Barringer Technologies Inc. Announces First Quarter 2000 Results.Business Editors WARREN Warren. 1 City (1990 pop. 144,864), Macomb co., SE Mich., a suburb of Detroit; est. 1837, inc. as a city 1957. It is an important metalworking center where steel is processed. , N.J.--(BUSINESS WIRE)--April 28, 2000 Barringer Barringer as a name may refer to:
BARR Bureau of Aeronautics Resident Representative ), the world's leading developer, manufacturer, and marketer of trace drug and explosive detection Explosive detection is a non-destructive inspection process to determine whether a container contains explosive material. Explosive detection is commonly used at airports, ports and for border control. equipment, today announced results for its first quarter ended March 31, 2000. For the first quarter of 2000, revenues were $4.8 million, compared to revenues of $4.9 million for the prior year's first quarter. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the 2000 first quarter was $509,000, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $630, 000, or $0.08 per diluted share, in the first quarter of 1999. Net income was $509,000, or $0.07 per diluted share in the 2000 first quarter, compared to net income of $500,000, or $0.06 per diluted share, in the year-ago period. There were 7,513,000 weighted average diluted shares outstanding in the 2000 first quarter versus 8,399,000 in the corresponding 1999 quarter. Mr. Stanley Stanley, town (1991 pop. 1,557), capital of the Falkland Islands, S Atlantic Ocean, on East Falkland island. It is the main port and trading center of the islands. The name is sometimes written as Port Stanley. Binder binder: see combine. An earlier Microsoft Office workbook file that let users combine related documents from different Office applications. The documents could be viewed, saved, opened, e-mailed and printed as a group. , Chairman and Chief Executive Officer, said, "Results in the first quarter exceeded our expectations as a result of stronger than expected demand. At the end of the quarter we had a backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8.5 million giving us a strong base of business for this year. As a result, Barringer believes it will be able to achieve top-line growth of approximately 30% this year with a doubling of 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. over 1999. We are extremely excited about the future of Barringer and the new opportunities that are before us. As we previously announced, we are working collaboratively with the University of Connecticut The University of Connecticut is the State of Connecticut's land-grant university. It was founded in 1881 and serves more than 27,000 students on its six campuses, including more than 9,000 graduate students in multiple programs. UConn's main campus is in Storrs, Connecticut. in developing applications for IONSCAN(R) technology for the detection of pathogens which threaten our food supply. Initial results have been very positive and we are extremely excited about these potential new markets. A number of large pharmaceutical and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. companies have expressed interest in our capabilities which we anticipate offering commercially later this year." Headquartered in Warren, New Jersey, Barringer Technologies Inc. is principally engaged in developing, manufacturing, and marketing of high technology products for drug and explosive detection and other security and industrial applications. The Sabre 2000(R) and the IONSCAN(R) are the Company's proprietary trace particle particle /par·ti·cle/ (pahr´ti-k'l) a tiny mass of material. Dane particle an intact hepatitis B viral particle. drug and explosive detection units. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this press release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, the following: general economic and political conditions, conditions in the markets for the Company's products, and risks associated with new product introductions such as: manufacturing delays, unexpected manufacturing costs, increased selling costs, failure to properly estimate demand, delays in market acceptance, increased warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. expenses, delays in the development of new applications, risks related to the Company's ability to successfully commercialize new applications and the timing thereof. Other factors may be described from time to time in the Company's public filings with the Securities and Exchange Commission, news releases and other communications. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company does not undertake any obligation to release publicly any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events.
BARRINGER TECHNOLOGIES INC.
Consolidated Statements of Income
(In thousands, except per share data)
Three months ended March 31,
2000 1999
Revenues $ 4,783 $ 4,893
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Gross profit 2,392 2,877
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Selling, general and admin 1,621 1,674
Business development 111 194
Product development 291 504
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2,023 2,372
Operating income 369 505
Other income 400 502
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Income before income taxes 769 1,007
Income tax provision 260 377
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Net income from continuing
operations 509 630
Operation sold, net of tax -- (130)
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Net income $ 509 $ 500
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Basic earnings per share:
Continuing $ 0.07 $ 0.08
Operation sold -- (0.02)
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$ 0.07 $ 0.06
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Dilutive earnings per share:
Continuing $ 0.07 $ 0.08
Operation sold -- (0.02)
------- -------
$ 0.07 $ 0.06
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Weighted average common and
common equivalent shares outstanding
Basic 7,092 7,712
Diluted 7,513 8,397
BARRINGER TECHNOLOGIES INC.
Condensed Balance Sheets
(In thousands)
ASSETS: March 31, 2000
Cash and marketable securities $ 28,285
Accounts receivable, net 7,453
Inventory 6,579
Prepaid expenses and other 1,221
Deferred tax asset 2,512
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Total current assets 46,050
Property and equipment, net 2,363
Other assets 1,775
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50,188
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 3,786
Non-current liabilities 748
Preferred stock 87
Common stock 79
Paid in capital 52,917
Accumulated deficit (2,581)
Foreign currency translation (780)
Treasury stock (4,068)
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Stockholders' equity 45,654
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Total $ 50,188
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