Datron Systems Announces Fourth Quarter Net Income Up 272%; Fiscal 2000 Net Income Up 47%.Business Editors/High-Tech Writers VISTA Vista (vĭs`tə), uninc. city (1990 pop. 71,872), San Diego co., SW Calif., near the Pacific coast, in an agricultural and resort area; inc. 1963. , Calif.--(BUSINESS WIRE)--May 11, 2000 Datron Systems Inc. (Nasdaq: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 fourth quarter and 2000 fiscal year ended March 31, 2000. Net income for the quarter was $2,140,000, or $0.77 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, a 272% increase compared with net income in the fourth quarter last fiscal year of $575,000, or $0.21 per diluted 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 fourth quarter were $21,505,000, a 45% increase from fourth quarter net sales last fiscal year of $14,800,000. The strong increase in net income was primarily due to higher gross profits resulting from much higher sales of radio communication products, most of which were part of a long-delayed $9 million order received from an African customer in the fourth quarter. Net income for the fiscal year ended March 31, 2000 was $2,504,000, or $0.92 per diluted share, a 47% increase compared with net income in fiscal 1999 of $1,702,000, or $0.63 per diluted share. Fiscal 2000 net sales were $61,887,000, a 5% increase from fiscal 1999 net sales of $59,084,000. The increase in net income was primarily due to the licensing of manufacturing rights to the company's DBS-2100 antenna for business jets, partially offset by an increase in new product development expenses. New order bookings for fiscal 2000 were $65.2 million, a 16% increase compared with fiscal 1999 bookings of $56.3 million. 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 March 31, 2000 was $26.0 million, a 15% increase compared with backlog at March 31, 1999 of $22.7 million. The increase in bookings was due to higher bookings in both of the company's business segments. The increase in backlog was primarily due to strong fourth quarter bookings at the Company's Antenna and Imaging Systems business segment. 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, "The strong financial gains posted by the company in fiscal 2000 continued the trend begun in fiscal 1999. Sharply improved earnings again translated to a greatly strengthened balance sheet. From March 31, 1999 to March 31, 2000, cash increased 120% from $5.5 million to $12.2 million and working capital increased 18%, or $3.6 million. This strengthened balance sheet may become extremely important as we seek to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. several opportunities we are pursuing. "In 1996, Datron began developing consumer and commercial products to bring direct broadcast satellite TV to the land, sea and air mobile markets. We are the only company in the U.S. serving all three of these mobile markets with tracking antennas capable of bringing wide-band data from geosynchronous satellites A geosynchronous satellite is a satellite whose orbital track on the Earth repeats regularly over points on the Earth over time. If such a satellite's orbit lies over the equator and the orbit is circular, it is called a geostationary satellite. to recreational vehicles, boats and aircraft. We believe we are strongly positioned to sell our products to a variety of customers who desire wide-band, real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. transported to and from these mobile platforms. Our strong balance sheet, broad family of products and well-established market position should serve us well in fiscal 2001 and beyond." 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, changes in products and services offered by satellite service providers and their related suppliers, worldwide economic downturns and currency devaluations Currency devaluation A deliberate downward adjustment in the official exchange rates established, or pegged, by a government against a specified standard, such as another currency or gold. , restrictions that may be imposed by the U.S. government on the export of company 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 Twelve Months Ended
March 31, March 31,
2000 1999 2000 1999
Net sales $ 21,505 $ 14,800 $ 61,887 $ 59,084
Cost of sales 13,514 8,966 42,836 40,324
Gross profit 7,991 5,834 19,051 18,760
Selling, general
and administrative 3,541 3,456 12,100 12,610
Research and
development 1,039 1,491 3,960 3,269
Operating income 3,411 887 2,991 2,881
Interest expense (53) (56) (217) (326)
Interest income 37 96 194 231
Other income
(expense) 96 (1) 1,129 47
Income before
income taxes 3,491 926 4,097 2,833
Income taxes 1,351 351 1,593 1,131
Net income $ 2,140 $ 575 $ 2,504 $ 1,702
Earnings per
common share
--basic $ 0.79 $ 0.21 $ 0.93 $ 0.63
Weighted average
number of common
shares outstanding 2,712 2,694 2,703 2,688
Earnings per common
share--diluted $ 0.77 $ 0.21 $ 0.92 $ 0.63
Weighted average
number of common
and common equivalent
shares outstanding 2,793 2,694 2,727 2,688
Datron Systems Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
March 31, March 31,
2000 1999
(Unaudited)
ASSETS
Cash and cash
equivalents $12,183 $ 5,548
Accounts receivable, net 12,658 10,967
Inventories 11,626 11,890
Other current
assets 2,946 3,752
Total current assets 39,413 32,157
Property, plant
and equipment, net 9,427 10,248
Other assets 5,557 5,762
Total assets $54,397 $48,167
LIABILITIES AND EQUITY
Current liabilities $15,484 $11,850
Long-term debt 3,080 3,170
Deferred income
taxes 1,614 1,752
Deferred rent 103 --
Total liabilities 20,281 16,772
Stockholders'
equity 34,116 31,395
Total liabilities
and equity $54,397 $48,167
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion