DALSA Corporation -- Interim Report to our Shareholders For the Second Quarter Ended June 30, 1997.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)--Aug. 5, 1997--DALSA Corporation (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 The second quarter of 1997 was another period of substantial growth 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. with record financial performance in both revenues and profits. DALSA continues to meet the challenges of growth in a managed and profitable way. Financial Results For the three months ended June June: see month. 30, 1997 DALSA had net income of $969,000, or $0.17 per share, on revenues of $7.1 million as compared to net income of $485,000, or $0.11 per share, on revenue of $4.4 million in the same period in 1996. This represents a 61 percent increase in revenues, a doubling of net income and a 64 percent increase in earnings per share. Earnings per share reflect total average outstanding shares for the quarter of 5,610,000 compared to 4,611,000 in the comparative quarter in 1996. Standard product sales for the quarter were $5.5 million, an increase of 62 percent over the same quarter in 1996. Revenue from application specific contracts for the quarter was $1.5 million as compared to $935,000 for the comparative quarter in 1996. Activities and Events of Interest DALSA continues to experience demand for its products above anticipated levels. Sales in all of our geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions have been strong with growth over 1996 levels of 26 percent in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and 54 percent in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . We are particularly pleased with our results in
Asia where sales in the first half of 1997 are already more than double
our total 1996 Asian sales. This growth challenges us to increase our
manufacturing capacity in a managed, timely and cost effective manner.
As we detailed in the first quarter report, we have accelerated our
efforts to expand manufacturing capacity. During the second quarter
automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. equipment was purchased for printed circuit board production. This equipment provides sufficient capacity to triple printed circuit board production. We anticipate commissioning this equipment during our scheduled two week manufacturing shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down during the third quarter. We have also initiated plans to further increase our manufacturing staff by one third by year end. The extensions of our clean rooms and the completion of the second floor of our manufacturing facility are expected to be completed by the fourth quarter of this year. With the planned two week manufacturing shutdown during the third quarter to facilitate these efforts in expanding manufacturing capacity for the future it is anticipated that results for the second half of the year will not match the record growth levels of the second quarter. We do, however, expect to match or exceed our planned growth for the year and to see continued growth as manufacturing capacity is added. DALSA believes that it is well positioned to take advantage of the growth opportunities in its markets now and over the long term. Although the hiring of new engineers, scientists, technologists and sales staff is challenging, due to high demand for these skills in North America, DALSA continues to be successful in attracting good talent. We are pleased that Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. joined us in June 1997 as a Director of Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . He brings more than twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. experience in the area of management of human resources, technical training and safety. In late June we had our annual three day Sales Seminar meeting at Waterloo. Representatives of our world wide sales network of Reps/Agents and our internal sales force attended this conference. Information presentations, demonstrations of our new products, technical presentations and informal discussions took place. DALSA is committed to supporting and expanding this successful world wide sales network. 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. We plan to release our third quarter results on November November: see month. 4, 1997. A number of my above statements are forward looking and involve risks and uncertainties. Such risks include uncertainties on the timing of standard product sales and deliveries to our 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 customers and challenges from the Company's competition. We are ready to face such potential challenges. The management and employees of our company are working hard and smart and are enthusiastic about DALSA's growth prospects. Dr. Savvas G. Chamberlain Chamberlain may refer to:
President and Chief Executive Officer Aug 5, 1997 -0-
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
( thousands of dollars, except per share amounts)
Three months ended Six months ended
June 30 June 30
1997 1996 1997 1996
-----------------------------------------------------
Revenue
Standard product
sales $5,569 $3,448 $9,701 $6,236
Application
specific
contracts 1,499 935 2,699 1,716
Total revenue 7,068 4,383 12,400 7,952
Expenses
Cost of products
sold 2,517 1,563 4,501 2,935
Research and
development 1,465 897 2,551 1,601
Selling,
general and
administra-
tive 1,692 1,226 3,048 2,370
Total
expenses 5,674 3,686 10,100 6,906
Income from
operations 1,394 697 2,300 1,046
Interest income
(expense),
net 125 24 245 (9)
Income before
income taxes 1,519 721 2,545 1,037
Income taxes 550 236 898 332
Net income $969 $485 $1,647 $705
Retained
earnings,
beginning of
period 6,947 4,315 6,269 4,245
Dividends - - - (150)
Retained
earnings,
end of
period $7,916 $4,800 $7,916 $4,800
Earnings per
share $0.17 $0.11 $0.29 $0.17
Weighted average number
of shares
outstanding
('000) 5,610 4,611 5,606 4,211
CONSOLIDATED STATEMENT OF CASH FLOWS
(thousands of dollars)
Three months ended Six months ended
June 30 June 30
1997 1996 1997 1996
-----------------------------------------------------
OPERATING ACTIVITIES
Net income $969 $485 $1,647 $705
Add non-cash items
Depreciation 350 269 666 524
Deferred income
taxes 38 34 61 34
Changes in operating
assets and
liabilities (1,540) (1,227)(1,119) (1,586)
-----------------------------------------------------
Cash (used in)
provided by
operating
activities (183) (439) 1,255 (323)
-----------------------------------------------------
INVESTMENT ACTIVITIES
Decrease in sales
type lease
receivable 40 114 78 164
Property and
equipment
additions (987) (333) (2,130) (929)
-----------------------------------------------------
Cash (used in)
investment
activities (947) (219) (2,052) (765)
-----------------------------------------------------
FINANCING ACTIVITIES
Dividends - - - (150)
Decrease in
dividends payable - - - (53)
Issue in share
capital 8 17,281 98 17,374
Increase in due
from employees 29 23 (32) (24)
Decrease in long
term debt - (2,390) - (2,500)
-----------------------------------------------------
Cash provided by
financing
activities 37 14,914 66 14,647
-----------------------------------------------------
Net (decrease)
increase in cash
resources (1,093) 14,256 (731) 13,559
Cash resources,
beginning of
period 16,551 1,140 16,189 1,837
-----------------------------------------------------
Cash resources,
end of period $15,458 $15,396 $15,458 $15,396
-----------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(thousands of dollars)
June 30 31-Dec
1997 1996
-----------------------------------------------------
ASSETS
Current assets
Cash and marketable securities $15,458 $16,189
Accounts receivable and accrued
revenue 5,481 3,368
Inventory 2,656 2,509
Prepaid expenses 170 234
Current portion of investment
in sales type lease receivable 54 132
Total current assets 23,819 22,432
Deferred income taxes 614 676
Property and equipment 5,962 4,497
-----------------------------------------------------
Total assets $30,395 $27,605
-----------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $2,585 $1,923
Deferred revenue 234 172
-----------------------------------------------------
Total current liabilities 2,819 2,095
Deferred income taxes 582 261
-----------------------------------------------------
Total liabilities 3,401 2,356
-----------------------------------------------------
Shareholders' equity
Share capital 19,078 18,980
Retained earnings 7,916 6,269
-----------------------------------------------------
Total shareholders' equity 26,994 25,249
-----------------------------------------------------
Total liabilities and
shareholders' equity $30,395 $27,605
-----------------------------------------------------
CONTACT: DALSA Corporation Savvas G. Chamberlain or 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. M. Hill, 519/886-6000 Fax: 519/886-3126 DALSA Web site www.dalsa.com |
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