Centennial Technologies Announces Profitable Quarter With Its Second Quarter Fiscal 2000 Results.WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 18, 1999-- Centennial Technologies, Inc. (OCT OCT ornithine carbamoyltransferase; oxytocin challenge test. OCT ornithine carbamoyl transferase, a liver specific enzyme. OCT Oxytocin stress test, see there BB:CENL CENL Conference of European National Librarians CENL Conference of European National Libraries ) announced today its financial results for its second quarter ended September 25, 1999, reporting its sixth consecutive profitable quarter. Revenues for the second quarter of fiscal 2000 increased 24% to $7.6 million from $6.2 million for the second quarter of fiscal 1999. Net income for the second quarter of fiscal 2000 was $0.8 million compared to $1.2 million for the second quarter of fiscal 1999. 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 was $0.26 in the second quarter of fiscal 2000 compared to $0.41 during the same period of fiscal 1999. 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. for the second quarter of fiscal 2000 included a one-time charge of $0.4 million for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when for a terminated executive. During the second quarter of fiscal 2000, the Company recorded non-operating income of $0.6 million primarily resulting from the adjustment of an estimate following the settlement of certain securities litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. partially offset by a loss on disposal of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . In the same period last year, the Company recorded non-operating income of $0.9 million, representing the proceeds of a settlement of a customer dispute, partially offset by a loss on investment activities. "We are very pleased with our financial results for the quarter," said L. Michael Hone hone, v to sharpen. , Centennial's President and Chief Executive Officer. "We believe that the financial health of our Company is strong and we have been able to achieve significant sales growth over the same period last year, as well as on a sequential basis. While our industry is facing some challenges over the next few quarters, with significant price increases and allocations from certain flash memory vendors, we continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future. The Company has increased its investment in the research and development area to help create new products over the long term, and we feel our focus on the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer will continue to show increased sales." This press release contains 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. . The matters expressed in such statements are subject to numerous risks and uncertainties, including, without limitation, the continued development and utilization of computing computing - computer and electronic equipment that utilize the Company's PC Cards, the Company's ability to compete with other manufacturers of PC Cards, the Company's ability to adapt to increased pricing pressures, the Company's ability to keep pace with rapid technological changes, evolving industry standards and rapid product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , the Company's ability to obtain sufficient quantities of computer memory chips and other electronic components used in its PC Cards at competitive prices, the Company's dependence on a limited number of customers for significant revenues and other risks identified in filings made by Centennial Technologies, Inc. with the Securities and Exchange Commission (the "Commission") including Centennial's Form 10-Q Form 10-Q See 10-Q. filed with the Commission on August 12, 1999 under the heading "Risk Factors." Centennial Technologies, Inc. provides custom and industry standard PC Cards for original equipment manufacturers. As a global leader, Centennial integrates patented and proprietary technology into application specific cards for commercial, industrial and military markets. The Company's headquarters and ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified See certification. engineering and manufacturing facility is located in the Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New area, with sales and services offices in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Florida, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Indiana and Pennsylvania. The Company's international sales and service operations are headquartered in the United Kingdom. More information about Centennial can be obtained on the Internet at http://www.cent-tech.com. -0-
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Income Statements
Three Months and Six Months Ended
September 25, 1999 and September 26, 1998
(in thousands, except per share information)
Three Months Ended
September 25, September 26,
1999 1998
Net sales $7,633 $6,151
Cost of goods sold 5,137 4,241
Gross profit 2,496 1,910
Operating expenses:
Research and development 417 167
Selling, general and administrative 1,910 1,490
Operating income 169 253
Other income 596 867
Net interest income 83 81
Income before taxes 848 1201
Income taxes 10 --
Net income $ 838 $1,201
Net income per share -
basic and diluted $ .26 $ .41
Weighted average shares
outstanding - basic 3,172 2,951
Weighted average shares
outstanding -diluted 3,221 2,951
Six Months Ended
September 25, September 26,
1999 1998
Net sales $14,314 $12,386
Cost of goods sold 9,693 8,831
Gross profit 4,621 3,555
Operating expenses:
Research and development 621 369
Selling, general
and administrative 3,695 2,898
Operating income 305 288
Other income 634 867
Net interest income 150 145
Income before taxes 1,089 1,300
Income taxes 20 --
Net income $ 1,069 $ 1,300
Net income per
share - basic $ .34 $ .49
Net income per
share - diluted $ .33 $ .49
Weighted average shares
outstanding - basic 3,170 2,637
Weighted average shares
outstanding -diluted 3,248 2,658
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
As of September 25, 1999 and March 31, 1999
(in thousands)
ASSETS
September 25, March 31,
1999 1999
Current assets:
Cash, cash equivalents
and short-term investments $ 8,369 $ 7,422
Accounts receivable, net 3,975 3,726
Inventories 3,811 3,049
Other current assets 267 356
Total current assets 16,422 14,553
Equipment and leasehold
improvements, net 2,090 2,459
Other assets 1,780 1,792
Total assets $20,292 $18,804
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Obligations under
capital leases $ 70 $ 36
Accounts payable
and accrued expenses 7,796 7,072
Total current liabilities 7,866 7,108
Long-term obligations
under capital leases 255 --
Stockholders' equity 12,171 11,696
Total liabilities
and stockholders' equity $20,292 $18,804
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion