DPAC Technologies Reports Third Quarter Cash Earnings of $1.2 Million or $0.06 Per Share.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers GARDEN GROVE Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. , Calif.--(BUSINESS WIRE)--Dec. 12, 2001 -- DPAC Technologies expands workforce to support customer demand -- DPAC Technologies receives $1 million in orders for L-P Stack(TM) to be used in networking and telecommunications products -- DPAC receives $1.6 million in purchase orders for military electronic components DPAC DPAC Denver Performing Arts Complex (CO, USA aka: DCPA) DPAC Deferred Policy Acquisition Costs (insurance) DPAC District Parent Advisory Committee DPAC Dover Partnership Against Crime Technologies Corp. (Nasdaq:DPAC), a provider of products and services for the Integration Age, today reported results for its third quarter, ended November November: see month. 30, 2001 of its fiscal year 2002. The Company reported revenues of $6.3 million as compared to $9.6 million for the same period of the previous year. The revenue decrease of 35% over the same period of the previous year was caused mainly by the decrease in worldwide memory prices. Earnings before depreciation and amortization ("cash earnings") were $1,185,000 or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to cash earnings of $1,017,000 or $0.05 per diluted share in the prior quarter and $1.3 million or $0.06 per diluted share for the third quarter of the prior fiscal year. Net earnings for the third quarter ended November 30, 2001, were $610,000 or $0.03 per diluted share. During the third quarter, DPAC recorded amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and depreciation of $575,000.
Periods Ended Nov. 30 Third Quarter Second Quarter Nine Months
2001 2000 8/31/2001 2001 2000
In 000's except per share amounts
Revenue $ 6,261 $ 9,649 $ 8,201 $ 21,915 $ 27,834
Gross Profit $ 2,368 $ 2,807 $ 2,515 $ 7,097 $ 8,294
Income from
Operations $ 600 $ 789 $ 460 $ 1,134 $ 2,442
Operating Margin 9.6% 8.2% 5.6% 5.2% 8.8%
Cash Earnings(a) $ 1,185 $ 1,284 $ 1,017 $ 2,849 $ 3,649
Cash EPS $ 0.06 $ 0.06 $ 0.05 $ 0.13 $ 0.18
Net Earnings $ 610 $ 853 $ 461 $ 1,182 $ 2,491
EPS Diluted Basis $ 0.03 $ 0.04 $ 0.02 $ 0.06 $ 0.12
Diluted Shares 21,177 20,437 21,338 21,198 20,597
(a) Net income before amortization and depreciation.
Ted Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. , DPAC's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented on the quarter: "The increased level of business we experienced over the last two quarters has continued into the fourth quarter and prompted our decision to add more resources to DPAC's operations. During the first nine months of the current fiscal year, we have already surpassed the total number of stacks shipped the entire previous fiscal year." Mr. Bruce continued, "Our revenue was affected by record low memory prices, however, growing demand for DPAC's stacking technology resulted in increased overall margins and profits for the quarter as compared to the previous quarter." Bill Stowell, DPAC's chief financial officer, stated, "Our commercial unit's demand continued to grow during the third quarter. The number of DRAM stacks sold increased over 84 percent from the previous year's third quarter and slightly over the prior quarter. We are encouraged by the level of activity we have experienced going into the fiscal fourth quarter. Also, during the quarter we purchased 50,000 DPAC shares in the open market, as part of the company's announced repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. The company's balance sheet continues to strengthen with a current ratio of over 3.5-to-1, and we have increased the cash balance by $1.7 million to $5.6 million over the last six months. We are encouraged by the strengthening marketplace and we are well-positioned to address the increasing demand for our stacking technology." Third Quarter Developments -- DPAC Technologies expands workforce to support customer demand -- DPAC Technologies receives $1 million in orders for L-P Stack(TM) to be used in networking and telecommunications products -- DPAC receives $1.6 million in purchase orders for military electronic components For the first nine months of the current fiscal year, revenue decreased by 21 percent to $21.9 million, due mainly to the decrease in worldwide memory prices, which offset a 25 percent increase in unit demand for the Company's stacking technology. Total 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. were virtually unchanged, year-over-year. Research and development costs rose 8 percent to $1,352,000, as the Company positions itself for a rebounding economy. Mr. Bruce commented further, "We are encouraged by DPAC's sustained high level of business activity, and we are beginning to see signs of economic recovery, further fueling our confidence. At this time, we are projecting sequential growth for our fiscal fourth quarter. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the current business environment provides a basis for earnings growth." DPAC has scheduled a conference call to present its fiscal third quarter financial results today, Wednesday, December 12, 2001 at 4:15 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Interested parties may access the conference call by dialing 800/946-0719. A replay of the conference call in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. will be available approximately one hour after its completion, for seven days, by dialing 719/457-0820 and providing the following passcode: 544979. About DPAC Technologies Based in Garden Grove, CA., DPAC Technologies provides patented component packaging technology to create high-density, space-saving surface-mount electronic components. DPAC's products are used in electronic circuits found in network servers, computer storage devices, medical instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and communication devices. DPAC provides outsourced engineering design services to aid customers in creating cost-saving circuit designs. DPAC also provides contract manufacturing of prototype designs and medium volume production runs of circuit boards. DPAC's mission is to provide products and services for the Integration Age. Investor information is available through their corporate headquarters Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 714/898-0007 x128, or contact Joe Zappulla at Wall Street Investor Relations 212/714-2445. Visit the DPAC Web site at www.DPACtech.com. This press release includes 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. , including statements regarding the management's current beliefs concerning the company's market, technology development, expansion and business plans, relationships in price parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. of existing technology with future technology, the need for emulation (architecture) emulation - When one system performs in exactly the same way as another, though perhaps not at the same speed. A typical example would be emulation of one computer by (a program running on) another. products, business interruptions due to acts of terrorism, which are subject to change as a result of various risks or uncertainties. Every statement herein that is not historic in nature is a forward-looking statement. These factors would include, but are not limited to, uncertainties and risks concerning acquisitions, challenges in integrating technologies or operations efficiently or managing acquired operations, risks concerning liabilities acquired and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , protection of technology or proprietary rights, risks of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and others, and difficulties of controlling acquisition costs. The actual results may materially differ from those described in any forward-looking statement. Important factors that may cause actual results to differ are set forth in the company's periodic filing with the U.S. Securities and Exchange Commission including its Form 10-KSB for year-ended February 28, 2001 or subsequent Forms 10-Q. These statements speak as of the date of this release, and the Company undertakes no obligation to update these statements in light of future events or otherwise.
DPAC TECHNOLOGIES CORP.
Condensed Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
11/30/01 2/28/01
Cash and cash equivalents $ 5,638 $ 5,347
Current assets $ 10,559 $ 10,373
Fixed assets, net $ 4,892 $ 5,381
Total assets $ 20,805 $ 21,763
Current liabilities $ 2,975 $ 4,755
Long-term debt $ 528 $ 787
Shareholders' equity $ 17,302 $ 16,221
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