DALSA Corporation - Interim report to our shareholders for the fourth quarter ended December 31, 1996.WATERLOO Waterloo, town, Belgium Waterloo (vä`tərlō), commune (1991 pop. 27,860), Walloon Brabant prov., central Belgium, near Brussels. The battle of Waterloo (see Waterloo campaign) was fought just south of there on June 18, 1815. , Ontario--(BUSINESS WIRE)--Feb. 4, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DSA (1) (Directory Server Agent) An X.500 program that looks up the address of a recipient in a Directory Information Base (DIB), also known as white pages. It accepts requests from the Directory User Agent (DUA) counterpart in the workstation. .) Introduction 1996 was a successful year for DALSA Dalsa is a Canadian company specializing in the design and manufacture of specialized electronic cameras. The company was founded in Waterloo, Ontario, Canada in 1980 by imaging pioneer Dr. . We achieved growth in both revenues and profits while adding to our infrastructure to build a solid foundation for future growth. The introduction of new products, continued dedication of our highly qualified associates (employees), and solid balance sheet put DALSA in a strong position for the future. Financial status of the fourth quarter ended December December: see month. 31, 1996 For the three months ended December 31, 1996 DALSA had net income of $760,000, or $0.14 per share, on revenues of $4.8 million as compared to net income of $443,000, or $0.10 per share, on revenue of $3.8 million in the same period in 1995. This represents a 25.6 percent increase in revenues, 71.6 percent increase in net income and 32.1 percent increase in earnings per share. Earnings per share reflect total average outstanding shares for the quarter of 5,602,000 compared to 4,314,000 in the comparative quarter in 1995. For the year ended December 31, 1996 net income was $2,174,000, or $0.44 per share, on revenues of $17.4 million as compared to net income of $1,822,000, or $0.42 per share, on revenues of $14.3 million for the same period in 1995. Earnings per share reflect total average outstanding shares for the year of 4,907,000 in 1996 and 4,296,000 in 1995. Standard product sales for the year increased 32.7 percent over 1995 with standard product sales of $4.4 million in the fourth quarter increasing 43.1 percent over the same quarter of 1995 and 12.9 percent over the third quarter of 1996. The revenue backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for standard products was $5.6 million at December 31, 1996. Revenue from application specific contracts for 1996 decreased 13.8 percent in comparison to 1995 reflecting delays in two ongoing contracts. Activities and Events of Interest At DALSA we continue to look for ways to better communicate with you, our shareholders. Last quarter we changed the format of our quarterly results to a detailed news release which is mailed to the shareholders immediately following release of results to the newswires. We are able to communicate detailed results to shareholders approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one week earlier this way. This quarter DALSA has implemented a home page on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the which contains both corporate and product information. The Company's financial results and other news releases are accessible on the web site at www.dalsa.com. When accessing the DALSA web site you will be able to provide direct feedback to the Company by clicking on the investor.com area highlighted on our press releases. DALSA plans to announce quarterly results for 1997 as follows: -0-
First quarter results May 1, 1997
Second quarter results August 5, 1997
Third quarter results November 4, 1997
Fourth quarter results February 3, 1998
-0- The Company utilizes Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Corporate News (ECCNE) in the release of all material information, and its news releases can also be viewed through CCN's web site at www.cdn-new.com. Early in January January: see month. 1997 we announced the signing of a $1.1 million contract to supply several hundred cameras to a major Asian 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 in 1997. This contract by itself exceeds the level of revenue we earned in Asia in 1996. This contract is the result of several years of effort in working with Asian OEM's to build long term relationships and OEM customer base. Further, late in January 1997 we announced the receipt of a $1.4 million order to provide programmable advanced line scan DALSA cameras to a major Asian OEM. We are very pleased about this order since it utilizes our new technology for intelligent camera applications. Market acceptance of our new programmable camera product line by Asian OEM's looks very promising. I would like to extend an invitation to our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. and friends of DALSA to visit us and also attend the DALSA annual shareholders meeting which will be held at 4:00 p.m. on May 1, 1997 in the auditorium auditorium Portion of a theater or hall where an audience sits, as distinct from the stage. The auditorium originated in the theaters of ancient Greece, as a semicircular seating area cut into a hillside. of DALSA in Waterloo, Ontario Coordinates: Waterloo is a city in Ontario, Canada. It is the smallest of the three cities in the Regional Municipality of Waterloo, and is adjacent to the larger city of Kitchener. . We plan to arrange tours of our facilities at 3:00 p.m. the same day. If you plan to attend please call Cathy Cathy may refer to: In artistry:
DALSA is a leader in the design, development, manufacture and marketing of image sensor An image sensor is a device that converts a visual image to an electric signal. It is used chiefly in digital cameras and other imaging devices. It is usually an array of charge-coupled devices (CCD) or CMOS sensors such as active-pixel sensors. and electronic camera products based on its high performance image capture charge-coupled device See CCD. (electronics) charge-coupled device - (CCD) A semiconductor technology used to build light-sensitive electronic devices such as cameras and image scanners. CCDs can be made to detect either colour or black-and-white. (CCD CCD in full charge-coupled device Semiconductor device in which the individual semiconductor components are connected so that the electrical charge at the output of one device provides the input to the next device. ) technology. DALSA's CCD image sensor silicon chips and electronic cameras provide advanced technological solutions for a broad range of industrial vision applications including postal Postal can refer to:
