Centennial Technologies Posts Profits for Eighth Consecutive Quarter.Business/Technology Editors BOSTON--(BUSINESS WIRE)--May 2, 2000 Centennial Technologies, Inc. (Ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. :CENL CENL Conference of European National Librarians CENL Conference of European National Libraries ) announced today its financial results for its fourth quarter and fiscal year ended March 25, 2000, reporting its eighth consecutive profitable 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 for the fourth quarter of fiscal 2000 increased 65 percent to $12.7 million, from $7.7 million for the fourth quarter of fiscal 1999. Net income for the quarter was $0.2 million, compared to $0.9 million for the fourth 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 were $0.06 in the fourth quarter of fiscal 2000, compared to $0.35 during the same period of fiscal 1999. These fiscal 2000 fourth quarter results for the first time reflect the integration of Intel Corporation's flash memory card business, acquired by Centennial in fiscal 2000. The quarter's results include approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.4 million of net sales from acquired Intel inventory, which is carried at its estimated fair value, and which therefore resulted in lower gross margins for the quarter. Excluding the effect of these net sales and related costs of acquired inventory, the gross margins would have been 12 percent higher (32 percent) for the quarter. Net sales for the year ended March 25, 2000 increased 29 percent to $35.6 million, from $27.6 million for fiscal 1999. Net income for the year was $2.7 million compared to $2.8 million for fiscal 1999. Diluted earnings per share were $0.76 in fiscal 2000, compared to $0.96 during fiscal 1999. "Fiscal 2000 was a good year for us," said L. 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. Hone hone, v to sharpen. , Centennial's President and Chief Executive Officer, "highlighted by our acquisition of Intel's flash memory card business. The integration of this business is going well and the acquisition has done much to increase our visibility in the marketplace. It also has allowed us to grow our customer base and strengthen our relationship with one of the leading suppliers of flash memory - Intel itself." "We are also enthusiastic about results we are already seeing in product development as a result of our having hired Grady Grady is the name of more than one place in the United States:
Lambert Lambert may refer to
n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. of Engineering," added Hone. "Fiscal 2001 should be a strong year for us as we take full advantage of the acquisition we made last year." The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. 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. include statements regarding future operating results, gross margins, raw material availability and other information. All forward-looking statements included in this document are based upon information available to the Company as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company assumes no obligation to update any such forward-looking statement. Actual results could differ materially from the Company's current expectations. Factors that could cause or contribute to such differences are identified in filings made by Centennial Technologies, Inc. with the Securities and Exchange Commission (the "Commission") in the item set forth under the headings "Risk Factors" or "Factors That May Affect Future Results" contained in our filings with the Commission. Centennial Technologies, Inc. provides custom and industry standard PC Cards for original equipment manufacturers. Centennial is a global leader in the integration of patented and proprietary technology into application-specific cards for commercial, industrial and military markets. Centennial'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 are located in Wilmington, Massachusetts For other towns and places named Wilmington, see Wilmington. Wilmington is a town in Middlesex County, Massachusetts, United States. The population was 21,363 at the 2000 census. , just north of Boston North of Boston is a 1914 poetry collection by Robert Frost. It includes two of his most famous poems, 'Mending Wall' and 'After Apple-picking'. Most of the poems resemble short dramas or dialogues. , 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, New York Florida is the name of some places in the U.S. state of New York:
Area, 52,586 sq mi (136,198 sq km). Pop. , Indiana, Pennsylvania Indiana is a borough in Indiana County, Pennsylvania, United States, part of the Pittsburgh DMA. The population was 14,895 at the 2000 census. It is the county seat of Indiana County. and Texas. Centennial's international sales and service operations are headquartered in the United Kingdom. More information about Centennial is available at http://www.cent-tech.com.
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Income Statements
Three Months and Years Ended March 25, 2000 and March 31, 1999
(in thousands, except per share information)
Three Months Ended
March 25, March 31,
2000 1999
Net sales $ 12,699 $ 7,679
Cost of goods sold 10,138 5,159
Gross profit 2,561 2,520
Operating expenses:
Research and development 818 176
Selling, general and administrative 1,348 1,426
Operating income 395 918
Other income 8 (49)
Net interest income (expense) (44) 120
Income before taxes 359 989
Income taxes 112 56
Net income $ 247 $ 933
Net income per share - basic $ .08 $ .36
Net income per share - diluted $ .06 $ .35
Weighted average shares outstanding - basic 3,211 2,568
Weighted average shares outstanding - diluted 4,342 2,646
Years Ended
March 25, March 31,
2000 1999
Net sales $35,580 $27,633
Cost of goods sold 25,040 18,858
Gross profit 10,540 8,775
Operating expenses:
Research and development 1,887 860
Selling, general and administrative 6,672 6,132
Operating income 1,981 1,783
Other income 643 735
Net interest income 185 344
Income before taxes 2809 2,862
Income taxes 155 56
Net income $ 2,654 $ 2,806
Net income per share - basic $ .83 $ .97
Net income per share - diluted $ .76 $ .96
Weighted average shares outstanding - basic 3,186 2,907
Weighted average shares outstanding - diluted 3,508 2,939
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
As of March 25, 2000 and March 31, 1999
(in thousands)
March 25, March 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 5,780 $ 7,422
Accounts receivable, net 3,838 3,876
Inventories 14,574 3,049
Other current assets 720 356
Total current assets 24,912 14,703
Equipment and leasehold improvements, net 2,690 2,459
Other assets 2,771 1,792
Total assets $30,373 $18,954
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Obligations under capital leases $ 215 $ 36
Accounts payable and accrued expenses 9,436 7,222
Note payable to related party 4,000 --
Total current liabilities 13,651 7,258
Long-term obligations under capital leases 827 --
Stockholders' equity 15,895 11,696
Total liabilities and stockholders' equity $30,373 $18,954
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion