Arizona Instrument Corp. fourth-quarter net income is 3 cents per share vs. a loss of 1 cent per share as revenue rises 27 percent to $3,635,000.PHOENIX--(BUSINESS WIRE)--March 4, 1996--Arizona Instrument Corp. (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 :AZIC) Monday Monday: see week. announced that net income for the fourth quarter ended Dec. 31, 1995, increased to $219,000, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , vs. a net loss of $62,000, or 1 cent per share, for the fourth quarter of 1994. Revenue increased 27 percent to $3,635,000 from $2,862,000 for the same period a year earlier. For the 12 months ended Dec. 31, 1995, net income was $533,000, or 8 cents per share, compared with a net loss of $1,938,000, or 31 cents per share, for 1994. Revenue rose to $13,104,000 from $12,106,000 for the prior year. President and Chief Executive Officer John Hudnall attributed the increase in revenue for the fourth quarter primarily to higher sales of ENCOMPASS fuel-management and leak-detection systems and to revenue associated with the installation of these systems for customers. These gains more than offset an anticipated decline in revenue from the company's restructured and refocused tank testing services. He added that approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 220 ENCOMPASS systems were shipped in the fourth quarter, and that the company now has commitments to install the system at a total of more than 2,600 sites throughout the country. "With momentum building in our ENCOMPASS program, and further growth anticipated in sales of our Computrac moisture moisture wetness due to any liquid; usually refers to water as a component, e.g. in feed. moisture free a substance heated at 220°F (105°C) to constant weight. Called also oven-dry or 100% dry matter. analyzers this year, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that 1996 will be another year of solid growth in revenue and earnings for Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Instrument," Hudnall said. Noting that operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to 9 percent of revenue for the fourth quarter of 1995 compared with less than 1 percent of revenue a year earlier, Hudnall added, "We also look for further gains in operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the new year, especially in the second half, which is historically the strongest period for sales of Computrac moisture analyzers as well as tank-testing services." Lower interest expense also is expected to contribute to improved profitability in 1996, he said. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. exceeded $2,400,000 for 1995, Hudnall said, which allowed the company to reduce 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. bank borrowings and other debt by more than $2,100,000 during the year and to nearly double working capital to more than $3,330,000 at Dec. 31. Arizona Instrument designs and manufactures precision instruments used in quality control, industrial control and environmental monitoring applications. Its Horizon Engineering and Testing subsidiary specializes in testing and related services for the underground storage tank An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. market. -0-
ARIZONA INSTRUMENT CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($000 omitted, except for per-share and share data)
(unaudited)
Three Months Ended
Dec. 31,
1995 1994
Net sales $ 3,635 $ 2,862
Income (loss) from operations 326 7
Income (loss) before
income tax provision 221 (62)
Income tax provision 2 0
Net income (loss) $ 219 $ (62)
Net income (loss) per
common share $ .03 $ (.01)
Average number of common
shares outstanding 6,688,220 6,180,196
Twelve Months Ended
Dec. 31,
1995 1994
Net sales $ 13,104 $ 12,106
Income (loss) from operations 922 (1,543)
Income (loss) before
income tax provision 544 (1,936)
Income tax provision 11 2
Net income (loss) $ 533 $ (1,938)
Net income (loss) per
common share $ .08 $ (.31)
Average number of common
shares outstanding 6,584,860 6,186,816
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($000 omitted)
Dec. 31,
ASSETS 1995 1994
Curent assets $ 5,930 $ 6,731
Total assets $10,600 $11,967
LIABILITIES AND EQUITY
Current liabilities $ 2,598 $ 5,028
Long term debt and
capital lease
obligations 1,663 1,200
Total liabilities 4,261 6,228
Stockholders' equity $ 6,339 $ 5,739
Total liabilities and
stockholders' equity $10,600 $11,967
CONTACT: Arizona Instrument Corp., Phoenix Scott Carter, 602/470-1414 |
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