Benthos Announces Fourth Quarter and Fiscal Year 2001 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)--Nov. 20, 2001 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) ) announced today that sales for the fiscal year ended September 30, 2001 were $18,021,000, as compared to sales of $20,553,000 in the prior year. Net loss for the year was $2,292,000, or ($1.66) per share, compared to net earnings of $522,000, or $0.37 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, in the prior year. Sales in the fourth quarter of 2001 were $4,016,000 compared to $4,901,000 in the fourth quarter of fiscal 2000. The Company reported a net loss of $1,276,000, or ($0.92) per share, compared to net earnings of $58,000, or $0.04 per diluted share, in the fourth quarter of last year. The results of the fourth quarter of fiscal 2001 included charges related to inventory write-offs, warranty costs on an older model 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. hydrophone hydrophone (hī`drəfōn'), device that receives underwater sound waves and converts them to electrical energy; the voltage generated can then be read on a meter or played through a loudspeaker. , an accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. related to a former distributor, and executive transition expenses. On an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , these charges for the quarter amounted to $931,000 or $.67 per share. In the fourth quarter, sales of the Company's Container Inspection Systems Division were $1,059,000, up 1.4% from $1,044,000 in the same period of last year. Sales of the Company's Undersea Systems Division in the current quarter were $2,957,000, a decrease of 23.3% from $3,857,000 in the fiscal 2000 quarter. 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. Ronald L. Marsiglio, who joined the Company in May 2001, commented, "Fiscal 2001 was a challenging period for Benthos. We enter fiscal 2002 poised for improved operations. Significant efforts were expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. in the fourth quarter to develop a cohesive cohesive, n the capability to cohere or stick together to form a mass. strategic plan to set a clear direction for Benthos in the coming years. We involved a multi-functional team of 20 employees within the Company over the summer and gathered input from every employee in the organization." Mr. Marsiglio continued, "The Company will focus on its core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The TapTone and geophysical product lines will lead the way." "We have a strong management team in place and are in the process of staffing the remaining key slots needed to prepare us to move forward to growth and profitability. With the financial support of the Commonwealth of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , through its $240,000 of matching funds Noun 1. matching funds - funds that will be supplied in an amount matching the funds available from other sourcescash in hand, finances, funds, monetary resource, pecuniary resource - assets in the form of money , the Company has embarked on a two-year program to become a world-class, best-practices organization, based on 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. concepts that emphasize continuous process improvement. In the beginning of fiscal 2002, we are already seeing a positive impact from this initiative." Mr. Marsiglio concluded, " I am very excited by all of the changes being implemented and the many opportunities we see for Benthos as we go forward. New products introduced in both of the Company's divisions during 2001, and those under development for introduction in the first half of fiscal year 2002, should increase Benthos' presence in its served markets and provide a base for growth in 2002 and beyond. While the current economic environment contains uncertainties, we believe that the strategic plan, combined with our efforts to re-invent Benthos' business practices, will result in improved corporate performance and increased shareholder value." 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 Container Inspection 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 may be 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 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. 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.& SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(in thousands, except per share data)
(unaudited)
Thirteen Weeks Ended
September 30, September 30,
2001 2000
Net Sales $ 4,016 4,901
Cost of Sales 3,625 3,113
Gross Profit 391 1,788
Selling, General and
Administrative Expenses 1,710 1,157
Research and Development
Expenses 297 338
Amortization of Goodwill
and Other Acquired
Intangibles 126 126
Income (Loss) from Operations (1,742) 167
Interest Income 0 17
Interest Expense (81) (101)
Income (Loss) before (Benefit)
Provision for Income Taxes (1,823) 83
(Benefit) Provision for Income Taxes (547) 25
Net Income (Loss) $ (1,276) $ 58
Basic Earnings (Loss) Per Share $(0.92) $ 0.04
Diluted Earnings (Loss) Per Share $(0.92) $ 0.04
Weighted Average Common
Shares Outstanding 1,383 1,379
Weighted Average Common
Shares Outstanding,
Assuming Dilution 1,383 1,415
BENTHOS, INC.& SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(in thousands, except per share data)
(unaudited)
Fiscal Year Ended
September 30, September 30,
2001 2000
Net Sales $ 18,021 $ 20,553
Cost of Sales 12,837 12,080
Gross Profit 5,184 8,473
Selling, General and
Administrative Expenses 5,918 5,289
Research and Development
Expenses 1,695 1,607
Amortization of Goodwill
and Other Acquired
Intangibles 505 507
Income (Loss) from Operations (2,934) 1,070
Interest Income 28 78
Interest Expense (368) (402)
Income before (Benefit)
Provision for Income Taxes (3,274) 746
(Benefit) Provision for Income Taxes (982) 224
Net Income (Loss) $ (2,292) $ 522
Basic Earnings (Loss) Per Share $ (1.66) $ 0.38
Diluted Earnings (Loss) Per Share $ (1.66) $ 0.37
Weighted Average Common
Shares Outstanding 1,382 1,376
Weighted Average Common
Shares Outstanding,
Assuming Dilution 1,382 1,415
BENTHOS, INC. & SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
Assets September 30, 2001 September 30, 2000
Current Assets:
Cash and Cash Equivalents $ 46 $ 1,474
Accounts Receivable, Net 2,723 3,448
Inventories 5,101 4,974
Prepaid Expenses
and Other Current Assets 713 159
Deferred Tax Asset 1,650 1,354
Total Current Assets 10,233 11,409
Property, Plant and Equipment, Net 1,810 1,960
Other Assets, Net 4,045 4,496
----------- -----------
$ 16,088 $ 17,865
Liabilities and Stockholders' Investment
Current Liabilities:
Notes Payable 500 0
Current Maturities of Long-Term Debt 3,863 786
Accounts Payable 1,520 1,160
Accrued Expenses 2,329 1,729
Customer Deposits 161 350
Total Current Liabilities 8,373 4,025
Long-Term Debt,
Net of Current Maturities - 3,863
Stockholders' Investment:
Common Stock, $.06 2/3 par value-
Authorized - 7,500 shares
Issued - 1,653 shares at
September 30, 2001 and
September 30, 2000 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 6,667 8,959
Treasury Stock, at Cost (631) (661)
Total Stockholders' Investment 7,715 9,977
----------- ----------
$ 16,088 $ 17,865
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