Benthos Announces Fourth Quarter and Fiscal 2005 Results.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. -- 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, 2005. 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 $6,464,000, an increase of 6.2% over net sales of $6,086,000 in the fourth quarter of the previous fiscal year. Gross profit for the quarter was $2,878,000 or 44.5% of net sales, compared to $2,449,000 or 40.2% of net sales in the fourth quarter of fiscal year 2004. Net income for the quarter was $2,326,000 or $1.04 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 net income of $441,000, or $.29 per diluted share, in the fourth quarter of fiscal year 2004. Net income for the quarter included $2,000,000 resulting from the Company's reduction of a valuation reserve against its deferred tax asset that affected the Company's (benefit) provision for income taxes. The net income for the quarter would have been $326,000 or $0.15 per diluted share without the effects of the reduction of the valuation reserve against the deferred tax asset. Net sales for the fourth quarter of fiscal year 2005 in the TapTone Package Inspection Systems Division were $2,420,000, a 44.0% increase over net sales of $1,680,000 in the fourth quarter of fiscal year 2004. In the Undersea Systems Division, net sales were $4,044,000, an 8.2% decrease compared to net sales of $4,406,000 for the same period last fiscal year, primarily due to timing of deliveries. The fourth quarter of fiscal year 2004 included a large shipment of acoustic modems Noun 1. acoustic modem - a modem that converts electrical signals to telephone tones and back again modem - (from a combination of MOdulate and DEModulate) electronic equipment consisting of a device used to connect computers by a telephone line . Net sales for the entire Company for fiscal year 2005 were $24,095,000, an increase of 21.4% as compared to $19,850,000 for last year. For the full fiscal year 2005, net sales in the TapTone Package Inspection Systems Division increased by 26.5% to $8,707,000 as compared with last fiscal year's net sales level of $6,884,000. For the full fiscal year 2005, net sales in the Undersea Systems Division increased by 18.7% to $15,388,000 as compared to $12,966,000 in fiscal year 2004. Gross Profit for fiscal year 2005 was $10,578,000, an increase of 31.2% as compared to $8,062,000 in fiscal year 2004. Income from operations for fiscal year 2005 was $1,746,000 or 7.2% of net sales, compared to $918,000 or 4.6% of net sales for fiscal year 2004. The net income for fiscal year 2005 was $3,274,000 or $1.60 per diluted share, compared to net income of $674,000 or $0.47 per diluted share for fiscal year 2004. Net income for fiscal year 2005 included $2,000,000 resulting from the Company's reduction of a valuation reserve described above. The net income for fiscal year 2005 would have been $1,274,000 or $0.70 per diluted share, an increase of 89.0% in net income and an increase in earnings per diluted share of 48.9% without the effects of the reduction of the valuation reserve against the deferred tax asset. 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, "We are very pleased with the improved results of fiscal year 2005 and we again thank the entire Benthos team for its efforts that made the year over year improvement of $828,000 in income from operations possible. A key contributor to improved profitability has been increased gross profits as a percent of net sales, which improved to 43.9% for fiscal year 2005 compared to 40.6% and 37.0 % in fiscal years 2004 and 2003, respectively. Furthermore, our balance sheet is extremely strong, especially the cash position of $9,506,000." "The 26.5 % increase in fiscal year 2005 net sales of the Package Inspection Systems Division, compared to fiscal year 2004 net sales, was primarily driven by net sales growth in x-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. systems for fill height and force measurement systems for plastic container (1) Software that acts as a parent program to hold and execute a set of commands or to run other software routines. (2) A data structure that holds one or more different types of data. See metafile and OLE. leak (programming) leak - With a qualifier, one of a class of resource-management bugs that occur when resources are not freed properly after operations on them are finished, so they effectively disappear (leak out). This leads to eventual exhaustion as new allocation requests come in. detection, two relatively new product categories for TapTone." "The 18.7% increase in fiscal year 2005 net sales of the Undersea Systems Division compared to fiscal year 2004 net sales was due to a continuation of