Benthos Closes Year With Record Sales -- $0.91 Per Share Earnings Before Charge.NORTH FALMOUTH, Mass.--(BUSINESS WIRE)--Nov. 11, 1999-- 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) ) announced today that sales for the fiscal year ended September 30, 1999 were a record $17.2 million, up 22.9% compared to sales of $14.0 million in the prior year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.91 per share before a charge for the purchase of in-process R&D relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's recent acquisition of substantially all of the assets of Datasonics, Inc. Including the one-time expense of $750,000, earnings for the year were $828,000, or $0.60 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 $715,000, or $0.52 per diluted share, in the prior year. Sales in the final quarter of 1999 were up 8.8% to $4.3 million with a net profit of $0.20 per share before the charge. Including the charge, the Company recorded a net loss of $173,000, or ($0.13) per share, for the quarter. This compares with sales of $4.0 million and a net income of $260,000 or $0.19 per diluted share in the fourth quarter of the previous year. John L. Coughlin, 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. of Benthos, Inc., said, "1999 has been a very good year for Benthos and we are pleased to report these results. Thanks to new products developed during fiscal 1998 and aggressive marketing, revenue growth of nearly 23% was realized during fiscal 1999. Coupled with our careful management of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , we were also able to achieve profit growth of 79%, excluding the one-time charge related to our recent acquisition." "We are quite optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the coming year. Datasonics, Inc. was acquired on August 19, 1999 and is currently being integrated into Benthos. This acquisition will add about 50% to our revenue base in fiscal year 2000. In addition, our TapTone Container Inspection Division has now realized four consecutive quarters of increasing sales. The TapTone Division is also planning to introduce new products during the next two quarters that will open up new leak detection markets. Given all of these developments, we believe that our outlook is bright." Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater tasks; and through its TapTone Container Inspection 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. -0-
BENTHOS, INC.& SUBSIDIARY
COMPARATIVE CONDENSED INCOME STATEMENT
(in thousands, except per share data)
(unaudited)
4th Quarter Ended Fiscal Year Ended
1999 1998 1999 1998
Net Sales $ 4,322 $ 3,971 $17,248 $14,038
Net Income $ (173)(a) $ 260 $ 828(a) $ 715
Earnings Per Share
Basic $ (0.13)(a) $ 0.20 $ 0.61(a) $ 0.54
Diluted $ (0.13)(a) $ 0.19 $ 0.60(a) $ 0.52
Weighted Average
Common & Common
Equivalent Shares
Outstanding
Basic 1,363 1,328 1,355 1,314
Diluted 1,363 1,372 1,387 1,387
(a) Includes a one-time charge of $750,000 for in-process R&D
associated with the acquisition of Datasonics, Inc.
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 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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