Barringer Technologies Inc. Announces Second Quarter 1998 Results.MURRAY HILL Murray Hill may refer to one of the following places:
BARR Bureau of Aeronautics Resident Representative , BARRW), the 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 second quarter and six months ended June 30, 1998. For the quarter, revenues were $5.2 million, compared with $5.8 million in the second quarter of 1997. Net income, including a tax benefit of $150,000 and before a previously announced $435,000 ($0.05 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) non-recurring charge related to the write-off of certain technology and in-process research and development resulting from the recent acquisition of DigiVision Inc., was $1.3 million, or $0.15 per diluted share. This compares to net income, including a tax benefit of $56,000, of $1.4 million, or $0.22 per diluted share, for the same period a year ago. On July 1, 1998, the Company announced that second quarter revenues, net income and earnings per share were expected to be below analysts expectations, reflecting delayed follow-on orders from several customers, including the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control . For the six months, revenues were $11.1 million, compared with $9.4 million in the year-ago period. Net income, including a tax benefit of $350,000 and before the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. non- recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. charge related to the DigiVision Inc. acquisition, was $3.1 million, or $0.41 per diluted share. This compares to net income, including a tax benefit of $131,000, of $2.3 million, or $0.36 per diluted share in the same period in 1997. Mr. 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, "Second quarter results reflect delayed follow-on orders from several customers, including the Federal Aviation Administration. As we announced earlier this month, we remain confident that these orders will be received in the second-half of the year. Mr. Binder continued, "During the quarter Barringer made significant strides toward achieving our stated goal of growing and diversifying the Company s customer base while finding new applications for our proprietary technology. First, we completed the acquisition of DigiVision, Inc., a manufacturer of patented real-time video enhancement equipment used in the medical field, but with applications in the security and law enforcement, industrial and military markets. In addition to adding an important facet facet /fac·et/ (fas´it) a small plane surface on a hard body, as on a bone. fac·et n. 1. A small smooth area on a bone or other firm structure. 2. to our current product line, this acquisition provides a presence in the rapidly growing video market." Mr. Binder added, "Barringer also was awarded a contract from the U.S. Army to develop and test mine detection equipment, representing another strategic extension of our proven IMS (1) See IP Multimedia Subsystem. (2) (Information Management System) An early IBM hierarchical DBMS for IBM mainframes. IMS was widely implemented throughout the 1970s under MVS and continues to be used under z/OS. technology into a new market. Additionally, in order to bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz Barringer s worldwide business development capabilities, we announced a strategic management change, significantly strengthening our Business Development Group. This change reinforces our commitment to grow our business both internally and externally." Headquartered in Murray Hill, New Jersey
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, as well as conditions in the markets for the Company's products. 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 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 Six Months Ended
June 30, June 30,
1998 1997 1998 1997
(unaudited) (unaudited)
Revenues $5,187 $5,816 $11,136 $9,438
Gross profit 3,210 3,322 6,723 5,483
Operating expenses 2,518 2,068 4,576 3,538
Write-off of acquired
technology 435 - 435 -
Operating income 257 1,254 1,712 1,945
Income before net tax benefit 680 1,359 2,271 2,129
Net income 830 1,415 2,621 2,260
Preferred stock dividends 2 3 5 6
Basic earnings per common
share $0.11 $0.26 $0.40 $0.42
Diluted earnings per
common share $0.10 $0.22 $0.35 $0.36
Weighted average common
and common equivalent
shares(1):
Basic 7,710 5,453 6,624 5,423
Diluted 8,435 6,327 7,426 6,205
(1)Reflects the Company's April 1998 public offering.
BARRINGER TECHNOLOGIES INC.
Condensed Balance Sheets
(In thousands)
June 30, December
1998 31, 1997
(unaudited)
ASSETS
Current assets
Cash and cash equivalents 20,899 8,188
Marketable securities 17,128 2,499
Accounts receivable, net 5,516 7,908
Inventory 3,814 3,049
Other
2,891 2,393
Total current assets 50,248 24,037
Machinery and equipment, net 1,811 1,505
Other long term assets 831 66
Total assets $52,890 $25,608
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities
Accounts payable $1,767 $1,324
Accrued expenses 1,905 3,049
Total current liabilities 3,672 4,373
Non-current liabilities 150 121
Stockholders equity 49,068 21,114
Total liabilities and stockholders equity $52,890 $25,608
CONTACT: BARRINGER TECHNOLOGIES INC. Stanley Binder, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard S Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a . Rosenfeld, CFO See Chief Financial Officer. 908/665-8200 or Cheryl Schneider/Tessa Lavender lavender, common name for any plant of the genus Lavandula, herbs or shrubby plants of the family Labiatae (mint family), most of which are native to the Mediterranean region but naturalized elsewhere. The true lavender (L. Press: Michael McMullan Morgen-Walke Associates, Inc. 212/850-5600 |
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