si·fies 1. To arrange or organize according to class or category. 2. To designate (a document, for example) as confidential, secret, or top secret. the revenue and costs associated with the DSG Business as Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . "While SecurityandMore and Industrial Vision Source were good businesses, neither fit into the plans of the Company to become the leading provider of a centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. integrated security solution for our current and future corporate and government users," said J. Collier Sparks Sparks, city (1990 pop. 53,367), Washoe co., W Nev., just E of Reno; inc. 1905. The Southern Pacific RR was the major employer until the dieselization of railroad engines forced the closing (1957) of the railroad shops there. , President of the Company. Mr. Sparks went on to say that, "We have streamlined the Company's operations through reduction of non-essential non-essential Adjective not absolutely necessary non-essential adj → unnötig n non-essentials → nicht (lebens)notwendige Dinge pl staff and we have completed the consolidation of our facilities so that we can now fully devote all of our time and resources on furthering the growth of the Company's MDI (1) (Multiple Document Interface) A Windows function that allows an application to display and lets the user work with more than one document at the same time. Security Suite line of products. The recently launched Security Suite line of products is the first fully integrated system to incorporate access control, video, audio alarm monitoring and audit functions." After accounting for the costs to position the Company for its expected growth, the Company reported a net loss allocable al·lo·ca·ble adj. Capable of being allocated. Adj. 1. allocable - capable of being distributed allocatable, apportionable distributive - serving to distribute or allot or disperse to common stockholders of $2.4 million or $0.17 per share, on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $3.4 million, compared with a net loss allocable to common stockholders of $4.4 million or $0.31 per share, on net sales of $4.2 for the quarter ended June 30, 2003. On a continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the basis, the company reported a loss of $2.6 million or $0.18 per share in the second quarter of 2004, compared with a loss of $3.6 million or $0.26 per share, in 2003. For the first half of 2004, the Company reported a net loss allocable to common stockholders of $5.2 million or $0.36 per share, on net sales of $7.1 million, compared with a net loss allocable to common stockholders of $7.0 million or $0.50 per share, on net sales of $9.5 for the six months ended June 30, 2003. On a continuing operations basis, the company reported a loss of $5.3 million or $0.37 per share in the first half of 2004, compared with a loss of $6.2 million or $0.44 per share, in 2003. "The restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and consolidation efforts have reduced the Company's losses. At the same time, the Company's cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. have increased with the sale of the DSG business. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our streamlined company structure and new product releases can return American Building Control to profitability," said Mr. Sparks.
AMERICAN BUILDING CONTROL, INC. and SUBSIDIARIES
CONDENSED COMPARATIVE BALANCE SHEETS
(in millions)
June 30, December 31,
2004 2003
------------- -------------
Cash $ 3.0 $ 6.3
Marketable Securities 0.7 1.5
Receivables 2.4 2.0
Inventories 2.1 2.0
Other Current Assets 5.7 7.7
------------- -------------
Current Assets 13.9 19.5
Property & Equipment 2.1 2.7
Intangibles 2.8 2.8
Other Assets 0.7 0.8
------------- -------------
Total Assets $ 19.6 $ 25.8
============= =============
Payables $ 0.9 $ 1.4
Accrued Expenses 2.0 3.0
Accrued Royalties 0.2 0.3
Deferred Income 0.3 0.5
Other Current Liabilities 4.5 4.1
------------- -------------
Current Liabilities 7.9 9.3
Accrued Royalties 0.0 0.1
Other Liabilities - 0.0
------------- -------------
Long-Term Liabilities 0.0 0.1
Equity 11.6 16.3
------------- -------------
Total Liabilities and Equity $ 19.6 $ 25.8
============= =============
AMERICAN BUILDING CONTROL, INC. and SUBSIDIARIES
CONDENSED COMPARATIVE STATEMENTS OF OPERATIONS
(in millions, except per share data)
Three months ended June 30,
2004 2003
-------------- --------------
Sales $3.4 $4.2
Gross Profit 1.6 1.5
Margin 47.1% 35.4%
Operating Expenses 3.9 4.5
Depreciation & Amortization 0.3 0.5
----------- --------------
Operating Loss (2.6) (3.6)
Interest Expense - (0.2)
Other Income - 0.2
----------- --------------
Loss Before Discontinued Operations and
Income Taxes (2.6) (3.6)
Income Tax Benefit - -
Income (Loss) from Discontinued
Operations 0.2 (0.8)
Dividend requirements on preferred
stock - (0.0)
----------- --------------
Net Loss Allocable to Common
Stockholders (2.4) (4.4)
=========== ==============
Basic and Diluted Earnings (Loss) Per
Share:
Continuing operations $(0.18) $(0.26)
Discontinued operations 0.01 (0.05)
----------- --------------
Basic and Diluted Earnings (Loss)
Per Share $(0.17) $(0.31)
=========== ==============
Basic and Diluted Common Shares
Outstanding (in millions) 14.6 14.1
Six months ended June 30,
2004 2003
-------------- --------------
Sales $7.1 $9.5
Gross Profit 3.1 3.6
Margin 43.6% 37.5%
Operating Expenses 8.0 8.5
Depreciation & Amortization 0.6 1.0
-------------- --------------
Operating Loss (5.5) (5.9)
Interest Expense 0.0 (0.5)
Other Income 0.1 0.2
-------------- --------------
Loss Before Discontinued Operations and
Income Taxes (5.3) (6.2)
Income Tax Benefit - -
Income (Loss) from Discontinued
Operations 0.2 (0.8)
Dividend requirements on preferred
stock 0.0 0.1
-------------- --------------
Net Loss Allocable to Common
Stockholders (5.2) (7.0)
============== ==============
Basic and Diluted Earnings (Loss) Per
Share:
Continuing operations $(0.37) $(0.44)
Discontinued operations 0.01 (0.06)
-------------- --------------
Basic and Diluted Earnings (Loss)
Per Share $(0.36) $(0.50)
============== ==============
Basic and Diluted Common Shares
Outstanding (in millions) 14.4 14.0
About American Building Control, Inc. American Building Control (Nasdaq:ABCX) is an established global leader in providing centralized, integrated security management solutions to corporate, government and institutional enterprises. For more information on American Building Control, Inc., please visit our website at www.americanbuildingcontrol.com. About MDI Security Systems For 25 years, MDI Security Systems has been securing clients across the globe by delivering the most dependable access control and integrated security management solutions available. As a security industry pioneer and technical thought leader, MDI continues to deliver value to its shareholders through the development of market-driven, technically superior security systems that can be managed from a centralized point of control. By combining a quarter century of expertise with thousands of worldwide users from a variety of industries including financial, transportation, manufacturing, education, government, defense and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States , MDI is able to maintain the highest return on investment in the industry for its client base. More information on MDI Security Systems and its solutions can be found at www.mdisecure.com. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and Cautionary Statements Except for historical information and discussions contained herein, certain statements included in this press release may 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. " within the meaning 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. These statements include a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission. |
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