CORRECTING and REPLACING UNOVA Announces First Quarter 2004 Results.Business Editors CORRECTION...by UNOVA EVERETT Everett. 1 City (1990 pop. 35,701), Middlesex co., E Mass., an industrial suburb of Boston, on the Mystic River; settled c.1643, set off from Malden 1870, inc. as a city 1892. , Wash.--(BUSINESS WIRE)--April 30, 2004 In BW5913 issued April 29, 2004: In the Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , the date on top of the first column should be March 31, 2004 (sted December December: see month. 31, 2004). The corrected release reads: UNOVA ANNOUNCES FIRST QUARTER 2004 RESULTS UNOVA, Inc. (NYSE NYSE See: New York Stock Exchange :UNA Una personification of honesty; leads lamb and rides white ass. [Br. Lit.: Faerie Queene] See : Honesty ): -- UNOVA's Net Earnings of $10.5 million increased $25.4 million over prior year quarter, including the impact of an intellectual property settlement -- Intermec Intermec Inc. is a major manufacturer and worldwide supplier of Automated identification and data capture equipment, including barcode scanners, barcode printers, mobile computers and RFID systems. Intermec's headquarters is located in Everett, WA, United States. products and service achieve best first quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. ever with a 25% increase -- IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. segment reduces operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. by 36% from prior year quarter UNOVA, Inc. (NYSE:UNA) today announced financial results for its fiscal first quarter which ended Mar. 31, 2004. UNOVA reported first quarter revenues of $297.7 million and net earnings of $10.5 million, or $0.17 per share, compared to 2003 first quarter revenues of $264.0 million and a net loss of ($14.9) million, or ($0.25) per share. Segment operating profits from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $22.8 million for the first quarter of 2004, compared to an operating profit of $0.8 million for the same prior year period. During the quarter, the Company reached a confidential settlement for an intellectual property (IP) dispute regarding its smart battery patents. Accordingly, segment operating results for the period included significant royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. income. Segment operating profits from products and service increased $5.4 million in the first quarter of 2004 compared to same prior year period. "We are pleased with the continuing profit leverage from sales growth at Intermec and the improving post consolidation visibility of our IAS operations," said Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Brady Bra·dy , James Buchanan Known as "Diamond Jim." 1856-1917. American financier and philanthropist who gained his nickname because of his attraction to diamonds and his extravagant lifestyle. Noun 1. , Chairman 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. . "These trends support our outlook for sustained profit growth with aggressive R&D investments." The Company's net cash (defined as cash and cash equivalents less total debt) decreased $10.9 million during the first fiscal quarter of 2004. As of Mar. 31, 2004, the Company's net cash was a positive $19.0 million. The Company's cash and cash equivalent position as of Mar. 31, 2004 was $227.5 million. Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Data Systems (ADS) In the first quarter of 2004, revenues at the Company's ADS segment, comprising Intermec Technologies, were $193.0 million. ADS revenues for the comparable first quarter of 2003 were $162.9 million. The ADS segment recorded a $28.0 million operating profit for the first quarter of 2004 compared to an operating profit of $9.0 million for the first quarter of 2003. During the quarter, the Company settled a patent dispute related to its smart battery patents. The settlement, net of legal fees, had a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on segment operating profit of $15.8 million in the first quarter of 2004. There was no settlement in the first quarter of fiscal 2003; however operating profit did include IP legal expense of $0.8 million. ADS products and service revenues increased more than 6 percent over the comparable first quarter of 2003. Systems & Solutions product revenues grew 7 percent, service revenues grew 5 percent, and Printer/Media product revenues increased 8 percent, over the prior year quarter. Geographically, the 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). , Middle East and Africa (EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. ) region
continued to show strong results. Revenues in EMEA grew 22 percent over
the comparable prior-year period. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. revenues increased 3
percent. Revenues in Asia increased 25 percent. Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. declined
22 percent versus a strong prior-year quarter which included a
significant rollout to a direct store delivery customer. Fluctuations in
foreign currency exchange rates provided a favorable impact on revenue
of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8.8 million. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: on ADS product and service revenues of 7.1 percent in the first quarter of 2004 resulted in a 1.1 point increase over the comparable prior-year quarter. ADS achieved this performance while increasing its research and development investments by more than $4 million over the prior year quarter. Industrial Automation Systems (IAS) The IAS segment reported first quarter 2004 revenues of $104.7 million and an operating loss of ($5.3) million. These results compare to first quarter 2003 revenues of $101.1 million and an operating loss of ($8.2) million. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for all IAS businesses was $247.7 million as of Mar. 31, 2004, compared to $266.4 million at the end of 2003. About UNOVA UNOVA is a leading supplier of mobile computing Using a computing device while in transit. Mobile computing implies wireless transmission, but wireless transmission does not necessarily imply mobile computing. Fixed wireless applications use satellites, radio systems and lasers to transmit between permanent objects such as buildings and wireless network products for non-office applications and of manufacturing systems technologies primarily for the automotive and aerospace industries. www.unova.com (Forward-looking Statement 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. ) Certain forward-looking statements in this release (as defined by Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934) relate to matters that are not historical facts. They include, but are not limited to, statements about the Company's ability to continue to improve profit in both its business segments, reduce expenses, and improve efficiency. Such forward-looking statements involve and are dependent upon certain risks and uncertainties. These include, but are not limited to, other risks and uncertainties described more fully in the Company's filings on 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. and 10-Q with the Securities and Exchange Commission. UNOVA, INC. FIRST QUARTER 2004 - EARNINGS CONFERENCE CALL UNOVA, Inc. will hold a conference call on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , April 30 at 10:00 am Eastern, 7:00 am Pacific Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). time to review financial results from the first quarter of fiscal year 2004, hosted by UNOVA Chairman and CEO Larry D. Brady and UNOVA CFO See Chief Financial Officer. Michael Michael, archangel Michael (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. E. Keane Keane (IPA: /kiːn/) are an English piano rock band, first established in Battle, East Sussex in 1995, taking their current name in 1997. . A dial-in number for participants is 888-391-3141 (Passcode is "UNOVA"). The call also will be broadcast live 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 under the investor information section of the UNOVA web site at www.unova.com.
