Benthos Announces Profit for Third Quarter and First Nine Months of 2004.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 2004 ending June June: see month. 30, 2004. 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 $5,746,000, an increase of 30.4% from sales of $4,406,000 in the third quarter of the previous fiscal year. Net income for the quarter was $456,000, or $0.31 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 $26,000, or $0.02 per diluted share, in the third quarter of fiscal 2003. In the Undersea Systems Division, third quarter 2004 sales were $3,352,000, a 26.4% increase compared to sales of $2,652,000 in the same period last year. Sales in the TapTone Package Inspection Systems Division in the third quarter of fiscal 2004 were $2,394,000, a 36.5% increase from sales of $1,754,000 in the third quarter of 2003. For the first nine months of fiscal 2004, Undersea Systems Division sales increased by 14.7% to $8,560,000 as compared to $7,461,000 for the first nine months of fiscal 2003, while TapTone Package Inspection Systems Division sales declined by 9.0% to $5,204,000 as compared to $5,716,000 in the first nine months of last fiscal year. Overall, net sales for the Company were $13,764,000, an increase of 4.5% compared to $13,177,000 in the first nine months of last fiscal year. The net income for the first nine months of fiscal 2004 was $233,000, or $0.17 per diluted share compared to a net loss of $249,000, or ($0.18) per share, in the first nine months of last fiscal year. 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 have seen another quarter of increased sales for our Undersea Systems Division and our TapTone Package Inspection Systems Division has shown strong evidence of recovery after two quarters of disappointing sales performance. Gross profits are continuing to strengthen and during the first nine months of fiscal 2004, gross profit, as a percent of sales, increased from 38.7% to 40.8%." "The increase in Undersea Systems Division sales continues to benefit from an increase in orders for our seismic hydrophones used in offshore oil and gas exploration, as well as glass instrument housings that are used to package electronics 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. use. Benthos received a large contract in the second quarter of fiscal 2004 to supply these housings for an astronomical as·tro·nom·i·cal also as·tro·nom·ic adj. 1. Of or relating to astronomy. 2. Of enormous magnitude; immense: an astronomical increase in the deficit. observatory observatory, scientific facility especially equipped to detect and record naturally occurring scientific phenomena. Although geological and meteorological observatories exist, the term is generally applied to astronomical observatories. being constructed in the ice below the South Pole South Pole, southern end of the earth's axis, lat. 90° S. It is distinguished from the south magnetic pole. The South Pole was reached by Roald Amundsen, a Norwegian explorer, in 1911. See Antarctica. ." "The Undersea Systems Division is also benefiting from record sales in its underwater acoustics Underwater acoustics is the study of the propagation of sound in water and the interaction of the mechanical waves that constitute sound with the water and its boundaries. The water may be in the ocean, a lake or a tank. product line. Specifically, Benthos 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 have been in strong demand due to their increased speed and outstanding transmission reliability, even in difficult marine environments. As more commercial and military customers begin to understand the benefits of wireless marine communication versus traditional wired communications, we believe there is potential for significant market development in acoustic modems." "Also in the third quarter, the first of our new 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. (TM) 3-Dimensional Side Scan Sonar systems was shipped to the National Institute of Ocean Technology The National Institute of Ocean Technology (NIOT) was established in November 1993 as an autonomous society under India's Department of Ocean Development (DOD). Its Head Quarters are inside the Indian Institute of Technology, Madras (IITM) Campus. of India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . Extensive demonstrations were also conducted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , France, Denmark, Germany, Italy and Scotland. Demonstrations are now planned throughout Canada. In each case, potential customers are impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the C3D's capabilities and we look forward to announcing further sales in upcoming quarters." "We are very pleased with the strong rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in TapTone sales. In fact, the third quarter of fiscal 2004 was a record high for TapTone sales in any quarter in the Company's history. In the third quarter, TapTone benefited from the delivery of a number of large orders and, as in any capital equipment business, the timing of large orders will cause some unevenness in quarterly sales. Nonetheless, it is our intention to continue to grow the TapTone business." Marsiglio concluded, "As stated at the end of the second quarter of fiscal 2004, the combination of products we now offer and strong market demand within certain sectors has led to an overall increase in order activity over the last several months. If these conditions continue, fiscal 2004 should be another year of improved results for Benthos." Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater 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. Forward-looking statements are based on management's current assumptions and expectations, which are inherently subject to risks and uncertainties and are difficult to predict. 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, regulatory 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 as anticipated, believed, estimated, expected or intended. The Company undertakes no obligation to publicly review or update any forward-looking information, whether as a result of future developments, newly acquired information or other matters.
Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
Assets June 30, 2004 September 30, 2003
------------- ------------------
Current Assets:
Cash and Cash Equivalents $ 49 $ 204
Accounts Receivable, Net 3,052 2,535
Inventories 3,039 3,076
Prepaid Expenses and Other
Current Assets 139 153
Note Receivable and Other
Receivable - Real Estate -- 1,150
----------- ----------
Total Current Assets 6,279 7,118
Property, Plant and Equipment, Net 1,165 1,568
Goodwill 576 576
Acquired Intangible Assets, Net 277 456
Other Assets, Net 40 52
----------- ----------
$ 8,337 $ 9,770
=========== ==========
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 279 $ 879
Line of Credit -- --
Accounts Payable 1,343 2,160
Accrued Expenses 1,121 1,161
Customer Deposits 261 261
----------- ----------
Total Current Liabilities 3,004 4,461
----------- ----------
Long-Term Debt, Net of Current
Portion 325 534
----------- ----------
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at June
30, 2004 and September 30, 2003 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 3,960 3,727
Treasury Stock, at Cost- 270
shares at June 30, 2004 and
September 30, 2003 (631) (631)
----------- ----------
Total Stockholders' Investment 5,008 4,775
----------- ----------
$ 8,337 $ 9,770
=========== ==========
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Quarter Ended Nine Months Ended
June 30, June 30,
2004 2003 2004 2003
-------- ------- ------- -------
Net Sales $ 5,746 $ 4,406 $13,764 $13,177
Cost of Sales 3,336 2,625 8,151 8,076
-------- ------- ------- -------
Gross Profit 2,410 1,781 5,613 5,101
Selling, General &
Administrative Expenses 1,438 1,205 3,919 3,745
Research and Development
Expenses 430 444 1,224 1,267
Amortization of Acquired
Intangibles 60 60 179 179
-------- ------- ------- -------
Income (Loss) from Operations 482 72 291 (90)
Interest Income 1 2 1 2
Interest Expense (15) (48) (47) (161)
-------- ------- ------- -------
Income (Loss) before Income Taxes 468 26 245 (249)
Provision for Income Taxes 12 0 12 0
-------- ------- ------- -------
Net Income (Loss) $ 456 $ 26 $ 233 $ (249)
======== ======= ======= =======
Basic Earnings(Loss) Per Share $ 0.33 $ 0.02 $ 0.17 $ (0.18)
======== ======= ======= =======
Diluted Earnings(Loss) Per Share $ 0.31 $ 0.02 $ 0.17 $ (0.18)
======== ======= ======= =======
Weighted Average Number of 1,383 1,383 1,383 1,383
Shares Outstanding ======== ======= ======= =======
Weighted Average Number of
Shares Outstanding, Assuming 1,452 1,383 1,406 1,383
Dilution ======== ======= ======= =======
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