Arizona Instrument Corp. second-quarter net income is 2 cents per share vs. a 4-cent-per-share loss; first-half net is 1 cent per share vs. a loss of 5 cents per share.PHOENIX--(BUSINESS WIRE)--July 31, 1995--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 its return to profitability as net income for the second quarter ended June June: see month. 30, 1995 increased to $140,000, or 2 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. , on revenue of $3,124,000. This compares to a net loss of $198,000, or 4 cents per share, on revenue of $3,137,000 for the second quarter of 1994. Income from operations was $222,000 for the quarter, compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $112,000 for the same period last year. For the six months ended June 30, 1995, net income was $64,000, or 1 cent per share, compared to a net loss of $285,000, or 5 cents per share, for last year's first half. Revenue increased slightly to $5,951,000 from $5,936,000 for the same period a year earlier. Income from operations for the first half increased to $253,000, compared with an operating loss of $93,000 for the same period a year ago. "Second quarter profitability benefited from the recent updating of our product lines and the introduction of new products, improved control over expenses, and the re-focusing of our tank testing marketing program toward the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century ," said John Hudnall, president and chief executive officer. "The results of these efforts have surpassed our expectations," he added. 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 $700,000 for the first half, Hudnall said, which allowed the Company to reduce bank borrowings and debt by $761,000 since Dec. 31, 1994. "As we anticipated, rising sales of our new MAX-2000 and MAX-1000 moisture analyzers and ENCOMPASS~ fuel management and leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. detection system introduced in 1994 have offset declining sales of tank testing products that resulted from last year's adjustment of our tank testing marketing program. Also as anticipated, this re-focused marketing effort has resulted in substantially improved gross margins from tank testing sales so far this year," Hudnall said. During the second quarter, the Company announced that Circle K Corporation agreed to begin installing 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's ENCOMPASS~ systems in the Circle K convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. that distribute gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by . "Several other large regional companies currently are evaluating ENCOMPASS~," Hudnall said, "and we expect sales of this product to begin to gain momentum in the second half." On April 12, 1995, a patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. suit brought by Teledyne Industries Inc. in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Northern District of Texas, was dismissed with prejudice by agreement of both parties. The complaint alleged that the Company's Soil Sentry product line infringed Teledyne's exclusive U.S. license. Dismissal of a suit, with prejudice, prevents the plaintiff from bringing the complaint again in the future. 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
June 30,
1995 1994
Net Sales $ 3,124 $ 3,137
Income (loss) from operations 222 (112)
Income (loss) before
income tax provision 143 (198)
Income tax provision 3 --
Net income (loss) $ 140 $ (198)
Net income (loss) per
common share $ .02 $ (.04)
Average number of common
shares outstanding 6,466,126 6,165,979
-0-
ARIZONA INSTRUMENT CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($000 omitted, except for per-share and share data)
(unaudited)
Six Months Ended
June 30,
1995 1994
Net Sales $ 5,951 $ 5,936
Income (loss) from operations 253 (93)
Income (loss) before
income tax provision 68 (284)
Income tax provision 4 1
Net income (loss) $ 64 $ (285)
Net income (loss) per
common share $ .01 $ (.05)
Average number of common
shares outstanding 6,407,151 6,206,302
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($000 omitted)
June 30, Dec. 31,
1995 1994
(unaudited) (audited)
ASSETS
Current assets $ 6,351 $ 6,731
Total assets $11,270 $11,967
LIABILITIES AND EQUITY
Current liabilities $ 4,544 $ 5,028
Long term debt and
capital lease
obligations 884 1,200
Total liabilities 5,428 6,228
Stockholders' equity $ 5,842 $ 5,739
Total liabilities and
stockholders' equity $11,270 $11,967
CONTACT: Arizona Instrument Corp., Phoenix Scott Carter, 602/470-1414 |
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