Centennial Technologies Posts Record Sales, Record Profits for Its First Quarter of Fiscal 2001.Business/Technology Editors BOSTON--(BUSINESS WIRE)--July 11, 2000 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 record financial results for its first fiscal quarter ended June 24, 2000, reporting its ninth 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 first quarter of fiscal 2001 increased 108 percent to $13.9 million, from $6.7 million for the first quarter of fiscal 2000. Net income for the quarter was $2.1 million, compared to $0.2 million for the first quarter of fiscal 2000. 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 $0.49 in the first quarter of fiscal 2001, compared to $0.07 during the same period of fiscal 2000. "We are very encouraged by these strong results," said Centennial President and Chief Executive Officer L. Michael Hone hone, v to sharpen. . "The integration of Intel's flash memory card business has gone well. New strategies developed by our sales and support teams are starting to pay off, and our customer base is growing. Fiscal 2001 should be a strong year for us." 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, 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 heading "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 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, 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 con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Income Statements consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. Three Months Ended June 24, 2000 and June 26, 1999 (in thousands, except per share information)
Three Months Ended
June 24, June 26,
2000 1999
Net sales $ 13,914 $ 6,681
Cost of goods sold 8,648 4,556
Gross profit 5,266 2,125
Operating expenses:
Research and development 758 204
Selling, general and administrative 2,344 1,785
Operating income 2,164 136
Other income - 38
Net interest income (expense) (33) 67
Income before taxes 2,131 241
Income taxes 46 10
Net income $ 2,085 $ 231
Net income per share - basic $ 0.65 $ 0.07
Net income per share - diluted $ 0.49 $ 0.07
Weighted average shares
outstanding - basic 3,218 3,167
Weighted average shares
outstanding - diluted 4,267 3,426
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
As of June 24, 2000 and March 25, 2000
(in thousands)
June 24, March 25,
2000 2000
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 2,872 $ 5,780
Accounts receivable, net 5,772 3,838
Inventories 19,071 14,574
Other current assets 446 720
Total current assets 28,161 24,912
Equipment and leasehold
improvements, net 2,506 2,690
Other assets 3,076 2,771
Total assets $33,743 $30,373
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Obligations under capital leases $ 215 $ 215
Accounts payable and accrued expenses 10,805 9,436
Note payable to related party 4,000 4,000
Total current liabilities 15,020 13,651
Long-term obligations under
capital leases 762 827
Stockholders' equity 17,961 15,895
Total liabilities and
stockholders' equity $33,743 $30,373
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