Datatec Systems Reports Q3 FY2002 Operating Results; Reduces Net Loss by 81%.Business & Technology Editors FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , N.J.--(BUSINESS WIRE)--March 18, 2002 Datatec Systems, Inc. (Nasdaq: DATC DATC Davis Applied Technology College (Kaysville, Utah) DATC Days After Test Completion DATC Deferred Adverse Tax Consequence DATC Direct Assistance & Training Command DATC Director of Air Traffic Control ), a provider of technology deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. services and software tools, today reported results for the third quarter ended January January: see month. 31, 2002. Compared to the same quarter last year: -- Revenues were $16.3 million, a decrease of 23% from $21.3 million -- Gross Margins improved to 30.1% from 12.8% -- SG&A expense was $6.4 million, a reduction of 48% from $12.1 million -- EBITDA was ($238,000) versus ($8,049,000) -- Net loss was ($1,921,000) or ($0.05) per share, versus a net loss of ($10,051,000) or ($0.30) per share The 12 month 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. now stands at $57.1 million compared to $56 million last quarter and $64 million at the same time last year. Commenting on the quarter, Isaac Gaon Gaon may refer to
adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.4 million or 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . However, the award of the $31 million project we announced this morning and other large opportunities we hope to close in Q4, combined with strong current margins and significantly reduced expenses, augurs augurs Roman officials who interpreted omens. [Rom. Hist.: Parrinder, 34] See : Prophecy well for strong profitable growth in fiscal 2003." Datatec will discuss its third quarter results in an investor conference call today, March 18, 2002 at 4:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . Conference call details are:
US & Canada Toll Free 888-405-9176
International 630-395-0022
Password Q3
Conference Leader Bob Engelberg
About Datatec Systems, Inc. Fairfield, NJ-based Datatec Systems specializes in the rapid, large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. market absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. of networking technologies. Datatec's deployment services utilize a software-enabled implementation model to configure See configuration. (software) configure - A program by Richard Stallman to discover properties of the current platform and to set up make to compile and install gcc. Cygnus configure was a similar system developed by K. , integrate and roll out new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATC). For more information, visit http://www.datatec.com/ This Press Release contains 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements.
DATATEC SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
JANUARY 31, 2002
APRIL 30, 2001 (unaudited)
--------------- ---------------
ASSETS
-------------------------
CURRENT ASSETS:
CASH & CASH EQUIVALENTS $ 571,000 $ 80,000
RECEIVABLES, NET 22,181,000 20,362,000
INVENTORY 5,273,000 4,782,000
PREPAID EXPENSES & OTHER
CURRENT ASSETS 792,000 944,000
--------------- ---------------
TOTAL CURRENT ASSETS 28,817,000 26,168,000
PROPERTY & EQUIPMENT, NET 5,050,000 3,695,000
GOODWILL, NET 2,665,000 2,665,000
OTHER ASSETS 6,155,000 4,684,000
--------------- ---------------
TOTAL ASSETS $ 42,687,000 $ 37,212,000
=============== ===============
LIABILITIES & SHAREHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES:
SHORT TERM BORROWINGS $ 13,912,000 $ 16,505,000
CURRENT PORTION OF LONG-TERM DEBT 210,000 -
ACCOUNTS PAYABLE & ACCRUED
LIABILITIES 16,593,000 12,625,000
DUE TO RELATED PARTIES 1,414,000 1,414,000
--------------- --------------
TOTAL CURRENT LIABILITIES 32,129,000 30,544,000
--------------- --------------
LONG TERM DEBT 14,000 -
MINORITY INTEREST 9,675,000 -
SHAREHOLDERS' EQUITY:
COMMON STOCK 34,000 35,000
ADDITIONAL PAID-IN CAPITAL 43,241,000 53,059,000
ACCUMULATED DEFICIT (42,053,000) (46,078,000)
ACCUMULATED COMPREHENSIVE LOSS (353,000) (348,000)
--------------- --------------
TOTAL SHAREHOLDERS' EQUITY 869,000 6,668,000
--------------- --------------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $ 42,687,000 $ 37,212,000
=============== ==============
DATATEC SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended For the Nine Months Ended
January 31, January 31,
2001 2002 2001 2002
-----------------------------------------------------
REVENUES $ 21,279,000 $ 16,318,000 78,638,000 53,840,000
COST OF REVENUES 18,554,000 11,407,000 56,302,000 35,249,000
------------- ------------- ------------ -------------
GROSS PROFIT 2,725,000 4,911,000 22,336,000 18,591,000
GROSS PROFIT MARGIN 12.8% 30.1% 28.4% 34.5%
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 12,130,000 6,357,000 30,899,000 20,773,000
------------ ------------- ------------ ------------
OPERATING LOSS (9,405,000) (1,446,000) (8,563,000) (2,182,000)
INTEREST EXPENSE 475,000 475,000 1,178,000 1,525,000
------------ ------------- ------------ -------------
LOSS BEFORE MINORITY
INTEREST (9,880,000) (1,921,000) (9,741,000) (3,707,000)
MINORITY INTEREST (171,000) - (511,000) (318,000)
-------------- -------------- ----------- ------------
NET LOSS $(10,051,000) $ (1,921,000) (10,252,000) (4,025,000)
============== ============= ============ ============
NET LOSS PER
SHARE $ (0.30) $ (0.05) $ (0.31) $ (0.11)
============== ============= ============ ============
WEIGHTED AVERAGE
COMMON SHARES
- BASIC 33,657,000 35,297,000 33,562,000 35,085,000
=============== ============= ============= ===========
DATATEC SYSTEMS, INC.
EBITDA ANALYSIS
(unaudited)
Q3 FY'01 Q3 FY'02
---------------------------------
REVENUES $ 21,279,000 $ 16,318,000
EBITDA $ (8,049,000) $ (238,000)
----------------- ---------------
DEPRECIATION & AMORTIZATION 1,356,000 1,208,000
INTEREST & MINORITY INTEREST 646,000 475,000
NET INCOME (LOSS) $(10,051,000) $(1,921,000)
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