Datron Systems announces fourth quarter and fiscal 1997 financial 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)--May 15, 1997--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) ) Thursday Thursday: see week. announced results for its fourth quarter and 1997 fiscal year, ended March 31, 1997. Net income for the quarter was $64,000, or 2 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. , compared with a net loss in the fourth quarter last fiscal year of $2,160,000, or 81 cents per share. The net loss in the fourth quarter last fiscal year included a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1,421,000 ($855,000, or 32 cents per share, after taxes) resulting from the consolidation of the company's 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 division in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif., with its 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. earth station business in Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. , Calif. 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 $13,269,000, a 12 percent increase from fourth quarter net sales last fiscal year of $11,810,000. Net income for the fiscal year ended March 31, 1997, was $268,000, or 10 cents per share, compared with a net loss of $1,241,000, or 46 cents per share, in fiscal 1996. Fiscal 1997 net sales were $53,269,000, a 13 percent decrease from fiscal 1996 net sales of $61,165,000. The decrease in sales was due primarily to lower sales of radio products and military antennas, partially offset by sales of new 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. ) television antenna products and by higher sales of remote sensing systems. Although gross profits were lower in fiscal 1997 on the lower sales, the absence of a restructuring charge and lower 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. contributed to the fiscal 1997 improvement in net income. David A. Derby, president and chief executive officer, stated: ``Although financial results for fiscal 1997 showed a marked turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from last year's loss, they were nonetheless significantly below our expectations. ``Sales of radio products were 32 percent lower than in fiscal 1996, and distribution problems associated with our new mobile DBS antenna products resulted in disappointing sales for our first full year of selling this consumer product. ``Despite those problems, we have established Datron as the technological leader in the mobile DBS market, are building a network of quality recreational vehicle dealers to sell our products and are currently supplying our DBS products to over 25 RV manufacturers. ``We have addressed the decline in radio sales by introducing a new family of handheld handheld: see personal digital assistant. radios and will introduce additional new radio products in fiscal 1998. In addition, fiscal 1997 saw sales of remote sensing systems increase to a record $11.6 million, a 23 percent increase from fiscal 1996 sales of $9.4 million. Further growth is expected in fiscal 1998.'' New order bookings for fiscal 1997 were $49.1 million, a 9 percent decrease compared with bookings last fiscal year of $54.0 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 the end of fiscal 1997 was $17.9 million, compared with $22.1 million at the end of fiscal 1996. The decrease in bookings and backlog was due primarily to lower bookings of radio products and remote sensing systems, partially offset by higher bookings of military antenna products. Datron Systems provides products and services addressing the needs of emerging satellite and radio communication markets. -0-
DATRON SYSTEMS INC.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per-share data)
Three months ended 12 months ended
March 31, March 31,
1997 1996 1997 1996
Net sales $13,269 $11,810 $53,269 $61,165
Cost of sales 8,897 9,045 37,920 42,952
Gross profit 4,372 2,765 15,349 18,213
Selling, general and
administrative 3,318 3,886 11,770 15,101
Research and development 712 835 2,432 3,280
Restructuring -- 1,421 -- 1,421
Operating income (loss) 342 (3,377) 1,147 (1,589)
Interest expense -- net (160) (132) (607) (211)
Other income (expense) (7) (1) 8 (261)
Income (loss) before taxes 175 (3,510) 548 (2,061)
Income taxes (benefit) 111 (1,350) 280 (820)
Net income (loss) $ 64 $(2,160) $ 268 $(1,241)
Net income (loss)
per share 2 cents (81 cents) 10 cents (46 cents)
Average shares outstanding 2,674 2,686 2,681 2,669
DATRON SYSTEMS INC.
Condensed Consolidated Balance Sheets
(In thousands)
March 31,
1997 1996
(Unaudited)
Assets:
Cash $ 1,072 $ 1,393
Accounts receivable, net 17,896 15,017
Inventories 14,309 15,808
Other current assets 3,956 5,080
Total current assets 37,233 37,298
Property, plant and equipment, net 12,030 13,835
Other assets 7,213 7,326
Total assets $56,476 $58,459
Liabilities and equity:
Current liabilities $12,477 $19,256
Long-term debt 8,900 5,200
Restructuring reserve 435 1,063
Deferred income taxes 2,056 1,069
Total liabilities 23,868 26,588
Stockholders' equity 32,608 31,871
Total liabilities and equity $56,476 $58,459
CONTACT: Datron Systems Inc., Escondido William L. Stephan, 760/747-3734 http://www.dtsi.com |
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