Excel Reports Results for the First Quarter of 2002.Business & Technology Editors EAST SETAUKET, N.Y.--(BUSINESS WIRE)--April 17, 2002 Excel Technology 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 : XLTC) today announced results for the quarter ended March 31, 2002. Revenues for the period were $19.8 million, a decrease of 20.3% from the $24.8 million for the same period in 2001. After tax profits were $1.9 million, a decrease of 37.0% from the $3.0 million for the first quarter of last year. Net earnings per share on a 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. basis of $0.16 for the quarter were 36.0% lower than the $0.25 for the same period in 2001. J. Donald Hill, Chairman, commented, "While revenues and earnings were lower than last year's comparable period, the improvement from the fourth quarter was gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. , particularly as regards to profit margins. Moreover, we believe, as a result of the substantial investments we have made, Excel is structurally stronger and better positioned to leverage its core technologies." Antoine Dominic, Chief Executive Officer, added, "Our results for the quarter were at best satisfactory. Compared to the fourth quarter ended December 31, 2001, our sales increased by $1.6 million or 8.6% to $19.8 million from $18.2 million. During the quarter, the Company adopted SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142, which requires the Company to test its goodwill and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. . This adoption resulted in no write down of goodwill. Our operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. continued to be positive. Our cash balance was $15.5 million at the end of the quarter with no debt." Dominic concluded, "Global economic conditions show slight signs of improvement. However, we continue to take a cautious approach towards our operations. We believe we still have not realized the full returns on our investments in Control Systemation, our European operations and the consolidation of our marking groups. While visibility is still unclear, the activity levels have improved. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future." This news release contains 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. which are based on current expectations. Actual results could differ materially from those discussed or implied in the forward-looking statements as a result of various factors including future economic, competitive, regulatory, and market conditions, future business decisions, market acceptance of the Company's products, and those factors discussed in the Company's 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. for the year ending December 31, 2001. In light of the significant uncertainties inherent in such forward-looking statements, they should not be regarded as a representation that the Company's objectives and plans will be achieved, and they should not be relied upon by investors when making an investment decision. Words such as "believes," "anticipates," "expects," "intends," "may," and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Excel and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. develop, manufacture and market laser systems and electric-optical components for electronic, semiconductor, other industrial, scientific and medical applications.
FINANCIAL SUMMARY
FOR THE QUARTER
ENDED MARCH 31
2002 2001
---- ----
NET SALES $ 19,754,000 $ 24,795,000
PRE-TAX INCOME $ 2,787,000 $ 4,597,000
PROVISION FOR
INCOME TAXES $ 920,000 $ 1,632,000
NET INCOME $ 1,867,000 $ 2,965,000
NET INCOME
PER COMMON SHARE
BASIC $0.16 $0.25
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 11,773,000 11,760,000
DILUTED $0.16 $ 0.25
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING
DILUTED 11,995,000 11,997,000
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