Dalsa Corporation Financial Results - Third Quarter of 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)--Nov. 5, 1996--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. .) 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. Corporation, today announced its results for the third quarter of fiscal 1996. For the three months ended September September: see month. 30, 1996 DALSA had net income of $709,000 ($0.13 per share) on revenues of $4.6 million as compared to net income of $624,000 ($0.14 per share) on revenue of $3.9 million in the same period in 1995. This represents a 17 percent increase in revenues and 14 percent increase in net income. Earnings per share reflect total average outstanding shares of 5,588,000 compared to 4,380,000 in the prior year. For the nine months ended September 30, 1996 net income was $1,414,000 ($0.30 per share) on revenues of $12.6 million as compared to net income of $1,379,000 ($0.32 per share) on revenues of $10.4 million for the same period in 1995. Standard product sales for the nine months have increased 29 percent over the same period in 1995 with standard product sales of $3.9 million in the third quarter increasing 14 percent over the second quarter and setting a company high for standard product sales in a quarter. 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 $5.2 million at September 30, 1996. Revenue from application specific contracts decreased 4 percent compared to the same nine month period of 1995. Dr. Savvas Chamberlain Chamberlain may refer to:
emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales for the first six months were below expectations. Actions have been taken to improve the sales distribution 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). the impact
of which it is expected willto produce positive results in 1997."
Dr. Chamberlain further noted that: " For the nine months ended
September 30, 1996 European sales were above 1995 levels by 23 percent
but still below expectations."
Cost of products sold was 46.6 percent of revenue for the nine months ended September 30, 1996 as compared to 37.6 percent for the same period in 1995. Repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of government grants from previous years represents 2 percent of this increase. These repayments will continue at 2 percent of revenue for the next several years. A portion of the increase arises from reduced margins on special product sales as product modification investments are made in this group to secure future volume business. Further, increased fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). in manufacturing infrastructure have added to the increase in cost of sales. The infrastructure costs primarily relate to the introduction of the product maintenance and technical support group created to address manufacturability and performance of new and existing products. It is expected that this additional infrastructure will yield manufacturing benefits and these costs will grow at a lowerincrease at a lesser rate than growth in sales. in the future. "We continue to have confidence in the growth potential in of our target markets and our ability to capture market share in those markets. We expect to see capital expenditures in vision automation systems to growincrease. 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. in 1997 we forecast a growth in our markets of 19 percent in document scanning, 18 percent in semiconductor and electronics inspection and 14 percent in machine vision. However, we are confident that DALSA's growth will outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the general growth of our target markets, through selective targeting of new high growth applications and OEM's and through continued market share capture. We also expect a healthy growth in Europe, depending on the economic recovery in that region. epending on the European economic recovery we also expect a healthy growth there. We continue to focus efforts at expanding our presence in the Asian markets which represent approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5 percent of our revenue base", continued Chamberlain. Discussions continue with selected companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and 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 regarding alliances and potential acquisitions that would strengthen DALSA's presence in selected 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 markets. A new electronic CCD camera See digital camera. product line is ready to move to manufacturing. These cameras incorporate embedded software Instructions that permanently reside in a ROM or flash memory chip. Embedded software may be immediately available to the CPU or, for faster execution, may be transferred to RAM first and then executed. and are field programmable by the user. Advanced versions of these electronic cameras, which use proprietary image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished algorithms The following is a list of the algorithms described in Wikipedia. See also the list of data structures, list of algorithm general topics and list of terms relating to algorithms and data structures. , are in the category of intelligent electronic cameras. DALSA is a leader in the design, development, manufacture and marketing of image sensor 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:
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. Certain statements in this release are forward looking and involve risks and uncertainties. Such risks and uncertainties include, but are not limited to, timing of standard product sales 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. -0-
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
( thousands of dollars, except per share amounts)
(Unaudited)
Three months ended Nine months ended
September 30 September 30
1996 1995 1996 1995
Revenue
Standard product sales $3,915 $3,191 $10,151 $7,895
Application
specific contracts 711 757 2,427 2,537
-----------------------------------
Total revenue 4,626 3,948 12,578 10,432
Expenses
Cost of
products sold 1,792 1,131 4,727 2,967
Research and development 772 742 2,373 2,226
Selling, general
and administrative 1,168 1,154 3,538 3,167
-----------------------------------
Total expenses 3,732 3,027 10,638 8,360
-----------------------------------
Income from operations 894 921 1,940 2,072
Interest expense, net (178) 33 (169) 103
-----------------------------------
Income before income taxes 1,072 888 2,109 1,969
Income taxes 363 264 695 585
Minority interest - - - 5
-----------------------------------
Net income $709 $624 $1,414 $1,379
Retained earnings,
beginning of period 4,800 4,584 4,245 3,829
Dividends - - 150 -
-----------------------------------
Retained earnings,
end of period $5,509 $5,208 $5,509 $5,208
-----------------------------------
Earnings per share $0.13 $0.14 $0.30 $0.32
-----------------------------------
Weighted average number
of shares
outstanding ('000) 5,588 4,380 4,665 4,290
-----------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
(thousands of dollars)
(Unaudited)
Three months ended Nine months ended
September 30 September 30
1996 1995 1996 1995
----------------------------------
OPERATING ACTIVITIES
Net income $709 $624 $1,414 $1,379
Add non-cash items
Depreciation 279 221 803 643
Deferred income taxes 69 - 103 32
Changes in operating
assets and liabilities (980) (84) (2,566) (1,512)
-----------------------------------
Cash (used in) provided
by operating activities 77 761 (246) 542
-----------------------------------
INVESTMENT ACTIVITIES
Investment in sales
type lease receivable 37 59 201 164
Capital asset additions (256) (268) (1,185) (1,790)
-----------------------------------
Cash (used in)
investment activities (219) (209) (984) (1,626)
-----------------------------------
FINANCING ACTIVITIES
Dividends - - (150) -
Decrease in dividends payable - - (53) (23)
Increase in share capital (13) (2) 17,361 151
Increase in due from employees (4) 14 (28) (62)
Increase (decrease)
in long term debt - (103) (2,500) 383
-----------------------------------
Cash (used in) provided
by financing activities (17) (91) 14,630 449
-----------------------------------
Net increase (decrease)
in cash resources (159) 461 13,400 (635)
Cash resources,
beginning of period 15,396 1,940 1,837 3,036
-----------------------------------
Cash resources,
end of period $15,237 2,401 $15,237 $2,401
-----------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(thousands of dollars)
(Unaudited)
September 30, September 30,
1996 1995
ASSETS
Current assets
Cash and marketable securities $15,237 $2,401
Accounts receivable
and accrued revenue 3,523 3,000
Inventory 2,265 1,656
Prepaid expenses 137 39
Current portion of investment
in sales type lease receivable 156 246
---------------------
Total current assets 21,318 7,342
Deferred income taxes 591 -
Investment in sales
type lease receivable 13 166
Capital assets 4,547 4,103
---------------------
Total assets $26,469 $11,611
---------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable
and accrued liabilities $1,740 $1,905
Current portion of long term debt - 439
Deferred revenue 240 674
---------------------
Total current liabilities 1,980 3,018
Long term Debt - 2,171
Deferred income tax - 296
Minority Interest - 96
---------------------
Total liabilities 1,980 5,581
Shareholders' equity
Share capital 18,980 822
Retained earnings 5,509 5,208
---------------------
Total shareholders' equity 24,489 6,030
---------------------
Total liabilities
and shareholders' equity $26,469 $11,611
CONTACT: DALSA Corporation Dr. Savvas Chamberlain, 519/886-6000 or DALSA Corporation 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 |
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