Cox Technologies Inc. Reports Fiscal 2002 Financial Results.Business Editors/High Tech Writers BELMONT Belmont (bĕl`mŏnt). 1 City (1990 pop. 24,127), San Mateo co., W Calif., a residential suburb midway between San Francisco and San Jose; laid out 1851, inc. 1926. There is light manufacturing, and the College of Notre Dame (est. , N.C.--(BUSINESS WIRE)--July 30, 2002 Cox Technologies, Inc. (COXT.OB) reported a net loss of $5,163,000 or $.20 per share for the fiscal year ended April 30, 2002, as compared to a net loss of $6,774,000 or $.27 per share for the fiscal year ended April 30, 2001. During the fourth quarter of fiscal 2002, the Company recognized an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss of $2,696,000 related to goodwill associated with the acquisition of Vitsab, AB and another impairment loss of $842,000 related to a piece of high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. Vitsab(R) production equipment. Without these one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. adjustments, the net loss for fiscal 2002 would have been $1,625,000 or $.06 per share. Dr. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. L. Cox, Chairman, President and Chief Executive Officer stated, "During fiscal 2002, we have begun to realize significant benefits from our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Financially, our cash flow improved dramatically compared to last year and we achieved major reductions in our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Operationally, we continue to produce and sell a limited quantity of the Vitsab(R) products, and at this time we expect the sales to increase slowly throughout fiscal 2003 and into fiscal 2004." Dr. Cox further stated, "Although revenues were down in fiscal 2002 as compared to fiscal 2001, we saw positive results from our marketing focus being redirected to pursue sales in our Company's electronic data logger data logger - data logging products. Revenues from the sale of this product line increased 44% or $453,000, as compared to fiscal 2001." Jack G. Mason A mason is a worker who builds in brick or stone, otherwise known as masonry. Mason may also refer to:
Sales revenues for the core temperature recorder recorder, musical wind instrument of the flute family, made of wood, varying in length, and having an inverted conical bore (largest end near the mouthpiece). business segment decreased 11% or $1,082,000 as compared to the prior fiscal year. The cost of sales increased 2% or $85,000, as compared to the prior fiscal year. The decrease in revenue and gross profit was driven by a decline in graphic recorder unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. and a reduction in the overall average sales price due to increased competition in the industry. However, a portion of this decline was offset by an increase in the unit sales of electronic data loggers due to the Company's increased marketing efforts in this area. General and administrative expenses decreased 44% or $2,015,000 and selling expenses decreased 30% or $551,000, as compared to fiscal 2001. There were no research and development expenses in fiscal 2002 as compared to $345,000 in the prior fiscal year. The decreases in operating expenses reflect the impact of the strategic restructuring undertaken during the last 15 months and the Company finalizing the development of the Vitsab(R) product. The Company expects a portion of the restructuring benefits to be realized in fiscal 2003. On July July: see month. 11, 2002, the Company executed a sale and purchase agreement for the sale of the oil well subleases. The closing of the transaction is projected to take place on or about September September: see month. 16, 2002. Cox Technologies is engaged in the business of producing and distributing transit temperature recording instruments, both domestically and internationally. These graphic transit recorders are marketed under the trade name Cox Recorders and produce a record that is documentary documentary: see motion pictures. documentary Fact-based film that depicts actual events and persons. Documentaries can deal with scientific or educational topics, can be a form of journalism or social commentary, or can be a conduit for propaganda proof of temperature conditions. The Company is in the final stages of the development, production and marketing of the Vitsab(R) "smart label" technology. Statements contained in this document, which are not historical in nature, are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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. are subject to risks and uncertainties that may cause future results to differ materially from those set forth in such forward-looking statements. Cox Technologies undertakes no obligation to update forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after 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" . Such risks and uncertainties with respect to Cox Technologies include, but are not limited to, its ability to successfully implement internal performance goals, performance issues with suppliers, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues, competition, the effect of weather on customers, exposure to environmental issues and liabilities, variations in material costs and general and specific economic conditions. From time to time, Cox Technologies may include forward-looking statements in oral statements or other written documents.
COX TECHNOLOGIES
SELECTED FINANCIAL DATA
Twelve Months
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Periods Ended April 30, 2002 2001
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Income Statement Items:
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Sales revenues $8,627,103 $9,709,561
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Cost of sales 5,436,181 5,351,019
General and administrative 2,540,680 4,555,195
Selling 1,260,652 1,812,052
Research and development - 345,393
Depreciation, depletion and
amortization 678,962 733,123
Loss on impairment 3,537,597 3,062,196
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13,454,072 15,858,978
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Income (loss) from operations (4,826,969) (6,149,417)
Other income (expense) 189,185 (128,150)
Interest expense (525,262) (496,442)
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Income (loss) before income taxes (5,163,046) (6,774,009)
Provision for income taxes - -
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Net income (loss) ($5,163,046)($6,774,009)
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Weighted average common shares
outstanding 25,360,071 24,661,104
Basic and diluted net income (loss)
per share ($.20) ($.27)
========================
Balance Sheet Items:
-------------------------------------
Assets:
Current assets $2,753,151 $3,163,817
Property and equipment, net 1,064,628 1,462,464
Non-depreciable asset - 813,305
Goodwill - 2,976,622
Patents 148,796 184,415
Other 105,816 53,566
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$4,072,391 $8,654,189
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Liabilities and Stockholder's
Equity:
Current liabilities $3,144,001 $3,035,790
Long-term debt 3,233,913 3,090,044
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6,377,914 6,125,834
Stockholder's equity (2,305,523) 2,528,355
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$4,072,391 $8,654,189
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Cash Flow Items:
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Net income (loss) ($5,163,046)($6,774,009)
Add - Non cash items 4,171,281 4,084,803
Change in assets and liabilities 635,243 (168,593)
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Net cash used in operating
activities (356,522) (2,857,799)
Net cash provided by (used in)
investing activities 3,041 (770,215)
Net cash provided by financing
activities 485,490 1,555,023
Effect of exchange rate changes on
cash 40,413 (108,581)
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Net increase (decrease) in cash $172,422 ($2,181,572)
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