strong demand for Benthos 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. hydrophones used in the oil and gas exploration industry, increased demand for Stingray stingray: see ray. stingray or whip-tailed ray Any of various species (family Dasyatidae) of rays noted for their slender, whiplike tail with barbed, usually venomous spines. ROV ROV Remotely Operated Vehicle ROV Real Options Valuation ROV Return on Value ROV Range of View ROV Rostov, Russia - Rostov (Airport Code) ROV Roll-Over Valve (automotive fuel tanks) ROV Range of Value systems, which are often used in port and harbor security operations, and an increase in Benthos acoustic modem sales to both naval and commercial customers." "As we progress into fiscal year 2006, the Company again looks forward to another year of sales growth, driven by the products that made fiscal year 2005 a success. Sales momentum will also be helped by improved sales of 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. three dimensional sonar imaging systems, that are now gaining market acceptance, and an increase in demand for TapTone package inspection systems, driven by the recently introduced all-new T1000 product line, that includes a color touch screen control interface and network connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. . In addition, we expect U.S. Navy funding for acoustic modem technology development to be strong." 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 Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for 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 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. The Company believes that such statements are reasonable and are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. However, actual results could differ materially from those currently anticipated due to a number of factors that 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, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes and other factors. More information about these factors is contained in the Company's filings with the Securities and Exchange Commission. 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 Incorrect means to not be correct and may also refer to:
Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
(unaudited)
Assets Sept. 30, Sept. 30,
2005 2004
Current Assets:
Cash and Cash Equivalents $9,506 $241
Accounts Receivable, Net 3,484 3,565
Inventories 3,843 3,149
Prepaid Expenses and
Other Current Assets 162 168
Deferred Tax Asset 1,305 ---
------------ -----------
Total Current Assets 18,300 7,123
Property, Plant and Equipment, Net 1,354 1,189
Goodwill 576 576
Deferred Tax Asset 595
Other Assets, Net 16 253
------------ -----------
$20,841 $9,141
============ ===========
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $--- $279
Accounts Payable 1,463 1,217
Accrued Expenses 2,184 1,558
Customer Deposits and Deferred Revenue 306 302
------------ -----------
Total Current Liabilities 3,953 3,356
------------ -----------
Long-Term Debt, Net of Current Portion --- 256
------------ -----------
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 2,106 and 1,665 Shares at
September 30, 2005 and 2004, respectively 159 111
Capital in Excess of Par Value 9,684 1,648
Retained Earnings 7,675 4,401
Treasury Stock, at Cost (630) (631)
------------ -----------
Total Stockholders' Investment 16,888 5,529
------------ -----------
$20,841 $9,141
============ ===========
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,
2005 2004 2005 2004
------- ------- -------- --------
Net Sales $6,464 $6,086 $24,095 $19,850
Cost of Sales 3,586 3,637 13,517 11,788
------- ------- -------- --------
Gross Profit 2,878 2,449 10,578 8,062
Selling, General &
Administrative Expenses 1,865 1,299 6,589 5,218
Research and Development
Expenses 445 463 2,025 1,687
Amortization of Acquired Intangibles 39 60 218 239
------- ------- -------- --------
Income from Operations 529 627 1,746 918
Interest Income 61 1 81 2
Interest Expense --- (11) (22) (58)
------- ------- -------- --------
Income before (Benefit)
Provision for Income Taxes 590 617 1,805 862
(Benefit) Provision for Income Taxes (1,736) 176 (1,469) 188
------- ------- -------- --------
Net Income $2,326 $441 $3,274 $674
======= ======= ======== ========
Basic Income Per Share $1.11 $.32 $1.74 $.49
======= ======= ======== ========
Diluted Income Per Share $1.04 $.29 $1.60 $.47
======= ======= ======== ========
Weighted Average Number of
Shares Outstanding 2,103 1,389 1,635 1,384
======= ======= ======== ========
Weighted Average Number of
Shares Outstanding, Assuming
Dilution 2,245 1,546 1,814 1,442
======= ======= ======== ========
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