Datron Systems Announces First Quarter Fiscal 1999 Results.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--July 22, 1998--Datron Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DTSI DTSI Defense Trade Security Initiative DTSI Digital Twin Spark Ignition DTSI Datron/Transco Systems Incorporated DTSI DataTel Solutions, Inc. (San Antonio, Texas) ) today announced results for its first quarter ended June June: see month. 30, 1998. Net income for the quarter was $163,000, or $0.06 per share, compared with a net loss in the first quarter last year of $548,000, or $0.21 per share. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter were $15,289,000, a 48 percent increase compared with first quarter net sales last fiscal year of $10,341,000. The increase in sales was primarily due to higher sales of radio products, remote sensing Deriving digital models of an area on the earth. Using special cameras from airplanes or satellites, either the sun's reflections or the earth's temperature is turned into digital maps of the area. systems and direct broadcast satellite (DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. ) antenna products. Net income in the recent quarter was primarily due to higher gross profits on the higher sales. Order 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. at the end of the first quarter was $27.5 million, down $3.2 million compared with $30.7 million at the end of the first quarter last fiscal year and up $2.1 million compared with $25.4 million at March 31, 1998. The increase during this quarter was primarily due to strong remote sensing bookings. David A. Derby Derby, English horse race Derby (där`bē), English horse race, instituted (1780) by the 12th earl of Derby and held annually at Epsom Downs, near London. , chairman, president and chief executive officer, stated, "Our business plan for this fiscal year calls for modest sales and profits in the first quarter to be followed by improved results as the year progresses. While there can be no assurances these plans will be met for the remainder of the year, we are pleased with the results of operations for the first quarter. They exceeded our expectations. "A key contributor to the positive results for the quarter was the stronger than expected sales of our DBS satellite TV products to the land and marine market. These products generated more than 13 percent of the quarter's sales and made a significant contribution to operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . Moreover, the annual growth rate of sales of DBS products has exceeded 50 percent for the past twelve months." This news release may contain "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. " as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. A variety of factors could cause the Company's actual results to differ from the anticipated results expressed in such forward-looking statements. These include, among others, uncertainties stemming stemming - stemmer from the dependence of the company on foreign sales and on large orders from a relatively small number of customers, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the decline in the company's traditional defense business and the company's efforts to develop and market consumer products, lack of timely development or customer acceptance of new products, and the impact of competition. Investors are referred to the company's periodic reports under the Securities Exchange Act of 1934, including without limitation the Investment Considerations set forth in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Datron Systems provides products and services addressing the needs of emerging satellite and radio communication markets.
Datron Systems Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per-share amounts)
Three Months Ended
June 30,
1998 1997
------------ -----------
Net sales $15,289 $10,341
Cost of sales 11,211 7,986
------------ -----------
Gross profit 4,078 2,355
Selling, general and administrative 3,232 2,748
Research and development 450 389
------------ -----------
Operating income (loss) 396 (782)
Interest expense (121) (118)
Other expense --- (6)
------------ -----------
Income (loss) before income taxes 275 (906)
Income taxes (benefit) 112 (358)
------------ -----------
Net income (loss) $163 ($548)
============ ===========
Earnings (loss) per
common share--basic $0.06 ($0.21)
============ ===========
Weighted average number of
common shares outstanding 2,682 2,664
============ ===========
Earnings (loss) per common
share--assuming dilution $0.06 ($0.21)
============ ===========
Wtd. average number of common and
common equiv. shares outstanding 2,682 2,664
============ ===========
Datron Systems Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30,
1998 March 31,
(Unaudited) 1998
------------ ------------
ASSETS
Cash $ 710 $ 634
Accounts receivable, net 17,680 15,487
Inventories 13,231 14,048
Other current assets 5,178 4,350
------------ ------------
Total current assets 36,799 34,519
Property, plant and equipment, net 10,363 10,864
Other assets 5,751 5,901
------------ ------------
Total assets $52,913 $51,284
============ ============
LIABILITIES AND EQUITY
Current liabilities $ 21,189 $14,165
Long-term debt --- 5,600
Deferred income taxes 1,914 1,914
------------ ------------
Total liabilities 23,103 21,679
Stockholders' equity 29,810 29,605
------------ ------------
Total liabilities and equity $52,913 $51,284
============ ============
CONTACT: Datron Systems William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack L. Stephan Stephan is a male given name, a variant of Stephen. This page or section lists people with the given name Stephan. If an internal link for a specific person referred you to this page, you may wish to add the surname to that wikilink. , 760/747-3734 http://www.dtsi.com |
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