Benthos Announces Second Quarter and First Half Fiscal 2001 Results.Business Editors NORTH FALMOUTH, Mass.--(BUSINESS WIRE)--May 2, 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) ) today reported financial results for the second quarter and first half of fiscal 2001 ended March 31, 2001. 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 $4,717,000, down 9.9% from sales of $5,237,000 in the second quarter of the previous fiscal year. Net loss for the quarter was $380,000, or ($0.28) per share, compared to a net profit of $229,000, or $0.16 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 second quarter of fiscal 2000. Excluding non-recurring items related to the resignation of the 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. on January 26, 2001, the search for a successor, and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs, the net loss for the second quarter of fiscal 2001 would have been $274,000 or ($0.20) per share. For the first half of fiscal 2001, net sales were $8,890,000, down 16.5% compared to $10,648,000 in the first half of last year. The net loss was $989,000, or ($0.72) per share, compared to net income of $307,000, or $0.22 per diluted share, in the first half of fiscal 2000. Excluding the non-recurring items referenced above, the net loss for the first half of fiscal 2001 would have been $883,000 or ($0.64) per share. The Company has focused on completing certain product development activities, despite the decrease in sales volume in fiscal 2001, by investing $590,000 in Research and Development (R&D) expenses in the second quarter of fiscal 2001, up 29.1% over $457,000 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 same quarter of fiscal 2000. For the first half of fiscal 2001, R&D expenses are up 19.1% at $1,098,000 as compared to $922,000 in the first half of fiscal 2000. The Stingray stingray: see ray. stingray or whip-tailed ray Any of various species (family Dasyatidae) of rays noted for their slender, whiplike tail with barbed, usually venomous spines. 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. was introduced in April 2001, and there are several other products in the oceanographic, 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. and container inspection markets to be launched in the second half of this fiscal year. In the second quarter, sales of the Company's Undersea Systems Division were $3,468,000 as compared to $3,397,000 for the same period in fiscal 2000, while sales of the Container Inspection Systems Division were $1,249,000 as compared to $1,840,000 in the second quarter of the prior year. Commenting on today's announcement, Dr. Stephen D. Fantone, Benthos Chairman and Interim President said, "These results reflect a marked improvement over the first quarter of this fiscal year. We are beginning to see the effects of operational changes that were initiated this quarter and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this improving trend will continue for the remainder of fiscal 2001." 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 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 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. and Subsidiary
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
(unaudited)
Assets March 31, 2001 September 30, 2000
Current Assets:
Cash and Cash Equivalents $ 51 $ 1,474
Accounts Receivable, Net 3,328 3,448
Inventories 5,813 4,974
Prepaid Expenses and Other
Current Assets 80 159
Deferred Tax Asset 1,354 1,354
Total Current Assets 10,626 11,409
Property, Plant and
Equipment, Net 1,981 1,960
Other Assets, Net 4,312 4,496
---------- ---------
$16,919 $17,865
Liabilities and Stockholders' Investment
Current Liabilities:
Note Payable $ 50 $ --
Current Portion of
Long-Term Debt 786 786
Accounts Payable 1,929 1,160
Accrued Expenses 1,277 1,729
Customer Deposits 388 350
Total Current Liabilities 4,430 4,025
Long-Term Debt, Net of Current
Portion 3,470 3,863
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at March 31, 2001
and September 30, 2000 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 7,971 8,959
Treasury Stock, at Cost (631) (661)
Total Stockholders' Investment 9,019 9,977
-------- -------
$ 16,919 $17,865
Benthos, Inc. and Subsidiary
Condensed Consolidated Statements of Earnings
(in thousands, except per share amounts)
(unaudited)
Quarter Ended First Half Ended
March 31, March 31,
2001 2000 2001 2000
Net Sales $ 4,717 $ 5,237 $ 8,890 $ 10,648
Cost of Sales 3,056 2,638 6,102 5,924
Gross Profit 1,661 2,599 2,788 4,724
Selling, General &
Administrative
Expenses 1,400 1,601 2,680 2,945
Research and
Development
Expenses 590 457 1,098 922
Amortization of
Goodwill and
Other Acquired
Intangibles 126 130 252 254
Income (Loss) from
Operations (455) 411 (1,242) 603
Interest Income 6 12 27 41
Interest Expense (93) (96) (197) (205)
Income before
(Benefit) Provision
for Income Taxes (542) 327 (1,412) 439
Provision (Benefit)
for Income Taxes (162) 98 (423) 132
Net Income (Loss) $ (380) $ 229 $ (989) $ 307
Basic Earnings
(Loss) Per Share $(0.28) $ 0.17 $ (0.72) $ 0.22
Diluted Earnings
(Loss) Per Share $ ( 0.28) $ 0.16 $ ( 0.72) $ 0.22
Weighted Average
Common Shares
Outstanding 1,382 1,376 1,380 1,372
Weighted Average
Common Shares
Outstanding,
Assuming Dilution 1,382 1,419 1,380 1,416
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