CENTENNIAL TECHNOLOGIES, INC. REPORTS THIRD QUARTER RESULTS WITH A SALES INCREASE OF 65.4% AND AN INCREASE OF NET INCOME OF 262% OVER THE PRIOR YEAR'S THIRD QUARTER.BILLERICA Billerica (bĭlrĭ`kə), town (1990 pop. 37,609), Middlesex co., NE Mass., on the Concord River; settled 1637, inc. 1655. An important high-tech center, its manufactures include computer hardware and software, precision instruments, and , MASS.--(BUSINESS WIRE)--MAY 1, 1995--CENTENNIAL TECHNOLOGIES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (AMEX AMEX See: American Stock Exchange : CTN ctn abbr. cotangent , CTNW) announced today its third quarter results for fiscal year ending June June: see month. 30, 1995. Sales of $3,494,403 for the third quarter of fiscal 1995, which ended March 31, 1995, increased 65.4% as compared to the sales for the same period in fiscal 1994. Gross margin, as a percent of sales, for the third quarter of fiscal 1995 was 44.8% as compared to 45.1% for the same period of the previous fiscal year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $601,253 for the third quarter of fiscal 1995 increased 36.4% as compared to the operating income for the same period of the previous year. Operating income for the third quarter of fiscal 1995 was 17.2% of sales as compared to 20.9% of sales for the same quarter of the prior year. Net income for the third quarter of fiscal 1995 increased approximately 262% as compared to the net income for the third quarter of the previous year. Net income for the third quarter of fiscal 1995 increased to $365,307, or 10.5% of sales, from $100,802, or 4.8% of sales, for the third quarter of fiscal 1994. Net income for the third quarter of fiscal 1994 included an amortization charge of $204,360 associated with the discount on the promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. that were issued by the Company as part of the bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. the Company entered into prior to its initial public offering in April 1994. Earnings per share increased to $.11 per share for the third quarter of fiscal 1995 from $.05 per share for the third quarter of fiscal 1994, an increase of 120%, while the weighted average shares outstanding increased 71% as compared to the weighted average shares outstanding for the same period of the previous year. Sales of $8,311,628 for the nine months of fiscal 1995 increased 36.7% as compared to the sales for the same period in fiscal 1994. Gross margin, as a percent of sales, increased to 46.0% for the nine months of fiscal 1995 from 43.5% from the same period of the previous fiscal year. Operating income of $1,193,998 for the nine months of fiscal 1995 increased 25.9% from the operating income for the same period of the pervious per·vi·ous adj. Open to passage or entrance; permeable. year. Operating income, as a percent of sales, was 14.4% for the nine months of fiscal 1995 as compared to 15.6% of sales for the same period of the prior year. Net income for the nine months ended March 31, 1995 increased 94.6% as compared to the net income of the previous year's period. Net income for the nine months ended March 31, 1995 increased to $715,905, or 8.6% of sales, from $357,593, or 5.9% of sales, for the nine months ended March 31, 1994. Net income for the nine months ended March 31, 1994 included an amortization charge of $204,360 associated with the discount on the promissory notes that were issued by the Company as part of the bridge financing the Company entered into prior to its initial public offering in April 1994. Earnings per share for the nine months of fiscal 1995 was $.22 per share as compared to $.18 per share for the third quarter of fiscal 1994, an increase of 22.3%, at the same time the weighted average shares outstanding increased 64.7% as compared to the weighted average shares outstanding for the same period of the previous year. James M. Murphy, Chief Financial Officer of CENTENNIAL TECHNOLOGIES, INC., commented: "We are pleased with the financial results for the third quarter of fiscal 1995. CENTENNIAL's financial position continues to improve with the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating results of the third quarter." CENTENNIAL TECHNOLOGIES, INC. designs, manufactures and sells PCMCIA (Personal Computer Memory Card International Association, San Jose, CA, www.pcmcia.org) An international standards body and trade association that was founded in 1989 to establish a standard for connecting peripherals to portable computers. PCMCIA created the PC Card. See PC Card. PC cards used in portable computers and industrial applications, and font cartridges A set of bitmapped or outline fonts for one or more typefaces contained in a plug-in module for the printer. The fonts are stored in a ROM chip within the cartridge. Font cartridges were used in the 1980s and early 1990s before a worthwhile set of fonts routinely came with every operating used in laser printers.
CENTENNIAL TECHNOLOGIES, INC.
FINANCIAL HIGHLIGHTS
THIRD QUARTER FISCAL YEAR 1995/1994
(unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
1995 1994(a) 1995 1994(a)
Sales $3,494,403 $2,112,969 $8,311,628 $6,078,585 Gross Margin $1,565,598 $ 952,408 $3,825,888 $2,644,546 Operating Income $ 601,253 $ 440,828 $1,193,998 $ 948,616 Amortization of Discount on Bridge Financing Notes $ 0 $ 204,360 $ 0 $ 204,360 Net Income $ 365,307 $ 100,802 $ 715,905 $ 357,593 Earnings Per Share $.11 $.05 $.22 $.18 Weighted Average Shares OutStanding 3,420,124 2,000,000 3,294,554 2,000,000 (a) The financial information for the three and nine months ended March 31, 1994 have been restated to include the accounts of a June 1994 acquisition which was accounted for under the pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. method. CONTACT: Centennial Technologies Inc. JAMES M. MURPHY, 508/670-0646 or L.G. Zangani LEONARDO G. ZANGANI, 908/788-9660 |
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