UNOVA, INC.
(Unaudited, amounts in thousands,
except per share amounts)
Three Months Three Months
Ended Ended
March 31, March 31,
2004 2003
------------ ------------
CONSOLIDATED STATEMENTS OF OPERATIONS
(Preliminary)
Sales and Service Revenues $297,670 $264,008
Costs and Expenses
Cost of sales and service 194,956 187,164
Selling, general and administrative 78,651 76,280
Depreciation and amortization 4,784 6,784
Special charges 383 998
------------ ------------
Total Costs and Expenses 278,774 271,226
------------ ------------
Operating Profit (Loss) From Continuing
Operations 18,896 (7,218)
Interest, net (3,068) (3,862)
------------ ------------
Earnings (Loss) From Continuing
Operations Before Taxes 15,828 (11,080)
Provision for income taxes 5,316 1,600
------------ ------------
Earnings (Loss) From Continuing Operations 10,512 (12,680)
Loss from discontinued
operations, net of tax (30) (2,203)
------------ ------------
Net Earnings (Loss) $10,482 $(14,883)
============ ============
Basic Earnings (Loss) per Share
Continuing Operations $0.17 $(0.21)
Discontinued Operations (0.00) (0.04)
------------ ------------
Net earnings (loss) per share $0.17 $(0.25)
============ ============
Diluted Earnings (Loss) per Share
Continuing Operations $0.17 $(0.21)
Discontinued Operations (0.00) (0.04)
------------ ------------
Net earnings (loss) per share $0.17 $(0.25)
============ ============
Shares Used in Computing Earnings (Loss) per
Share
Basic 60,188 58,413
Diluted 62,126 58,413
SELECTED SEGMENT INFORMATION (Preliminary)
Sales and Service Revenues
Automated Data Systems $193,005 $162,882
Industrial Automation Systems 104,665 101,126
------------ ------------
Total Sales and Service Revenues $297,670 $264,008
============ ============
Operating Profit (Loss) From Continuing
Operations
Segment Operating Profit
Automated Data Systems $28,046 $9,002
Industrial Automation Systems (5,253) (8,196)
------------ ------------
Total Segment Operating Profit 22,793 806
Corporate and Other (3,514) (7,026)
Special Charges (383) (998)
------------ ------------
Operating Profit (Loss) From Continuing
Operations $18,896 $(7,218)
============ ============
UNOVA, INC.
CONSOLIDATED BALANCE
SHEETS (Preliminary)
(Unaudited, amounts in thousands)
March December
31, 31,
2004 2003
----------- -----------
Assets
Current Assets
Cash and cash equivalents $227,530 $238,447
Accounts receivable, net 280,600 275,594
Inventories, net
of progress billings 150,330 132,324
Deferred tax assets 65,445 71,229
Assets held for sale 22,946 23,840
Other current assets 21,521 19,513
----------- -----------
Total Current Assets 768,372 760,947
Property, Plant and Equipment, Net 76,009 77,292
Goodwill and Other Intangibles, Net 75,271 75,639
Deferred Tax Assets 113,486 111,820
Other Assets 61,966 65,119
----------- -----------
Total Assets $1,095,104 $1,090,817
=========== ===========
Liabilities and
Shareholders' Investment
Current Liabilities
Accounts payable and
accrued expenses $266,552 $265,626
Payroll and related expenses 43,624 54,893
Current portion of long-term obligations 100,000
----------- -----------
Total Current Liabilities 410,176 320,519
Long-term Obligations 108,500 208,500
Other Long-term Liabilities 133,453 130,970
Shareholders' Investment
Common stock 608 605
Additional paid-in capital 694,437 690,745
Retained deficit (247,084) (257,566)
Accumulated other comprehensive loss (4,986) (2,956)
----------- -----------
Total Shareholders' Investment 442,975 430,828
----------- -----------
Total Liabilities and
Shareholders' Investment $1,095,104 $1,090,817
=========== ===========
UNOVA, INC.
CONSOLIDATED STATEMENT
OF CASH FLOWS (Preliminary)
Three Months Ended
March 31, 2004
(Unaudited, amounts in thousands)
Cash and Cash Equivalents
at Beginning of Period $238,447
Cash Flows from Operating Activities:
Net earnings 10,482
Adjustments to reconcile net
earnings to net cash used in
operating activities:
Depreciation and amortization 4,784
Changes in working capital
and other operating activities (24,763)
------------
Net Cash Used in Operating Activities (9,497)
------------
Cash Flows from Investing Activities:
Capital expenditures (3,740)
Other investing activities 628
------------
Net Cash Used in Investing Activities (3,112)
------------
Cash Flows from Financing Activities:
Stock Options exercised 1,686
Other financing activities 6
------------
Net Cash Provided by Financing Activities 1,692
------------
Resulting Decrease in Cash
and Cash Equivalents (10,917)
------------
Cash and Cash Equivalents
at End of Period $227,530
============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion