Engineering Measurements Company Reports Fiscal 2001 First-Quarter Results.Business Editors LONGMONT Longmont, city (1990 pop. 51,555), Boulder co., N Colo.; inc. 1885. It is a trade and processing center for a rich farm area irrigated by the Colorado–Big Thompson project. Vitamins, primary metal products, and manufacturing equipment are produced. , Colo.--(BUSINESS WIRE)--Sept. 14, 2000 Engineering Measurements Company (Nasdaq NM: EMCO) today reported results for the three months ended July July: see month. 31, 2000. The Company's current fiscal year ends on April 30, 2001. For the three months ended July 31, 2000 the Company reported a net loss of $124,000, or $0.03 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, on 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 of $2.5 million, compared to net income of $5,000 on net sales of $2.2 million in the first quarter of fiscal 2000. At the end of the first quarter of fiscal 2001, the Company had $3.8 million in working capital, no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $6.9 million. As announced on July 6, 2000, the Company has entered into a definitive agreement to be acquired by Advanced Energy Industries, Inc. (Nasdaq NMS See NetWare Management System. : AEIS AEIS Advanced Energy Industries, Inc. (stock symbol) AEIS Aeronautical En-route Information Service AEIS Asociación Española de Ingeniería Sísmica (Spanish Association of Earthquake Engineering) ) in an exchange of stock. Under the terms of the agreement, which is subject to approval by EMCO's stockholders and certain other conditions, all of EMCO's outstanding common stock as of the effective date of the merger will be exchanged for shares of Advanced Energy Industries based upon an exchange ratio which is determined by dividing 900,000 by the sum of EMCO's outstanding shares plus outstanding options as of the closing of the transaction. At the Company's latest fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. , there were outstanding approximately 4.1 million shares of EMCO common stock and approximately 340,000 options to purchase such shares of common stock Engineering Measurements Company designs, manufactures, and markets electronic and electro-mechanical precision instruments for measuring and controlling the flow of liquids, steam, and gases, and also engages in contract electronic printed circuit board assembly. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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: The matters discussed in this news release contain comments and 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. based on current plans, expectations, events, and financial and industry trends which may affect the Company's future operating results and financial position. Such statements involve risks and uncertainties which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed above. The historical results achieved are not necessarily indicative of future prospects of the Company. For additional information, refer to the Company's filings with the Securities and Exchange Commission.
ENGINEERING MEASUREMENTS COMPANY
STATEMENTS OF INCOME AND OPERATIONS
(Unaudited)
Three Months Ended
July 31,
2000 1999
Sales $2,462,131 $2,227,590
Cost of sales 1,474,266 1,356,913
Gross margin on sales 987,865 870,677
Operating expenses:
Selling 576,983 453,997
General and administrative 379,855 231,354
Research and development 267,302 237,627
Total operating expenses 1,224,140 922,978
Loss from operations (236,275) (52,301)
Other income/(expense):
Gain/(loss) on sale of stock (2,309) 14,985
Interest expense (8) (164)
Interest and dividend income 17,068 13,439
Other income 4,738 45
Total other income 19,489 28,305
Loss from operations before
income taxes (216,786) (23,996)
Income tax benefit (93,099) (29,457)
Net earnings/(loss) ($123,687) $5,461
Other comprehensive income
Unrealized holding gain/(loss) 13,180 (1,313)
Tax benefit of stock option exercise 112,201 0
Comprehensive income 1,694 4,148
Net earnings/(loss) per share - basic ($0.03) $0.00
Net earnings/(loss) per share - diluted ($0.03) $0.00
Weighted average number of
shares outstanding - basic and diluted 4,155,717 4,021,729
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