Benthos Announces Third Quarter Fiscal 2001 Results.Business/Technology 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)--Aug. 8, 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 third quarter and first nine months of fiscal 2001 ending June June: see month. 30, 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 $5,115,000, up 2.2% from sales of $5,004,000 in the third quarter of the previous fiscal year. Net loss for the quarter was $27,000, or ($0.02) per share, compared to a net profit of $156,000, or $0.11 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 third quarter of fiscal 2000. Excluding non-recurring items relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the transition of executive management, the results for the third quarter of fiscal 2001 would have been a profit of $14,000 or $0.01 per diluted share. For the first nine months of fiscal 2001, net sales were $14,005,000, down 10.5% as compared to $15,652,000 in the first nine months of last year. The net loss was $1,016,000, or ($0.74) per share, compared to net income of $463,000, or $0.33 per diluted share, in the first nine months of fiscal 2000. Excluding the non-recurring items described above, the net loss for the first nine months of fiscal 2001 would have been $869,000 or ($0.63) per share. In the third quarter, sales of the Company's Container Inspection Systems Division were $1,391,000, a 25.5% increase as compared to sales of $1,108,000 in the third quarter of the prior year. This is the first quarter to show a year-to-year shipments increase in this division since the second quarter of fiscal 2000. Sales of the Company's Undersea Systems Division were $3,724,000, a decrease of 4.4% as compared to $3,896,000 for the same period in fiscal 2000. Commenting on today's announcement, Chairman Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and D. Fantone and President Ronald L. Marsiglio, who joined Benthos as 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. in June 2001, said, "Putting Benthos back into a profitable growth mode is our number one priority. We have implemented programs and operational changes to achieve this goal, and the effects of some of these are reflected in this quarter's results. We expect to continue to see quarter-to-quarter volatility in our sales and net profits reflecting the continued sluggishness in the economy and quarter-to-quarter shipment timing issues." Marsiglio continued, "Benthos clearly has technologies, products and areas of expertise that are highly marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. . We intend to focus on those segments that have the most potential for growth and the creation of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. 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 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 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 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. 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 June 30, 2001 September 30, 2000
Current Assets:
Cash and Cash Equivalents $ 40 $ 1,474
Accounts Receivable, Net 3,598 3,448
Inventories 5,924 4,974
Prepaid Expenses and Other Current
Assets 65 159
Deferred Tax Asset 1,354 1,354
Total Current Assets 10,981 11,409
Property, Plant and Equipment, Net 1,896 1,960
Other Assets, Net 4,179 4,496
$ 17,056 $17,865
Liabilities and Stockholders'
Investment
Current Liabilities:
Note Payable $ 500 $ --
Current Portion of Long-Term Debt 4,060 786
Accounts Payable 2,252 1,160
Accrued Expenses 1,030 1,729
Customer Deposits 223 350
Total Current Liabilities 8,065 4,025
Long-Term Debt, Net of Current
Portion -- 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 7,943 8,959
Treasury Stock, at Cost (631) (661)
Total Stockholders' Investment 8,991 9,977
$ 17,056 $17,865
Benthos, Inc. and Subsidiary
Condensed Consolidated Statements of Earnings
(in thousands, except per share amounts)
(unaudited)
Quarter Ended Nine Months Ended
June 30, June 30,
2001 2000 2001 2000
Net Sales $ 5,115 $ 5,004 $ 14,005 $ 15,652
Cost of Sales 3,110 3,042 9,212 8,966
Gross Profit 2,005 1,962 4,793 6,686
Selling, General &
Administrative Expenses 1,528 1,188 4,208 4,133
Research and Development
Expenses 300 348 1,398 1,270
Amortization of Goodwill
and Other Acquired
Intangibles 127 126 379 380
Income (Loss) from
Operations 50 300 (1,192) 903
Interest Income -- 20 27 61
Interest Expense (90) (97) (287) (302)
Income (Loss) before
(Benefit)Provision for
Income Taxes (40) 223 (1,452) 662
(Benefit) Provision for
Income Taxes (13) 67 (436) 199
Net Income (Loss) $ (27) $ 156 $ (1,016) $ 463
Basic Earnings (Loss)
Per Share $ (0.02) $ 0.11 $ (0.74) $ 0.34
Diluted Earnings (Loss)
Per Share $ (0.02) $ 0.11 $ ( 0.74) $ 0.33
Weighted Average
Common Shares
Outstanding 1,383 1,379 1,381 1,375
Weighted Average
Common Shares
Outstanding, Assuming
Dilution 1,383 1,415 1,381 1,416
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