Benthos Announces Year-End Results for Fiscal 1998.NORTH FALMOUTH, Mass.--(BUSINESS WIRE)--Nov. 4, 1998--Benthos, 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 operating results for the quarter and fiscal year ended September 30, 1998. Sales in the final quarter of 1998 were $3,971,000 with net income of $260,000 or $0.19 per diluted share. This compares with sales of $3,745,000 and net income of $275,000 or $0.20 per diluted share in the fourth quarter of the previous year. Sales in the fourth quarter of 1998 were the highest of the previous six quarters. Sales for the year were $14,038,000 compared to $16,414,000 in the prior year. Net income for the year was $715,000 or $0.52 per diluted share compared to $1,558,000 or $1.14 per diluted share in 1997. Benthos benthos: see marine biology. President and Chief Executive Officer John L. Coughlin said today, "As we have previously noted, 1997 was an unusual year in that the Company received and shipped several large project orders, particularly in our TapTone Container Inspection business. And, given the turmoil in overseas markets experienced this year, we are generally pleased with our fiscal 1998 results. As we begin fiscal 1999, our Company is in excellent shape. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. levels were down approximately 10% in 1998 compared to the previous year, and our cash position and balance sheet remain very strong. During 1998, we retired more than $800,000 in long term debt and are now debt free. Our TapTone Division is introducing two significant products this week, the TapTone 100 and the TapTone 500. These newest systems are focused on specific inspection market segments and, with them, we expect to expand the base of users for our proprietary package inspection technology. Our Undersea Systems Division continues to perform above expectations, led by growing sales of our 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. 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. and 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. (ROV ROV Remotely Operated Vehicle ROV Real Options Valuation ROV Return on Value ROV Range of View ROV Rostov, Russia - Rostov (Airport Code) ROV Roll-Over Valve (automotive fuel tanks) ROV Range of Value ) products. Last year, we introduced the GeoPoint hydrophone, and the backlog for this product is expanding rapidly as customers recognize the benefits associated with a higher fidelity hydrophone. We expect these market segments to further enlarge TO ENLARGE. To extend; as, to enlarge a rule to plead, is to extend the time during which a defendant may plead. To enlarge, means also to set at liberty; as, the prisoner was enlarged on giving bail. during 1999." Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services oceanographic and robotic equipment for undersea exploration and research; and through its TapTone Container Inspection Division markets 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 http://www.benthos.com. -0-
BENTHOS, INC.
COMPARATIVE CONDENSED INCOME STATEMENT
(in thousands, except per share data)
(unaudited)
4th Quarter Ended Fiscal Year Ended
1998 1997 1998 1997
Net Sales $ 3,971 $ 3,745 $14,038 $16,414
Net Income $ 260 $ 275 $ 715 $ 1,558
Earnings Per Share
Basic $ 0.20 $ 0.22 $ 0.54 $ 1.25
Diluted $ 0.19 $ 0.20 $ 0.52 $ 1.14
Weighted Average
Common & Common
Equivalent Shares
Outstanding
Basic 1,328 1,278 1,314 1,243
Diluted 1,372 1,391 1,387 1,371
-0- 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, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected or intended. |
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