BTI announces second profitable year; company reports net income increase of 101%.TORONTO--(BUSINESS WIRE)--March 2, 1995--Battery Technologies Inc.--developers of the Reusable re·use tr.v. re·used, re·us·ing, re·us·es To use again, especially after salvaging or special treatment or processing. re·us Alkaline alkaline /al·ka·line/ (al´kah-lin) (-lin) 1. having the reactions of an alkali. 2. having a pH greater than 7.0. al·ka·line adj. 1. Manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. (RAM(TM)) battery system--announced today record fourth quarter revenue for 1994 marking the company's second profitable year. Net income for the year ending December 31, 1994 was $441,000 or two cents per common share compared to net income of $219,000 or one cent per common share in 1993. Fourth quarter earnings of eleven (11) cents per common share were recorded compared to ten cents Ten Cents has several meanings:
Significantly, 1994 was the first year the company showed positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . In addition, total assets increased by 41 percent and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased by 27 percent and these trends are expected to continue. In making the announcement, Mr. Wayne Hartford, President and Chief Executive Officer of the Canadian-based BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information Group of Companies, said these results mark another year of solid growth demonstrating the ongoing successful development of the company's business internationally. "Despite the implementation of a conservative revenue recognition policy at the start of 1994, the company still made a profit and favourably reversed earlier forecasts," stated Mr. Hartford, who went on to explain "(the) increase in royalty income of 30 percent over 1993 is clearly an indication of what to expect from the existing business and this trend will be compounded in the future as new licensees begin to manufacture and sell product around the world." He said the volume of equipment sales will continue to grow with increased profits in 1995 and there is the opportunity for an ongoing income stream from future sales, upgrades and maintenance programs that the company had not previously anticipated. Moreover, BTI is pleased by the commitment of Rayovac Corporation and Pure Energy Battery Corporation to the RAM(TM) technology. Royalty income from Rayovac in 1993 was principally derived from providing retailers with initial inventory. Independent in-store research indicates consumer sales of RAM(TM) products have doubled during 1994 and A.C. Nielsen research states that the rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re market has grown by over 35 percent since the introduction of "RENEWAL" in 1993. This product continues to take market share from its major competitors. Canadian licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. , Pure Energy, launched its "PURE ENERGY"(TM) line of batteries and chargers in the fall of 1994 and is now the most widely distributed Adj. 1. widely distributed - growing or occurring in many parts of the world; "a cosmopolitan herb"; "cosmopolitan in distribution" cosmopolitan bionomics, environmental science, ecology - the branch of biology concerned with the relations between organisms rechargeable in Canada. Their aggressive advertising campaign announcing that their RAM(TM) products could replace 25 alkaline primary batteries was well received by the consumer. Duracell has recently included a disclaimer on their advertising and promotional material confirming that their comparisons do not apply to rechargeable alkaline products. BTI will continue to increase consumer awareness and expects its exponential growth Extremely fast growth. On a chart, the line curves up rather than being straight. Contrast with linear. of sales to continue as new licensees commence production and global distribution of RAM(TM) products. Audited financial statements and a complete summary of the company's 1994 activities will be released March 27, 1995 in the Annual Report. The Corporation's Annual Meeting of Shareholders will take place on May 9, 1995 at 4:30p.m. at the Board of Trade, First Canadian Place First Canadian Place is a skyscraper in Toronto, Ontario, Canada. At 298 metres, or 978 feet (355 metres with antenna included), it is Canada's tallest skyscraper and the eleventh tallest building in North America. , Toronto, Canada. RAM(TM) is the registered trademark of Battery Technologies Inc. in Canada. -0-
Battery Technologies Inc.
Financial Highlights
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1994 1993
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Revenue (000) 4th Quarter $ 9,701 $ 4,199
Year End $ 11,604 $ 4,527
Shares Outstanding at December 31 $ 29,731,891 $ 27,885,000 Earnings Per Share 4th Quarter 11 cents 10 cents (X)
Year End 2 cents 1 cent
Net Income (000) Year End $ 441 $ 219 (X) comparative figures restated for consistency of presentation CONTACT: BTI, Toronto Kathryn Freer, 905/881-5100 or Victor Webb, 212/684-6601 |
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