Arizona Instrument Corp. third quarter net income is 4 cents per share versus a loss of 25 cents per share; Nine month net is 5 cents per share versus a loss of 30 cents per share.PHOENIX--(BUSINESS WIRE)--Oct. 30, 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 that net income for the third quarter ended Sept. 30, 1995 was $250,000, or 4 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 $3,518,000. This compares with a net loss of $1,591,000, or 25 cents per share, including a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , pre-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $864,000, on revenue of $3,308,000 for the third quarter of 1994. For the nine months ended Sept. 30, 1995, net income was $314,000, or 5 cents per share, compared with a net loss of $1,876,000, or 30 cents per share, for the first nine months of 1994. Revenue rose to $9,469,000 from $9,244,000 for the same period a year earlier. President and Chief Executive Officer John Hudnall said that the increase in revenue for the third quarter resulted primarily from higher sales of Computrac 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 systems, which more than offset an anticipated decline in revenue from the restructured and refocused tank testing services. He added that the refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus of the Company's 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 earlier this year led to higher utilization of tank testing field technicians for this year's third quarter, resulting in an increase in gross margin for the period to 58 percent of revenue from 46 percent for last year's comparable quarter. 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). of tank testing operations also contributed to a $409,000 decline in marketing and general and administrative expenses compared to the same period of the prior year. 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 $1,400,000 for the first nine months, Hudnall said, which allowed the Company to reduce bank borrowings and debt by more than $1,400,000 since Dec. 31, 1994. Hudnall said that more than 100 ENCOMPASS systems were shipped to several new convenience store customers that distribute gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by , including Circle K, during the third quarter. "About 25 potential customers representing a total of more than 10,000 sites currently are evaluating ENCOMPASS," Hudnall said. "With the pace of installations of this proprietary fuel management and leak detection system now scheduled to accelerate, we expect revenue and earnings for the fourth quarter to exceed the Company's third quarter results," Hudnall concluded. Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Instrument Corp. designs and manufactures precision instruments used in quality control, industrial control and environmental monitoring applications. Its Horizon Engineering and Testing subsidiary specializes in testing and related services for the underground storage tank An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. market. -0-
Arizona Instrument Corp.
Condensed Consolidated Statement of Operations
($ 000 omitted, except for per share and share data)
(unaudited)
Three Months Ended
Sept. 30
1995 1994
Net Sales $ 3,518 $ 3,308 Income (loss) from operations 343 (1,456) Income (loss) before income tax provision 255 (1,590) Income tax provision 5 1 Net income (loss) $ 250 $ (1,591) Net income (loss) per common share $ .04 $ (.25) Average number of common shares outstanding 6,660,340 6,168,270
Nine Months Ended
Sept. 30,
1995 1994
Net Sales $ 9,469 $ 9,244 Income (loss) from operations 596 (1,550) Income (loss) before income tax provision 323 (1,874) Income tax provision 9 2 Net income (loss) $ 314 $ (1,876) Net income (loss) per common share $ .05 $ (.30) Average number of common shares outstanding 6,550,022 6,190,314
Condensed Consolidated Balance Sheet
($ 000 omitted)
Sept. 30, Dec. 31,
ASSETS 1995 1994
(unaudited) (audited)
Current assets $ 6,099 $ 6,731 Total assets $10,830 $11,967 LIABILITIES AND EQUITY Current liabilities $ 3,896 $ 5,028 Long term debt and capital lease obligations 821 1,200 Total liabilities 4,717 6,228 Stockholders' equity $ 6,113 $ 5,739 Total liabilities and stockholders' equity $10,830 $11,967 CONTACT: Scott Carter Vice President & CFO See Chief Financial Officer. 602/470-1414 or Neil G. Berkman Associates 310/277-5162 |
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