Benthos Announces Operating Profit in Second Quarter and Reports First Half 2003 Results.Business Editors/High-Tech Writers 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)--April 28, 2003 Benthos benthos: see marine biology. , Inc. (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 second quarter and first half of fiscal 2003 ended March 31, 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 $4,419,000, up 20.4% from sales of $3,670,000 in the second quarter of the previous fiscal year. Net loss for the quarter was $40,000, or ($0.03) per share, compared to a net loss of $542,000, or ($0.39) per share, in the second quarter of fiscal 2002, a 92.6% improvement. Income from operations was $16,000, a significant improvement as compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in the same period last year of $709,000. Sales in the TapTone Package Inspection Systems Division in the second quarter of fiscal 2003 were $2,020,000, a 19.2% increase over sales of $1,695,000 in the second quarter of 2002. In the Undersea Systems Division, second quarter 2003 sales were $2,399,000, a 21.5% increase compared to sales of $1,975,000 in the same period last year. For the first half of fiscal 2003, TapTone Package Inspection Systems Division sales were up 19.3% over the same period last year, while sales of Undersea Systems Division products declined by 3.6%. Overall, net sales for the Company were $8,771,000, an increase of 5.5% compared to $8,313,000 in the first half of last year. The net loss for the first half of fiscal 2003 was $275,000, or ($0.20) per share, a 51.8% improvement compared to a net loss of $570,000, or ($0.41) per share, in the first half of fiscal 2002. 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, "These results show that our efforts to transform Benthos are having a positive effect. We are very pleased with the growth shown by our TapTone Package Inspection Systems Division and this is its sixth consecutive quarter to show increased sales over the previous quarter." "Recently implemented 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. techniques have contributed to a marked improvement in product margins. During the first half of fiscal 2003, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: gross profit, as a percent of sales, increased to 37.9% from 31.9% in the same period last year." "We expect that the second half of fiscal 2003 will benefit from products now being introduced. These new products will enhance our TapTone and 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. product lines, on which we have focused our efforts as areas of opportunity." Mr. Marsiglio also stated that the proposed sale of approximately 26 acres of the Company's real estate in North Falmouth, which was originally announced on March 21, 2003, is still proceeding. Marsiglio stated that the gross selling price is $2,500,000. Marsiglio also noted that the transaction is conditioned upon several contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and that all of the contingency contingency n. an event that might not occur. periods had not yet expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. . Marsiglio further stated that if the proposed transaction closes it is expected to close prior to the end of the current fiscal year. 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 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 March 31, September 30,
2003 2002
Current Assets:
Cash and Cash Equivalents $ 25 $ 76
Accounts Receivable, Net 2,848 2,871
Inventories 2,918 3,210
Refundable Income Taxes 3 393
Prepaid Expenses and Other Current Assets 127 148
Deferred Tax Asset 1,500 1,500
Assets Held for Sale 187 ---
Total Current Assets 7,608 8,198
Property, Plant and Equipment, Net 1,217 1,599
Goodwill 576 576
Acquired Intangible Assets, Net 576 695
Other Assets, Net 512 521
$ 10,489 $ 11,589
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 786 $ 786
Line of Credit 350 400
Accounts Payable 1,929 1,866
Accrued Expenses 1,360 1,503
Customer Deposits and Deferred Revenue 238 540
Total Current Liabilities 4,663 5,095
Long-Term Debt, Net of Current Portion 1,899 2,292
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at March 31, 2003
and September 30, 2002 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 2,879 3,154
Treasury Stock, at Cost- 270 shares at
March 31, 2003 and September 30, 2002 (631) (631)
Total Stockholders' Investment 3,927 4,202
$ 10,489 $ 11,589
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Quarter Ended Six Months Ended
March 31, March 31,
2003 2002 2003 2002
Net Sales $ 4,419 $ 3,670 $ 8,771 $ 8,313
Cost of Sales 2,635 2,610 5,451 5,663
Gross Profit 1,784 1,060 3,320 2,650
Selling, General &
Administrative Expenses 1,283 1,245 2,540 2,523
Research and Development
Expenses 426 465 823 693
Amortization of Acquired
Intangibles 59 59 119 119
Income (Loss) from Operations 16 (709) (162) (685)
Interest Income -- -- -- --
Interest Expense (56) (65) (113) (130)
Loss before Benefit for
Income Taxes (40) (774) (275) (815)
Benefit for Income Taxes -- (232) -- (245)
Net Loss $ (40) $ (542) $ (275) $ (570)
Basic and Diluted Loss Per
Share $ (0.03) $ (0.39) $ (0.20) $ (0.41)
Weighted Average Number of
Shares Outstanding 1,383 1,383 1,383 1,383
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