Benthos Announces Fourth Quarter and Fiscal 2003 Results.Business Editors NORTH FALMOUTH Falmouth, town, England Falmouth (făl`məth), town (1991 pop. 17,810), Cornwall, SW England, on a small peninsula between Falmouth Bay and Carrick Roads estuary. , Mass.--(BUSINESS WIRE)--Dec. 22, 2003 BENTHOS benthos: see marine biology. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BTHS BTHS Brooklyn Technical High School BTHS Barth Syndrome BTHS Bartram Trail High School (Jacksonville, Florida) BTHS Brick Township High School (New Jersey) ) today reported financial results for the fourth quarter and the fiscal year ended September September: see month. 30, 2003. 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 the quarter were $3,847,000, an increase of 17.5% over sales of $3,275,000 in the fourth quarter of the previous fiscal year. Net income for the quarter was $822,000, or $0.59 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 a net loss of $3,292,000, or ($2.32) per share, in the fourth quarter of fiscal 2002. Net income for the fourth quarter of fiscal 2003 includes a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $2,208,000, realized as a result of the Company's sale of some of its real estate holdings in North Falmouth. Sales in the TapTone Package Inspection Systems Division in the fourth quarter of fiscal 2003 were $1,609,000, a 21.5% increase over sales of $1,324,000 in the fourth quarter of 2002. Fourth quarter 2003 sales in the Undersea Systems Division were $2,238,000, a 14.7% increase compared to sales of $1,951,000 in the same period last year. For the full year of fiscal 2003, sales in the TapTone Package Inspection Systems Division increased 19.9%, to a record $7,325,000, as compared with $6,109,000 in fiscal 2002. Sales in the Undersea Systems Division decreased by 16.5% to $9,699,000 as compared to $11,611,000 in fiscal 2002. Overall, net sales for the entire Company for fiscal 2003 were $17,024,000, a decrease of 3.9% when compared to $17,720,000 for last year. The net income for fiscal 2003 was $573,000 or $0.41 per diluted share, compared to a net loss of $3,513,000 or ($2.54) per share for fiscal 2002. The results for the full year of fiscal 2003 include the pre-tax gain of $2,208,000 for the real estate sale mentioned previously. Commenting on today's announcement, Ronald L. Marsiglio, Benthos President 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. , said, "Fiscal 2003 was a year of steady accomplishments at Benthos as we continued reinventing the Company to compete in today's market environment. For the second consecutive year, the TapTone Package Inspection Systems Division has had a nearly 20% increase in year-to-year sales. Although our Undersea Systems Division reported a decrease compared to fiscal 2002 sales, the Division actually experienced a 3.9% increase in shipments excluding the one time sale in fiscal 2002 of the multi-million dollar order for 48 remotely operated vehicles Remotely operated underwater vehicles (ROVs) is the common accepted name for tethered underwater robots in the offshore industry. ROVs are unoccupied, highly maneuverable and operated by a person aboard a vessel. (ROV's)." "Our balance sheet was strengthened and monthly financial burdens will be lessened less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. as a result of the sale of some of the Company's excess land holdings. The Company is now operating more efficiently out of a single consolidated facility where we are continuing toward our goal of becoming a truly lean enterprise." "The TapTone Division has benefited greatly from the introduction of the T500-F Force Sensor that began shipping in the second quarter of fiscal 2003. The T500-F is used to inspect nitrogen-dosed and carbonated beverage carbonated beverage, an effervescent drink that releases carbon dioxide under conditions of normal atmospheric pressure. Carbonation may occur naturally in spring water that has absorbed carbon dioxide at high pressures underground. containers. These containers are among the most widely used in the world. The recent introduction of the T500-C Compression Sensor should also benefit the Division. An extension of the T500-F, the T500-C is specifically designed also to find leaks in non-carbonated flexible plastic bottles at production speeds, opening another market to the Company." "Our Undersea Systems Division introduced a new generation of geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. products in fiscal 2003. The highlight among them is the C3D A technology developed at the Turing Institute, Glasgow, Scotland for creating 3D models. Using two cameras to obtain stereo images, C3D turns subjects into 3D models in AutoCAD, 3D Studio and virtual reality formats for Internet use. High Resolution Side Scan Sonar system. This system, which is used to obtain detailed 3-dimensional images of the seafloor, is receiving wide praise from industry professionals for its performance and the high-quality data it obtains." "As we progress into fiscal 2004, we believe that the Company is operating at a much higher efficiency level than in the past. Gross margins have improved to 37.0% compared to 28.1% in fiscal 2002. We will be introducing additional new products in coming quarters, and will be heavily marketing these systems and those already introduced to gain maximum market share. We look forward to a year of continued progress at Benthos." Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater Underwater 1. The condition a call option is in when its strike price is higher than the market price of the underlying stock. 2. The condition a put option is in when its strike price is lower than the market price of the underlying stock. tasks; and through its TapTone Package Inspection Systems Division makes systems for testing consumer packages made of glass, metal or plastic. The common stock of the Company is traded on the Nasdaq SmallCap market under the symbol BTHS. For more information, Benthos can be found on 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.benthos.com. Forward Looking Statements The statements in this news release and in oral statements which may be made by representatives of the Company relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, economic performance and trends and other statements that are not descriptions of historical facts are 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 the Federal Securities Laws. Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors which include: the timing of large project orders, competitive factors, shifts in customer demand, government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. , economic cycles, availability of financing as well as the factors described in this news release, including anticipated growth of our TapTone Package Inspection and geophysical product lines and the progress of lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. training techniques. Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected or intended.
Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
(unaudited)
Assets Sept. 30, Sept. 30,
2003 2002
Current Assets:
Cash and Cash Equivalents $ 204 $ 76
Accounts Receivable, Net 2,535 2,871
Inventories 3,076 3,210
Income Taxes Receivable --- 393
Prepaid Expenses and
Other Current Assets 153 148
Deferred Tax Asset --- 1,500
Note Receivable and Other Receivable -
Real Estate 1,150 ---
Total Current Assets 7,118 8,198
Property, Plant and Equipment, Net 1,568 1,599
Goodwill 576 576
Other Assets, Net 508 1,216
------- -------
$ 9,770 $11,589
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 879 $ 786
Line of Credit --- 400
Accounts Payable 2,160 1,866
Accrued Expenses 1,161 1,503
Customer Deposits and Deferred Revenue 261 540
Total Current Liabilities 4,461 5,095
Long-Term Debt, Net of Current Portion 534 2,292
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at
September 30, 2003 and 2002 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 3,727 3,154
Treasury Stock, at Cost (631) (631)
Total Stockholders' Investment 4,775 4,202
------- -------
$ 9,770 $11,589
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Quarter Ended Fiscal Year Ended
September 30, September 30,
2003 2002 2003 2002
Net Sales $3,847 $ 3,275 $17,024 $17,720
Cost of Sales 2,652 3,269 10,728 12,769
Gross Profit 1,195 6 6,296 4,951
Selling, General &
Administrative Expenses 1,211 1,023 4,956 4,919
Research and Development
Expenses 433 399 1,700 1,396
Amortization of Acquired
Intangibles 60 60 239 239
Goodwill Impairment --- 2,081 --- 2,081
Loss from Operations (509) (3,557) (599) (3,684)
Interest Income 1 1 3 4
Interest Expense (47) (56) (208) (248)
Gain on Sale of Real Estate 2,208 --- 2,208 ---
Income (Loss) before Provision
(Benefit) for Income Taxes 1,653 (3,612) 1,404 (3,928)
Provision (Benefit) for Income
Taxes 831 (320) 831 (415)
Net Income (Loss) $ 822 $(3,292) $ 573 $(3,513)
Basic Income (Loss) Per Share $ .59 $ (2.38) $ .41 $ (2.54)
Diluted Income (Loss) Per Share $ .59 $ (2.38) $ .41 $ (2.54)
Weighted Average Number of
Shares Outstanding 1,383 1,383 1,383 1,383
Weighted Average Number of
Shares Outstanding, Assuming
Dilution 1,398 1,383 1,389 1,383
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion