Centennial Technologies Posts Record Earnings With Third Quarter Fiscal 2000 Results.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Jan. 18, 2000 Earnings demonstrate profits for seventh consecutive quarter Centennial Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CENL CENL Conference of European National Librarians CENL Conference of European National Libraries ) announced today its financial results for its third quarter ended December December: see month. 25, 1999, reporting record quarterly earnings and its seventh consecutive profitable quarter. Revenues for the third quarter of fiscal 2000 increased 13 percent to $8.6 million from $7.6 million for the third quarter of fiscal 1999. Net income for the third quarter of fiscal 2000 was $1.3 million compared to $0.6 million for the third 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 $0.42 in the third quarter of fiscal 2000, up 133 percent, compared to $0.18 during the same period of fiscal 1999. "Over the past two years, we have sharpened sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp our focus and maintained a disciplined approach to product quality and customer service," said L. Michael Hone hone, v to sharpen. , Centennial's President and Chief Executive Officer. "These third quarter results continue to build on the strong results we've shown over the past 24 months and are proof positive that our strategy is working. "Through our commitment to product quality and customer service, we have re-emerged as a world leader in providing PC cards and memory modules to OEMs," Hone continued. "Indeed, it is this commitment, coupled with the capital investment we made over the past year to equip e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. our plant with new surface mount assembly machines -- in effect, doubling our production capability - that put us in a position to acquire the flash memory card business of Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking , an acquisition we announced just three weeks ago. Over the next several months, we will be working to convince these Intel customers who are new to Centennial that they are in good hands. And we will do so as we continue to explore new markets and invest in research and development to create new products, both of which we view as necessary for our long-term stability The long-term stability of an oscillator, the degree of uniformity of frequency over time, when the frequency is measured under identical environmental conditions, such as supply voltage, load, and temperature. and growth." 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 sales, market growth and competition. 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 setforth 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 Nine Months Ended December 25, 1999
and December 26, 1998
(in thousands, except per share information)
Three Months Ended
December 25, December 26,
1999 1998
Net sales $ 8,567 $ 7,568
Cost of goods sold 5,209 4,978
Gross profit 3,358 2,590
Operating expenses:
Research and development 448 205
Selling, general and administrative 1,631 1,808
Operating income 1,279 577
Other income -- (83)
Net interest income 80 79
Income before taxes 1,359 573
Income taxes 23 --
Net income $ 1,336 $ 573
Net income per share - basic and diluted $ .42 $ .18
Weighted average shares outstanding - basic 3,204 3,167
Weighted average shares outstanding -diluted 3,217 3,174
Nine Months Ended
December 25, December 26,
1999 1998
Net sales $22,881 $19,954
Cost of goods sold 14,902 13,809
Gross profit 7,979 6,145
Operating expenses:
Research and development 1,069 574
Selling, general and administrative 5,326 4,706
Operating income 1,584 865
Other income 634 784
Net interest income 230 224
Income before taxes 2,448 1,873
Income taxes 43 --
Net income $ 2,405 $ 1,873
Net income per share - basic $ .76 $ .67
Net income per share - diluted $ .75 $ .66
Weighted average shares outstanding - basic 3,177 2,816
Weighted average shares outstanding -diluted 3,229 2,832
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
As of December 25, 1999 and March 31, 1999
(in thousands)
December 25, March 31,
1999 1999
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $ 7,447 $ 7,422
Accounts receivable, net 4,385 3,726
Inventories 4,808 3,049
Other current assets 375 356
Total current assets 17,015 14,553
Equipment and leasehold improvements, net 2,774 2,459
Other assets 2,193 1,792
Total assets $21,982 $18,804
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Obligations under capital leases $ 228 $ 36
Accounts payable and accrued expenses 7,381 7,072
Total current liabilities 7,609 7,108
Long-term obligations under capital leases 860 --
Stockholders' equity 13,513 11,696
Total liabilities and stockholders' equity $21,982 $18,804
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