Benthos Announces Nine Month Fiscal 2005 Net Income of $0.56 Per Diluted Share and Record Nine Month Sales of $17,631,000.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 third quarter and first nine months of fiscal year 2005 ended June June: 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 $6,698,000, a record for net sales in a fiscal quarter at Benthos and an increase of 16.6% from net sales of $5,746,000 in the third quarter of fiscal year 2004. Net income for the quarter was $516,000, or $0.29 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 $456,000, or $0.31 per diluted share, in the third quarter of fiscal 2004. Gross profit as a percent of sales in the third quarter of fiscal 2005 was 46.8% versus 42.1% in the third quarter of fiscal 2004. Research and development expenses for the third quarter of fiscal 2005 were $624,000, as compared to $430,000 in the same quarter of fiscal 2004, as we begin to increase research and development to accelerate the new product development process. In the Undersea Systems Division, net sales in the third quarter of fiscal 2005 were $3,773,000, a 12.6% increase compared to net sales of $3,352,000 in the same period last year. Net sales in the TapTone Package Inspection Systems Division in the third quarter of fiscal 2005 were $2,925,000, a 22.2% increase over net sales of $2,394,000 in the third quarter of 2004. For the first nine months of this fiscal year, net sales for the Company were $17,631,000, an increase of 28.1% compared to $13,764,000 in same period of the last fiscal year. For the first nine months of fiscal 2005, net sales of Undersea Systems Division products increased by 32.5% to $11,344,000 as compared to $8,560,000 for the same period last year, while TapTone Package Inspection Systems Division net sales increased by 20.8% to $6,287,000 as compared to $5,204,000 in the first nine months of last year. For the first nine months of fiscal 2005, gross profit as a percent of sales was 43.7% vs. 40.8% in the first nine months of fiscal 2004. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit in the third quarter of fiscal 2005 was $661,000, up from $468,000 in the third quarter of the prior year. In the first nine months of fiscal 2005, pretax profit was $1,215,000 versus $245,000 in the first nine months of the prior year, an improvement of $970,000. Net income for the first nine months of fiscal 2005 was $948,000, or $0.56 per diluted share compared to $233,000, or $0.17 per diluted share, in the first nine months of fiscal 2004, an improvement of $715,000. 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, "Growth in both of our divisions has produced a successful first nine months for Benthos and we are pleased with fiscal 2005 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results. The Undersea Systems Division has remained strong with a 32.5% gain in year-over-year sales for the first nine months and virtually all segments of that business are up. Continuing strong sales of our 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. products, as well as 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. , remotely operated vehicle 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. , acoustic acoustic /acous·tic/ (ah-kldbomacs´tik) relating to sound or hearing. a·cous·tic or a·cous·ti·cal adj. Of or relating to sound, the sense of hearing, or the perception of sound. , and communications products are leading the way." "Our TapTone Package Inspection Systems Division has grown by nearly 21% over the first nine months of last year. Sales to beverage processors are strong as the demand continues to increase for 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 in plastic containers. Many of the major players in the food, beverage, dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. and industrial chemical industries are continuing to turn to TapTone to increase the integrity of their products in plastic containers." "The success of our public offering in the third quarter of this year has provided Benthos with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $7,500,000 to support future growth of the Company." Mr. Marsiglio concluded, "We continue to be focused on profitable growth and are pleased with the 28.1% sales increase for the first nine months of fiscal 2005. Even though we are cautious about market conditions, the timing of large orders, and shipments to major customers, the fourth quarter is off to a good start and we anticipate a further strengthening of the Company in the remaining quarter of fiscal 2005 and into fiscal year 2006." 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 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, actual results or outcomes may vary materially from those described herein. The Company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
Assets June 30, 2005 September 30, 2004
------------- ------------------
Current Assets:
Cash and Cash Equivalents $ 9,513 $ 241
Accounts Receivable, Net 3,343 3,565
Inventories 3,747 3,149
Prepaid Expenses and Other Current
Assets 87 168
------- ------
Total Current Assets 16,690 7,123
Property, Plant and Equipment, Net 1,132 1,189
Goodwill 576 576
Acquired Intangible Assets, Net 39 218
Other Assets, Net 25 35
------- ------
$18,462 $9,141
======= ======
Liabilities and Stockholders'
Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 279 $ 279
Accounts Payable 1,392 1,217
Accrued Expenses 2,065 1,558
Customer Deposits 264 302
------- ------
Total Current Liabilities 4,000 3,356
------- ------
Long-Term Debt, Net of Current
Portion 46 256
------- ------
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 2,370 and 1,665 Shares at
June 30, 2005 and
September 30, 2004, respectively 158 111
Capital in Excess of Par Value 9,541 1,648
Retained Earnings 5,348 4,401
Treasury Stock, at cost- 270 shares
at June 30, 2005 and September 30,
2004 (631) (631)
------- ------
Total Stockholders' Investment 14,416 5,529
------- ------
$18,462 $9,141
======= ======
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Nine months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
------ ------ ------- -------
Product Sales $6,246 $5,442 $16,078 $12,476
Services 452 304 1,553 1,288
------ ------ ------- -------
Total Net Sales 6,698 5,746 17,631 13,764
Cost of Product Sales 3,336 3,121 9,098 7,381
Cost of Services 228 215 833 770
------ ------ ------- -------
Gross Profit 3,134 2,410 7,700 5,613
Selling, General &
Administrative Expenses 1,802 1,438 4,724 3,919
Research and Development
Expenses 624 430 1,580 1,224
Amortization of Acquired Intangibles 60 60 179 179
------ ------ ------- -------
Income from Operations 648 482 1,217 291
Interest Income 20 1 20 1
Interest Expense (7) (15) (22) (47)
------ ------ ------- -------
Income before Income Taxes 661 468 1,215 245
Provision for Income Taxes 145 12 267 12
------ ------ ------- -------
Net Income $ 516 $ 456 $ 948 $ 233
====== ====== ======= =======
Basic Earnings Per Share $ 0.32 $ 0.33 $ 0.63 $ 0.17
====== ====== ======= =======
Diluted Earnings Per Share $ 0.29 $ 0.31 $ 0.56 $ 0.17
====== ====== ======= =======
Weighted Average Number of 1,637 1,383 1,480 1,383
Shares Outstanding ===== ===== ===== =====
Weighted Average Number of 1,800 1,452 1,671 1,406
Shares Outstanding, Assuming
Dilution ===== ===== ===== =====
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion