Engineering Measurements Company Reports Fiscal 2001 Second-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)--Dec. 15, 2000 Engineering Measurements Company (Nasdaq:EMCO) today reported results for the three months ended October October: see month. 31, 2000. The Company's current fiscal year ends on April 30, 2001. For the three months ended October 31, 2000 the Company reported net income of $50,000, or $0.01 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 $3.0 million, compared to net income of $11,000 on net sales of $2.5 million in the second quarter of fiscal 2000. For the six months ended October 31, 2000 the Company reported a net loss of $73,000, or $0.02 per diluted share, on sales of $5.5 million, compared to net income of $16,000 on sales of $4.7 million in the comparable period a year ago. At the end of the second quarter of fiscal 2001, the Company had $4.0 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 $7.0 million. As announced on July July: see month. 6, 2000, the Company signed a merger agreement with Advanced Energy Industries, Inc. Under the terms of the agreement, EMCO securities holders would have received 900,000 shares of Advanced Energy stock in exchange for all of the securities of EMCO. Due to a decline in Advanced Energy's stock price, the parties amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and restated the merger agreement as of October 20, 2000 to change the consideration payable by Advanced Energy to the EMCO shareholders from stock to cash. Under the amended and restated agreement, Advanced Energy will pay EMCO shareholders an aggregate of $30 million plus an amount equal to the cash exercise prices paid by EMCO option holders on any exercise of EMCO options between October 20, 2000 and the completion of the merger. The amended merger agreement will be voted on at a special meeting of shareholders scheduled to take place on January January: see month. 2, 2001. The agreement, which does not require the approval of Advanced Energy's shareholders, is subject to the approval of two-thirds of EMCO's shareholders and certain other conditions detailed in a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated December December: see month. 1, 2000. 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 OPERATIONS AND COMPREHENSIVE INCOME
Three Months Ended Six Months Ended
October 31, October 31,
2000 1999 2000 1999
Sales $3,042,248 $2,452,300 $5,504,379 $4,679,890
Cost of sales 1,661,873 1,457,149 3,136,139 2,814,062
Gross margin
on sales 1,380,375 995,151 2,368,240 1,865,828
Operating expenses:
Selling 561,789 506,236 1,138,772 960,233
General and
administrative 439,221 211,142 819,076 442,496
Research and
development 328,020 222,192 595,322 459,819
Total operating
expenses 1,329,030 939,570 2,553,170 1,862,548
Income (loss)
from operations 51,345 55,581 (184,930) 3,280
Other income
(expense):
Gain (loss) on
sale of stock (6,222) 1,395 (8,531) 16,380
Interest expense (265) (110) (273) (274)
Interest and
Dividend Income 15,640 13,713 32,708 27,152
Other income (2,700) 1,169 2,038 1,214
Total other income 6,453 16,167 25,942 44,472
Income (loss) from
operations before
income taxes 57,798 71,748 (158,988) 47,752
Income tax
provision (benefit) 7,375 61,046 (85,724) 31,589
Net income (loss) $ 50,423 $ 10,702 ($ 73,264) $ 16,163
Other comprehensive
income
Unrealized holding
gain (loss) (1,390) (62,884) 11,790 (64,197)
Tax benefit of
stock option
exercise 16,079 22,000 128,280 22,000
Comprehensive income
(loss) 65,112 (30,182) 66,806 (26,034)
Net earnings (loss)
per share $ 0.01 $ 0.00 ($ 0.02) $ 0.00
Net earnings (loss)
per share on a fully
diluted basis $ 0.01 $ 0.00 ($ 0.02) $ 0.00
Weighted average
number of
shares outstanding 4,228,092 4,068,194 4,187,342 4,061,438
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