Benthos Announces Second Quarter 2002 Results and Record April Revenues.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)--May 1, 2002 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 2002 ended March 31, 2002. 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 $3,670,000, down 23.4% from sales of $4,791,000 in the second quarter of the previous fiscal year. Net loss for the quarter was $542,000, or ($0.39) per share, compared to a net loss of $380,000, or ($0.28) per share, in the second quarter of fiscal 2001. Sales in the TapTone Package Inspection Division in the second quarter of fiscal 2002 were $1,695,000, a 31.2% increase over sales of $1,292,000 in the second quarter of 2001. In the Undersea Systems Division, second quarter 2002 sales were $1,975,000, a 43.6% decrease compared to sales of $3,499,000 in the same period last year. However, sales of 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. products within the Undersea Systems Division increased 30.3% over the prior year's second quarter sales. For the first half of fiscal 2002, TapTone Package Inspection sales were up 28.8% over the same period last year, while sales of Undersea Systems products declined by 22.6%. Overall, net sales for the Company were $8,313,000, a decrease of 7.9% compared to $9,029,000 in the first half of last year. The net loss was $570,000, or ($0.41) per share, a 42.4% improvement compared to a net loss of $989,000, or ($0.72) per share, in the first half of fiscal 2001. 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, "Although the results of the second quarter of fiscal 2002 appear disappointing compared with the trends we saw in the first quarter of this year, there is encouraging news. Our efforts to focus on TapTone and geophysical products are clearly having a positive impact, with sales up 31.2% and 30.3%, respectively. Marsiglio continued, "Furthermore, several hundred thousand dollars in revenue planned for shipment in March 2002 did not occur until April 2002 as the Company was focused on the completion of a multi-million dollar order for remotely operated vehicles 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. that also shipped in April. As a result, revenues in excess of $3 million will be recorded for April 2002, a record-setting month in the Company's forty-year history -- accomplished with 19% fewer people than at this time last year. This puts us on track for the third quarter revenues of this fiscal year to be the highest revenue quarter in the history of the Company." "Our efforts to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. Company operations and become a lean enterprise produced concrete results in the second quarter of fiscal 2002. The Company sold two of its underachieving product lines during the quarter and instituted several manufacturing improvements. These improvements aided significantly in the production of the 48 MiniROVER MKII systems that were recently delivered. These units were built in only 46 days from receipt of the order to shipment. In the long term, we believe that all of these efforts are resulting in a leaner lean 1 v. leaned, lean·ing, leans v.intr. 1. To bend or slant away from the vertical. 2. , stronger Benthos, and will poise the Company for growth 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 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 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. 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 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)
March 31, September 30,
Assets 2002 2001
Current Assets:
Cash and Cash Equivalents $ 22 $ 46
Accounts Receivable, Net 2,900 2,723
Inventories 5,214 5,101
Prepaid Expenses and
Other Current Assets 153 713
Deferred Tax Asset 1,650 1,650
Total Current Assets 9,939 10,233
Property, Plant and Equipment, Net 1,568 1,810
Goodwill 2,657 2,657
Other Assets, Net 1,345 1,388
$ 15,509 $ 16,088
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 786 $ 786
Line of Credit 125 500
Accounts Payable 2,554 1,520
Accrued Expenses 1,830 2,329
Customer Deposits 384 161
Total Current Liabilities 5,679 5,296
Long-Term Debt, Net of Current Portion 2,685 3,077
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at March 31, 2002
and September 30, 2001 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 6,097 6,667
Treasury Stock, at Cost (631) (631)
Total Stockholders' Investment 7,145 7,715
$ 15,509 $ 16,088
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,
2002 2001 2002 2001
Net Sales $ 3,670 $ 4,791 $ 8,313 $ 9,029
Cost of Sales 2,610 3,130 5,663 6,241
Gross Profit 1,060 1,661 2,650 2,788
Selling, General &
Administrative Expenses 1,245 1,400 2,523 2,680
Research and Development
Expenses 465 590 693 1,098
Amortization of Goodwill -- 66 -- 132
Amortization of Acquired
Intangibles 59 60 119 120
Loss from Operations (709) (455) (685) (1,242)
Interest Income -- 6 -- 27
Interest Expense (65) (93) (130) (197)
Loss before Benefit for
Income Taxes (774) (542) (815) (1,412)
Benefit for Income Taxes (232) (162) (245) (423)
Net Loss $ (542) $ (380) $ (570) $ (989)
Basic and Diluted Loss
Per Share $ (0.39) $ (0.28) $ (0.41) $ (0.72)
Weighted Average Number of
Shares Outstanding 1,383 1,382 1,383 1,380
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