Argon ST, Inc. Announces Q1 Results.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) ), today announced revenues and earnings for its first quarter ended January 2, 2005. HISTORICAL RESULTS OF OPERATIONS Revenues for the first quarter ended January 2, 2005 increased $29,217,000 to $56,510,000, up 107% compared to $27,293,000 for the prior year quarter. Net income for the first quarter ended January 2, 2005 was $4,920,000, or $0.24 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of 238% compared to $1,457,000 or $0.11 per diluted share for the prior year quarter. Terry Collins, 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 Argon ST stated, "We are pleased with our first quarter financial results and they leave us on track for making our fiscal year financial objectives. The company also made significant progress in the integration of our processes and systems during the first quarter so that we can properly manage our expected growth." Financial Highlights --Revenue for the first quarter increased 107% over the prior year quarter to $56,510,000 --Net Income for the first quarter of $4,920,000 or $0.24 per diluted share up 238% from the prior year quarter --Funded and unfunded backlog for the first quarter was $219,864,000 an increase of 23% from the prior year first quarter funded and unfunded backlog of $179,383,000
ARGON ST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
January 2, September 30,
2005 2004
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ASSETS
CURRENT ASSETS
Cash and cash equivalents $42,429,000 $29,732,000
Accounts receivable, net 66,463,000 59,716,000
Inventory 1,922,000 1,574,000
Deferred income tax asset 4,937,000 4,822,000
Prepaids and other 1,469,000 1,288,000
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TOTAL CURRENT ASSETS 117,220,000 97,132,000
Property, equipment and software, net 14,461,000 13,949,000
Goodwill 107,776,000 107,776,000
Intangibles, net 1,947,000 2,190,000
Other assets 654,000 694,000
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TOTAL ASSETS $242,058,000 $221,741,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses 13,897,000 $12,727,000
Accrued salaries and related expenses 8,413,000 10,606,000
Deferred revenue 45,295,000 28,336,000
Notes payable - current portion 226,000 226,000
Income taxes payable 705,000 5,810,000
Deferred rent 200,000 200,000
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TOTAL CURRENT LIABILITIES 68,736,000 57,905,000
Deferred income tax liability, long term 1,805,000 1,901,000
Notes payable, net of current portion -- 56,000
Deferred rent 954,000 954,000
Commitments and contingencies -- --
STOCKHOLDERS' EQUITY
Common Stock:
$.01 Par Value, 25,000,000 shares
authorized 19,765,934 and 19,468,734
share issued at January 2, 2005 and
September 30, 2004 198,000 195,000
Additional paid-in capital 153,758,000 149,043,000
Treasury stock at cost, 126,245 shares (534,000) (534,000)
Retained earnings 17,141,000 12,221,000
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TOTAL STOCKHOLDERS' EQUITY $170,563,000 $160,925,000
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $242,058,000 $221,741,000
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ARGON ST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
For the
Fiscal Quarter Ended
January 2, December 28,
2005 2003
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CONTRACT REVENUES $56,510,000 $27,293,000
COST OF REVENUES 45,338,000 23,259,000
GENERAL AND ADMINISTRATIVE EXPENSES 3,335,000 1,734,000
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INCOME FROM OPERATIONS 7,837,000 2,300,000
OTHER INCOME (EXPENSE)
Interest income 140,000 8,000
Interest expense (2,000) --
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138,000 8,000
INCOME BEFORE INCOME TAXES 7,975,000 2,308,000
PROVISION FOR INCOME TAXES 3,055,000 851,000
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NET INCOME $4,920,000 $1,457,000
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PER SHARE AMOUNT
Basic earnings per share $0.25 $0.12
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Diluted earnings per share $0.24 $0.11
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WEIGHTED AVERAGE SHARES OUTSTANDING
Basic average shares outstanding 19,423,000 12,267,000
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Diluted average shares outstanding 20,415,000 13,316,000
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On September 29, 2004, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Sensytech, Inc. ("Sensytech") merged with and into Argon argon (är`gŏn) [Gr.,=inert], gaseous chemical element; symbol Ar; at. no. 18; at. wt. 39.948; m.p. −189.2°C;; b.p. −185.7°C;; density 1.784 grams per liter at STP; valence 0. Engineering Associates, Inc. ("Argon Engineering") in a merger whereby each outstanding share of Argon Engineering common stock was exchanged for two shares of Sensytech common stock. As a result of the merger, the former Argon Engineering stockholders acquired approximately 65.6% of the issued and outstanding shares of Sensytech common stock. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards No. 141 "Business Combinations," the merger was accounted for as a reverse acquisition, whereby Argon Engineering was deemed to have acquired Sensytech for financial reporting purposes. Consistent with the reverse acquisition accounting treatment, the historical financial statements presented for periods prior to the acquisition date are the statements of Argon Engineering except for stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. which has been retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin restated for the equivalent number of shares of the legal acquirer. The following unaudited condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results of operations reflect the pro forma combination of Argon Engineering and Sensytech as if the combination had occurred at the beginning of the period presented, compared with the actual results of operations of Argon Engineering for the same period.
Fiscal quarter ended
December 28, 2003
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Historical Pro forma
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Revenue $27,293,000 39,958,000
Income from operations 2,300,000 3,400,000
Net income 1,457,000 2,109,000
Basic earnings per share $0.12 $0.11
Diluted earnings per share $0.11 $0.11
Basic wt average shares 12,267,000 18,766,000
Diluted wt average shares 13,316,000 19,992,000
Pro forma revenues attributable to Sensytech were $12,665,000 for the fiscal quarter ended December 28, 2003. Pro forma income from operations and net income attributable to Sensytech was $1,458,000 and $873,000, respectively for the fiscal quarter ended December 28, 2003. Pro forma depreciation and amortization on the write up of tangible and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , in accordance with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 141, was $115,000 and $243,000 respectively for the fiscal quarter ended and December 28, 2003 and the after tax effect was $221,000. About Argon ST, Inc. Argon ST designs, develops, and manufacturers 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 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. (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 ) 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. Statements in this press release which are not historical facts are 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. under the provisions 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. All forward-looking statements involve risks and uncertainties. The Company wishes to caution readers that certain factors can cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company undertakes no obligation and does not intend to update, revise or otherwise publicly release the results of any revisions to these forward-looking statements that may be made to reflect future 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 . |
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