Benthos Announces Second Quarter and First Half Fiscal 2005 Results.NORTH FALMOUTH, 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 second quarter and first half of fiscal 2005 ended March 31, 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 $5,914,000, an increase of 41.0% from net sales of $4,195,000 in the second quarter of the previous fiscal year. Net income for the quarter was $271,000, or $0.17 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 a net loss of $36,000, or ($0.03) per share, in the second quarter of fiscal 2004. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. for the second quarter of fiscal 2005 was 42.5% vs. 42.0% in the second quarter of the previous year, and the first half gross profit margin was 41.8% vs. 39.9% in the first half of fiscal year 2004. Selling, general and administrative expenses for the second quarter of fiscal 2005 were $1,624,000, including approximately $103,000 of expenses related to the Company's evaluation of its strategic alternatives and expenses related to Sarbanes-Oxley Section 404 compliance. In the Undersea Systems Division, second quarter 2005 net sales were $4,148,000, a 50.5% increase compared to net sales of $2,757,000 in the same period last year. Net sales in the TapTone Package Inspection Systems Division in the second quarter of fiscal 2005 were $1,766,000, a 22.8% increase over net sales of $1,438,000 in the second quarter of 2004. For the first half of this year, net sales for the Company were $10,933,000, an increase of 36.4% compared to $8,018,000 in same period of last year. For the first half of fiscal 2005, net sales of Undersea Systems Division products increased by 45.4% to $7,572,000 as compared to $5,208,000 for the same period last year, while TapTone Package Inspection Systems Division net sales increased by 19.6% to $3,361,000 as compared to $2,810,000 in the first half of last year. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit in the second quarter of fiscal 2005 was $347,000, up from a loss of $36,000 in the second quarter of the prior year. In the first half of fiscal 2005, pretax profit was $554,000 vs. a loss of $223,000 in the first half of the prior year, an improvement of $777,000. Net income for the first half of fiscal 2005 was $432,000, or $0.27 per diluted share compared to a net loss of $223,000, or ($0.16) per share, in the first half of fiscal 2004, an improvement of $655,000. 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 fueled a successful first half for Benthos and we are pleased with these 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 been particularly strong with a 45% gain in year-over-year sales for the first six months and virtually all segments of that business are up. This is due in large part to 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 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. , 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." "Hydrophone sales are up by 132.5% over the first half of last year with large orders received in both the first and second quarters of fiscal 2005. Modem sales are up by 75.1% due to strong demand from commercial and U.S. Navy customers. Geophysical sales are up 35.4% in the same period due, in part, to the shipment of a 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 system to the Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by Department of Fisheries fisheries. From earliest times and in practically all countries, fisheries have been of industrial and commercial importance. In the large N Atlantic fishing grounds off Newfoundland and Labrador, for example, European and North American fishing fleets have long in the most recent quarter. We are continuing to promote this innovative system to potential users and having systems in the field is a great aid in this effort." "Also included in the sales for the second quarter were five 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 systems for the Canada Border Services Agency The Canada Border Services Agency (CBSA) (French: Agence des services frontaliers du Canada - ASFC) is responsible for Canada's border operations. It was created on December 12, 2003, amalgamating Canada Customs (from the now-defunct Canada Customs and Revenue Agency) . These systems join the five systems already in use throughout Canada that were shipped last year and have been highly successful in port and harbor security operations, including drug seizures In counterdrug operations, includes drugs and conveyances seized by law enforcement authorities and drug-related assets (monetary instruments, etc.) confiscated based on evidence that they have been derived from or used in illegal narcotics activities. ." "The TapTone Package Inspection Systems Division has grown by nearly 20% over the first half of last year. Sales to beverage processors are strong as the demand 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 increases. Now, many of the major players in the food, beverage, dairy and industrial chemical industries are turning to TapTone to increase the integrity of their products in plastic containers. TapTone's expansion in recent years into x-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. fill level inspection will also aid future growth of the Package Inspection Systems Division." Marsiglio concluded, "We are focused on profitable growth and are pleased with the 36.4% sales increase for the first half of fiscal 2005. While we are still cautious about the timing of large orders, market conditions, and sales to major customers, the third quarter is off to a good start and we anticipate a further strengthening of the Company in the second half of fiscal 2005." 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 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 March 31, 2005 September 30, 2004
----------------- -------------------
Current Assets:
Cash and Cash Equivalents $ 1,108 $ 241
Accounts Receivable, Net 2,935 3,565
Inventories 3,469 3,149
Prepaid Expenses and Other
Current Assets 124 168
------- ------
Total Current Assets 7,636 7,123
Property, Plant and Equipment,
Net 1,181 1,189
Goodwill 576 576
Acquired Intangible Assets, Net 98 218
Other Assets, Net 29 35
------- ------
$ 9,520 $9,141
======= ======
Liabilities and Stockholders'
Investment
Current Liabilities:
Current Portion of Long-Term
Debt $ 279 $ 279
Accounts Payable 1,404 1,217
Accrued Expenses 1,325 1,558
Customer Deposits 353 302
------- ------
Total Current Liabilities 3,361 3,356
------- ------
Long-Term Debt, Net of Current
Portion 116 256
------- ------
Stockholders' Investment:
Common stock, $.06 2/3 Par
Value-
Authorized - 7,500 Shares
Issued - 1,679 and 1,665
Shares at
March 31, 2005 and
September 30, 2004, respectively 112 111
Capital in Excess of Par Value 1,729 1,648
Retained Earnings 4,833 4,401
Treasury Stock, at cost- 270
shares at
March 31, 2005 and September
30, 2004 (631) (631)
------- ------
Total Stockholders' Investment 6,043 5,529
------- ------
$ 9,520 $9,141
======= ======
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended Ended
March 31, March 31,
2005 2004 2005 2004
------ ------ ------- ------
Product Sales $5,403 $3,642 $ 9,832 $7,034
Services 511 553 1,101 984
------ ------ ------- ------
Total Net Sales 5,914 4,195 10,933 8,018
Cost of Product Sales 3,139 2,070 5,762 4,260
Cost of Services 259 364 605 555
------ ------ ------- ------
Gross Profit 2,516 1,761 4,566 3,203
Selling, General &
Administrative Expenses 1,624 1,298 2,922 2,481
Research and Development
Expenses 479 424 956 794
Amortization of Acquired Intangibles 59 59 119 119
------ ------ ------- ------
Income (Loss) from Operations 354 (20) 569 (191)
Interest Expense (7) (16) (15) (32)
------ ------ ------- ------
Income (Loss) before Income Taxes 347 (36) 554 (223)
Provision for Income Taxes 76 -- 122 --
------ ------ ------- ------
Net Income (Loss) $ 271 $ (36) $ 432 $ (223)
====== ====== ======= ======
Basic Earnings (Loss) Per Share $ 0.19 $(0.03) $ 0.31 $(0.16)
====== ====== ======= ======
Diluted Earnings (Loss) Per Share $ 0.17 $(0.03) $ 0.27 $(0.16)
====== ====== ======= ======
Weighted Average Number of 1,404 1,383 1,401 1,383
Shares Outstanding ===== ===== ===== =====
Weighted Average Number of 1,616 1,383 1,607 1,383
Shares Outstanding, Assuming Dilution ===== ===== ===== =====
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