CEM Reports Third-Quarter Results.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--April 20, 2000 CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. Corporation (Nasdaq/NM:CEMX) today announced its financial results for the quarter ended March 31, 2000. For the third quarter, 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 totaled $8.2 million versus $7.5 million for the comparable period of the prior year. Net income for the three-month period was $442,000, or $0.14 per share, compared with $327,000, or $0.11 per share, in the year-earlier period. Earnings for the first nine months of fiscal 2000 totaled $0.45 per share, compared with $0.42 per share in the first nine months of fiscal 1999 on 4.6% fewer average shares outstanding. Net income for the nine months totaled $1,384,000 versus $1,311,000, and net sales increased to $24.7 million compared with $23.2 million last year. Results for the first nine months ended March 31, 2000 included expenses of $310,000 related to the special committee of the board of directors appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. to consider the pending merger transaction (which was announced on December December: see month. 29, 1999) and alternative transactions. "Net sales for the quarter improved 9.1% as compared to the prior year due primarily to the continued increased demand in the Asian and US markets. The gains in the Asian markets, however, were offset by lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. sales and margins in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). as a result of the strengthening
dollar," remarked Michael Michael, archangelMichael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Collins, President and Chief Executive Officer. CEM manufactures microwave-based instruments for testing and analysis. The Company's products are used worldwide in the general analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. laboratory market, and in many manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation , including food and chemical processing. This document contains statements that could be deemed "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, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Factors that could influence the matters discussed in such statements include business cycles, foreign exchange fluctuations, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, 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. levels, general economic conditions, laws governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. environmental testing standards and CEM's ability to develop commercially acceptable products, as more fully described in the cautionary statement included in CEM's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission.
CEM CORPORATION
Financial Highlights
(Unaudited)
Three Months Ended
March 31
--------------------------
2000 1999 % Change
------------ ------------ --------
Net sales $ 8,222,000 $ 7,537,000 9.1%
Net income $ 442,000 $ 327,000 35.2%
Earnings per share
Basic $ .14 $ .11 27.2%
Diluted $ .14 $ .11 27.2%
Average shares outstanding
Basic 3,062,000 3,075,000 -0.4%
Diluted 3,063,000 3,075,000 -0.4%
Nine months ended
March 31
--------------------------
2000 1999 % Change
------------ ------------ --------
Net sales $ 24,663,000 $ 23,180,000 6.4%
Net income $ 1,384,000 $ 1,311,000 5.6%
Earnings per share
Basic $ .45 $ .42 7.1%
Diluted $ .45 $ .42 7.1%
Average shares outstanding
Basic 3,050,000 3,107,000 -1.8%
Diluted 3,094,000 3,122,000 -0.9%
Condensed Statements of Income
Three Months Ended Nine Months Ended
March 31 March 31
----------------------- -------------------------
2000 1999 2000 1999
----------- ----------- ------------ ------------
(unaudited) (unaudited)
Net sales $ 8,222,000 $ 7,537,000 $ 24,663,000 $ 23,180,000
Cost of goods sold 3,804,000 3,526,000 11,766,000 11,098,000
----------- ----------- ------------ ------------
Gross profit 4,418,000 4,011,000 12,897,000 12,082,000
Selling, general and
administrative
expenses 2,957,000 2,751,000 8,513,000 8,062,000
Research and develop-
ment expenses 765,000 835,000 2,311,000 2,341,000
Income from opera-
tions 696,000 425,000 2,073,000 1,679,000
Investment income 134,000 101,000 370,000 313,000
Other income (expense),
net (183,000) (37,000) (421,000) (78,000)
----------- ----------- ------------ ------------
Income before income
taxes 647,000 489,000 2,022,000 1,914,000
Provision for income
taxes 205,000 162,000 638,000 603,000
----------- ----------- ------------ ------------
Net income $ 442,000 $ 327,000 $ 1,384,000 $ 1,311,000
=========== =========== ============ ============
Net income per common
share
Basic $ .14 $ .11 $ .45 $ .42
Diluted $ .14 $ .11 $ .45 $ .42
Average common shares
outstanding
Basic 3,062,000 3,075,000 3,050,000 3,107,000
Diluted 3,063,000 3,075,000 3,094,000 3,122,000
Condensed Balance Sheets
March 31
----------------------------
2000 1999
------------ ------------
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 11,736,000 $ 2,814,000
Short-term investments - 3,200,000
Trade receivables 5,893,000 5,538,000
Inventories 5,001,000 5,571,000
Deferred taxes and other 664,000 741,000
------------ ------------
Total current assets 23,294,000 17,864,000
Long-term Investments 546,000 3,470,000
Property, Plant and Equipment, Net 4,509,000 4,916,000
Other Assets 1,277,000 953,000
------------ ------------
$ 29,626,000 $ 27,203,000
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 3,166,000 $ 2,287,000
Deferred income 1,615,000 1,413,000
Income taxes payable 897,000 593,000
------------ ------------
Total current liabilities 5,678,000 4,293,000
Long-term Debt, Net of Current Maturities 318,000 1,163,000
Deferred Taxes 127,000 96,000
Shareholders' Equity 23,503,000 21,651,000
------------ ------------
$ 29,626,000 $ 27,203,000
============ ============
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