Argon ST, Inc. Announces Financial Results for Second Quarter Fiscal Year 2007; Record Bookings of $135 Million.FAIRFAX, Va. -- Argon ST Wikipedia is not the place for advertisement or self-advertising. Argon ST (NASDAQ: STST) is a rapidly growing systems engineering and development company headquarted in Fairfax, VA providing full-service C4ISR (command, control, communications, computers, , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STST STST Stainless Steel STST Sounding the Seventh Trumpet (Avenged Sevenfold music album) ), a leading systems engineering, development and services company providing full-service C4ISR C4ISR Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance C4ISR Command, Control, Communications, Computer, Intelligence, Surveillance and Reconnaissance C4ISR Command Control Communications Computers Intelligence Surveillance and Reconnaissance (command, control, communications, computers, intelligence, surveillance and reconnaissance Intelligence, Surveillance and Reconnaissance may refer to:
Revenues for the three months ended April 1, 2007 were $64.3 million compared to $55.7 million for the prior year quarter. This represents an increase of $8.6 million from the prior year quarter. Revenues for the six months ended April 1, 2007 increased $927,000 to $124.7 million compared to $123.8 million for the same period in the prior year. Net income for the three months ended April 1, 2007 was $4.2 million or $0.18 per diluted share compared to $4.5 million or $0.20 per diluted share for the prior year quarter. For the six months ended April 1, 2007 net income was $9.3 million or $0.41 per diluted share compared to net income of $10.1 million or $0.46 per diluted share in the prior year period. The Company also reported bookings during the quarter of $134.9 million bringing total backlog at quarter end to $309.3 million. This compares to bookings of $103.7 million and backlog of $218.6 million, respectively, for the same period in the prior year. This represents a 41% increase in backlog over the last twelve months. Terry Collins, Chairman 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. , stated: "We were pleased to have achieved record bookings for the quarter from a broad set of opportunities our team has been pursuing. This result establishes a contract base for growth through the rest of FY2007 and into FY2008. Our quarterly margins were lower than planned as we elected to invest profits on a classified contract to achieve a technically superior solution and maintain positive relations with our customer. We anticipate that this should position us well for additional systems for this customer in the future. Additionally, our contract mix in the last quarter contained a higher proportion of cost type contracts which carry both less risk and lower margins than fixed price contracts. Despite our reduced margin in the quarter, we are maintaining our full year guidance as previously stated." Second Quarter Booking Highlights * Awarded a contract modification for the exercise of an option on a multi-year full rate production contract to provide SSEE SSEE SQL Server Embedded Edition (Microsoft) SSEE Secondary Schools Entrance Examination (Guyana) SSEE Ships Signal Exploitation Equipment SSEE Subcontractor Safety and Environmental Evaluation Increment E sensor systems with an approximate value of $43 million. * Awarded four contracts for Intelligence, Surveillance, and Reconnaissance An activity that synchronizes and integrates the planning and operation of sensors, assets, and processing, exploitation, and dissemination systems in direct support of current and future operations. This is an integrated intelligence and operations function. Also called ISR. support. The base value of these contracts is more than $38.9 million with options totaling another $15.3 million. * Awarded a contract modification for the Operational Test-Tactical Engagement System Communications Upgrade program to increase scope and value. US Army, PEO-STRI/PM-ITTS added $6.7 million to the contract value bringing the total value to over $40 million. * Awarded contract modifications for engineering development in support of the Surface Ship Torpedo Defense (SSTD SSTD Space Science and Technology Department SSTD Surface Ship Torpedo Defense SSTD Surface Ship Torpedo Decoy SSTD System State Transition Description SSTD Symmetric Sweep Transmit Diversity SSTD Single Step Transaction Debugger ) for the U.S. Navy. The $5.3 million modification was awarded by the U.S. Naval Sea Systems Command The Naval Sea Systems Command (NAVSEA) is the largest of the U.S. Navy's five "systems commands," or materiel organizations. NAVSEA consists of four shipyards, eight "warfare centers" (two undersea and six surface), four major shipbuilding locations and the NAVSEA headquarters, for the continued development of Open Architecture functionality and sea trial certification of the AN/SLQ-25A/C system which is widely deployed on Navy surface ships. About Argon ST, Inc. Argon ST, Inc. designs, develops, and produces systems and sensors for the Command and Control Communications In telecommunication, control communications is the branch of technology devoted to the design, development, and application of communications facilities used specifically for control purposes, such as for controlling (a) industrial processes, (b) movement of resources, (c) , Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) markets including SIGINT Noun 1. SIGINT - intelligence information gathered from communications intelligence or electronics intelligence or telemetry intelligence signals intelligence (Signals Intelligence), ESM (1) (Enterprise Storage Management) Managing the online, nearline and offline storage within a large organization. It includes analysis of storage requirements as well as making routine copies of files and databases for backup, archiving, disaster recovery, (Electronic Support Measures), EW (Electronic Warfare Noun 1. electronic warfare - military action involving the use of electromagnetic energy to determine or exploit or reduce or prevent hostile use of the electromagnetic spectrum EW military action, action - a military engagement; "he saw action in Korea" ), imaging, and acoustic systems serving domestic and worldwide markets. Forward-Looking Statements Statements in this press release which are not historical facts are forward-looking statements under the provision 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. Forward-looking statements are not guarantees of future performance and are based upon numerous assumptions about future conditions that could prove not to be accurate. Forward looking statements are subject to numerous risks and uncertainties, and our actual results could differ materially as a result of such risks and other factors. In addition to those risks specifically mentioned in the reports filed by the Company with the Securities and Exchange Commission (including the Company's 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. for the fiscal year ended September 30, 2006), such risks and uncertainties include, but are not limited to: the availability of U.S. and international government funding for the Company's products and services; changes in the U.S. federal government procurement laws, regulations, policies and budgets (including changes to respond to budgetary constraints and cost-cutting initiatives); the number and type of contracts and task orders awarded to the Company; the exercise by the U.S. government of options to extend the Company's contracts; the Company's ability to retain contracts during any rebidding process; the timing of Congressional funding on the Company's contracts; any government delay in award or termination of the Company's contracts and programs; difficulties in developing and producing operationally advanced technology systems; the timing and customer acceptance of contract deliverables; the Company's ability to attract and retain qualified personnel, including technical personnel and personnel with required security clearances; charges from any future impairment reviews; the future impact of any acquisitions or divestitures the Company may make; the competitive environment for defense and intelligence information technology products and services; general economic, business and political conditions domestically and internationally; and other factors affecting the Company's business that are beyond its control. All of the forward-looking statements should be considered in light of these factors. Investors should not put undue reliance on any forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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