Arizona Instrument Corporation Announces 1999 Results.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--March 29, 2000 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 Corporation (Nasdaq:AZIC) announced today that it generated net income of $382,000 or $0.28 per share for the year ended December December: see month. 31, 1999. This compares to net income of $125,000 or $.09 per share for 1998. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for 1999 were $9,053,000, a decrease of 34% from the $13,737,000 in sales achieved for 1998. The decrease in sales was due to the reduction in Encompass/Soil Sentry revenues that resulted from the disposition of the Encompass/Soil Sentry product line in April 1999, and to a lesser extent a decline in sales of Jerome instruments. 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. for 1999 was $667,000 an increase of 33% from the operating income of $502,000 achieved for 1998. The increase in operating income was due to improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. and a reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for 1999 as compared to 1998. For the fourth quarter ended December 31, 1999, the Company generated net income of $141,000 or $0.10 per share. This compares to a net loss of $360,000 or $0.27 per share for the fourth quarter of 1998. Net sales for fourth quarter of 1999 were $2,570,000, a decrease of 20% from the $3,202,000 in sales achieved for the fourth quarter of 1998. Operating income for the fourth quarter of 1999 was $383,000 as compared to 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 $272,000 incurred for the fourth quarter of 1999. George G. Hays Hays, city (1990 pop. 17,767), seat of Ellis co., W central Kans.; inc. 1885. It is a rail, trade, and medical center in a grain, cattle, and oil area. Manufactures include electronic equipment, plastics, feeds, medical supplies, aircraft, and motorcycles. , President of Arizona Instrument Corporation, stated that the Company had performed well in 1999 and had overcome many obstacles to produce a profit for its shareholders. Mr. Hays expressed his thanks to the dedicated AZI AZI Association Zen Internationale (France) employees for their outstanding contributions to the Company during the past year. The statements in this press release regarding management's anticipation of growth in revenue and earnings, growth in sales, stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of revenue, and positive responses to new developments, constitute "forward-looking" statements within the meaning 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 f 1995. Management's anticipation is based upon assumptions regarding the market in which the company operates, competition, product introduction and delivery schedule , profit margins, demand for inventory, stability of costs, timing and maintenance of orders, stability of the regulatory environment and other factors. Any of these assumptions may prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate. Arizona Instrument Corporation, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 registered company, designs, manufactures, and markets precision instruments used in quality control, industrial process control, and environmental monitoring applications.
ARIZONA INSTRUMENT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($000, except per share and share data)
unaudited
Three Months Ended Twelve Months Ended
December 31 December 31
1999 1998 1999 1998
Net Sales $2,570 $3,203 $9,053 $13,737
Operating Income 383 (272) 667 502
Net Income $141 $(360) $382 $125
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Net Income per share
-- Diluted $0.10 $(0.27) $0.28 $0.09
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Diluted Shares
Outstanding(a) 1,380,302 1,352,805 1,379,580 1,352,805
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(a)Shares outstanding reflect the 1 for 5 reverse stock split
effective February 16, 1999
CONDENSED CONSOLIDATED BALANCE SHEET
($000)
unaudited
At December 31,
1999 1998
ASSETS
Current assets $6,203 $6,320
Long term assets 2,815 3,459
-----------------------
Total assets $9,018 $9,779
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LIABILITIES AND EQUITY
Current liabilities $1,110 $2,275
Long term liabilities -- 12
Stockholders' equity 7,908 7,492
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Total Liabilities and Equity $9,018 $9,779
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