1. the act of examining by passing over an area or organ with a sensing device. 2. scanning speech. , cheque/banknote scanning, semiconductor inspection, electronics inspection, glass bottle and product inspection and textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. inspection. A number of my above statements are forward looking that involve risks and uncertainties. Such risks include uncertainties on the timing of standard product sales and deliveries to our OEM customers and challenges from the Company's competition. We are ready to face such potential challenges. The management and associates of our company are working hard and smart and are enthusiastic about DALSA's growth prospects. -0-
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
(thousands of dollars, except per share amounts)
Three months ended Year ended
December 31 December 31
1996 1995 1996 1995
Revenue
Standard
product sales $4,421 $3,090 $14,572 $10,985
Application
specific contracts 413 758 2,840 3,295
--------------------------------------------------------------
Total revenue 4,834 3,848 17,412 14,280
--------------------------------------------------------------
Expenses
Cost of
products sold 2,010 1,155 6,737 4,122
Research and
development 543 870 2,916 3,096
Selling, general
and administrative 1,300 1,157 4,838 4,324
--------------------------------------------------------------
Total expenses 3,853 3,182 14,491 11,542
--------------------------------------------------------------
Income from operations 981 666 2,921 2,738
Interest income
(expense), net 166 (28) 335 (131)
--------------------------------------------------------------
Income before
income taxes 1,147 638 3,256 2,607
Income taxes 387 189 1,082 774
Minority interest - 6 - 11
--------------------------------------------------------------
Net income $760 $443 $2,174 $1,822
Retained earnings,
beginning of period 5,509 5,208 4,245 3,829
Redemption of share
capital - (1,406) - (1,406)
Dividends - - (150) -
--------------------------------------------------------------
Retained earnings,
end of period $6,269 $4,245 $6,269 $4,245
--------------------------------------------------------------
Earnings per share $0.14 $0.10 $0.44 $0.42
--------------------------------------------------------------
Weighted average
number of shares
outstanding ('000) 5,602 4,314 4,907 4,296
--------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
(thousands of dollars)
Three months ended Year ended
December 31 December 31
1996 1995 1996 1995
--------------------------------------------------------------
OPERATING ACTIVITIES
Net income $761 $443 $2,174 $1,822
Add non-cash items
Depreciation 295 235 1,098 878
Deferred income taxes (9) 16 94 48
Changes in operating
assets and liabilities 96 605 (2,470) (907)
--------------------------------------------------------------
Cash provided by
operating activities 1,143 1,299 896 1,841
--------------------------------------------------------------
INVESTMENT ACTIVITIES
Investment in sales
type lease receivable 36 43 237 207
Property and equipment
additions (241) (267) (1,426) (2,057)
Cash (used in)
investment
activities (205) (224) (1,189) (1,850)
--------------------------------------------------------------
FINANCING ACTIVITIES
Dividends - - (150) -
Increase (decrease) in
dividends payable - 10 (53) (13)
Increase in (redemption of)
share capital - (1,433) 17,361 (1,282)
Decrease (increase) in due
from employees 14 14 (13) (48)
Purchase of minority
interest - (120) - (120)
Increase (decrease)
in long term debt - (110) (2,500) 273
--------------------------------------------------------------
Cash provided by (used in)
financing activities 14 (1,639) 14,645 (1,190)
--------------------------------------------------------------
Net increase (decrease)
in cash resources 952 (564) 14,352 (1,199)
Cash resources,
beginning of period 15,237 2,401 1,837 3,036
--------------------------------------------------------------
Cash resources,
end of period $16,189 $1,837 $16,189 $1,837
--------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(thousands of dollars)
December 31 December 31
1996 1995
--------------------------------------------------------------
ASSETS
Current Assets
Cash and marketable
securities $16,189 $1,837
Accounts receivable
and accrued revenue 3,367 2,411
Inventory 2,509 1,644
Prepaid expenses 234 90
Current portion of
investment in sales
type lease receivable 132 238
--------------------------------------------------------------
Total current assets 22,431 6,220
Deferred income taxes 676 -
Investment in sales type
lease receivable - 131
Capital assets 4,498 4,169
--------------------------------------------------------------
Total assets $27,605 $10,520
--------------------------------------------------------------
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Accounts payable and
accrued liabilities $1,923 $2,046
Current portion of
long term debt - 434
Deferred revenue 172 589
--------------------------------------------------------------
Total current liabilities 2,095 3,069
Long term Debt - 2,066
Deferred income tax 261 344
--------------------------------------------------------------
Total liabilities 2,356 5,479
--------------------------------------------------------------
Shareholders' equity
Share capital 18,980 796
Retained earnings 6,269 4,245
--------------------------------------------------------------
Total shareholders'
equity 25,249 5,041
--------------------------------------------------------------
Total liabilities and
shareholders' equity $27,605 $10,520
--------------------------------------------------------------
CONTACT: DALSA Corp., Waterloo Savvas G. Chamberlain Chamberlain may refer to:
James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. M. Hill, 519/886-6000 519/886-3126 (FAX) |
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