Barringer Technologies Inc. Announces Third Quarter 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)--Oct. 25, 2000 --Revenue Increases 36.2%-- --Quarterly 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. Increases 101%-- --Net Income Increases 82.1%-- Barringer Barringer as a name may refer to:
BARR Bureau of Aeronautics Resident Representative ), the world's leading provider 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 third quarter and nine months ended September September: see month. 30, 2000. For the third quarter of 2000, revenue increased 36.2% to $7.2 million, compared with revenue of $5.3 million for the prior year's third quarter. Operating income for the quarter increased 101% to $1.6 million, compared with $776,000 in the year-ago quarter. Net income for the current quarter increased 82.1% to $1.3 million, or $0.18 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 with $720,000, or $0.10 per diluted share, in last year's third quarter. The weighted average diluted shares outstanding in the current quarter was 7,271,000 versus 7,518,000 in the third quarter of last year. For the nine months ended September 30, 2000, revenue increased 32.6% to $20.7 million, compared with $15.6 million for the same period last year. Operating income for the nine months increased 82.1% to $4.3 million, compared with $2.4 million during the comparable period last year. 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 for the nine months was $3.7 million or $0.50 per diluted share compared with $2.3 million or $0.29 per diluted share during the same period last year. Net income increased to $3.7 million, or $0.50 per diluted share for the nine months, compared with $1.0 million, or $0.13 per diluted share reported for the prior year's period, an earnings per share increase of 285%. Included in net income for the nine months ended September 30, 1999 was a loss of $0.16 per diluted share from the Company's discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . The weighted average diluted shares outstanding for the nine-month period was 7,413,000 compared with 7,859,000 in the same period last year. 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, "During the third quarter, the Company focused its attention on the growth of our core IONSCAN(R) and Sabre 2000(R) business as well as on the further development of new products and applications. In addition to the successes of our core products, we also made significant progress on a number of important fronts, as highlighted below: - The FAA funded the last phase of our new automated baggage trace detection system which should enable this product to be commercially available by the end of the first quarter of 2001; - Entered into a strategic alliance with Cadrai, LLC to expand our technology into the pharmaceutical and specialty chemical industries; - Filed a bacteria detection concept patent application that provides for a technique that, if successful, will significantly reduce or totally eliminate incubation times in microbiological organism detection and identification, thus enabling the Company to expand its applications to the pathogen and biological warfare detection market; - Successfully introduced the Sentinel walk-through detection portal system, and received our first order only four weeks after the introduction. We expect the Sentinel to contribute significantly to the Company's growth next year, and anticipate orders from both domestic and international customers; - Achieved initial sales of Sabre 2000(R)s for chemical warfare agent detection. Mr. Binder added, "We are very pleased with the Company's performance this quarter and believe that the investments we have made in our new products will significantly add to the Company's growth in the years ahead. We have introduced new applications and new products that have enabled us to expand into new markets and begin to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. many opportunities." Mr. Binder continued, "During the third quarter we benefited financially from continued economies of scale. The efficiency of our operations has enabled us to keep our selling, general, and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. down as a percentage of sales, therefore achieving strong bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. results. We believe this trend will continue." Mr. Binder concluded, "Momentum is strong and we remain on track to achieve record performance for the full year. We remain confident that full-year revenue growth will exceed 30% and operating income will double compared with 1999. Based on that level of growth, we expect earnings per diluted share for the full year to range between $0.62 and $0.68" Headquartered in Warren, New Jersey, Barringer Technologies Inc. is the dominant provider of trace detection equipment for drug, explosive explosive, substance that undergoes decomposition or combustion with great rapidity, evolving much heat and producing a large volume of gas. The reaction products fill a much greater volume than that occupied by the original material and exert an enormous pressure, , and chemical detection for 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. Barringer Technologies, Inc. will be hosting a conference call at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Wednesday Wednesday: see week. , October October: see month. 25, 2000 to further discuss the quarterly results. The call will simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics be broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.barringer.com and can be accessed under the subheading sub·head·ing n. See subhead. subheading Noun the heading of a subdivision of a piece of writing Noun 1. "Financial" on the "Overview"portion of the website. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2000 1999 2000 1999
------------------- -------------------
Revenues $ 7,166 $ 5,261 $ 20,662 $ 15,581
Gross profit 3,972 2,854 10,890 8,861
------------------- -------------------
Operating expenses:
Selling, general
and administrative 1,610 1,621 4,961 4,895
Business development 82 117 295 462
Product development 590 340 1,197 1,140
Compensation attributable
to stock plan 132 - 132 -
------------------- -------------------
Total operating expenses 2,414 2,078 6,585 6,497
------------------- -------------------
Operating income 1,558 776 4,305 2,364
Other income, net 480 386 1,309 1,333
------------------- -------------------
Income from continuing
operations before income
tax provision 2,038 1,162 5,614 3,697
Income tax provision 727 442 1,942 1,405
------------------- -------------------
Income from continuing
operations 1,311 720 3,672 2,292
Discontinued operation
net of tax - 0 - (1,253)
------------------- -------------------
Net Income 1,311 720 3,672 1,039
=================== ===================
Basic earnings per common share:
Continuing operations $ 0.19 $ 0.10 $ 0.52 $ 0.31
Loss from discontinued
operation - - - (0.17)
------------------- -------------------
Net income $ .19 $ 0.10 $ 0.52 $ 0.14
=================== ===================
Diluted earnings per
common share:
Continuing operations $ 0.18 $ 0.10 $ 0.50 $ 0.29
Loss from discontinued
operation - - - (0.16)
------------------- -------------------
Net income $ 0.18 $ 0.10 $ 0.50 $ 0.13
=================== ===================
Weighted average common and
common equivalent shares
outstanding:
Basic 6,947 6,982 7,113 7,269
=================== ===================
Diluted 7,271 7,518 7,413 7,859
=================== ===================
BARRINGER TECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
ASSETS September 30, December 31,
2000 1999
----------------------------
(unaudited)
Current assets
Cash and Marketable securities $ 27,704,000 $ 28,111,000
Accounts receivable, net 9,082,000 7,397,000
Inventories 5,731,000 5,543,000
Other current assets, net 3,107,000 3,831,000
----------------------------
Total current assets 45,624,000 44,882,000
Property and equipment 2,458,000 2,309,000
Other assets 2,190,000 1,574,000
----------------------------
Total Assets $ 50,272,000 $ 48,765,000
============================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 4,583,000 2,913,000
Non-current liabilities 809,000 599,000
----------------------------
Total Liabilities 5,392,000 3,512,000
----------------------------
Shareholders' equity:
Preferred stock & common stock 146,000 166,000
Additional paid-in capital 51,647,000 54,776,000
Retained Earnings (Accumulated Deficit) 577,000 (3,090,000)
Cumulative comprehensive loss (986,000) (742,000)
Treasury stock at cost (6,504,000) (5,857,000)
----------------------------
Total shareholders' equity 44,880,000 45,253,000
----------------------------
Total liabilities and
shareholders' equity $ 50,272,000 $ 48,765,000
============================
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