Excel Reports Results for the Fourth Quarter and for the Year 2002.Business Editors EAST SETAUKET, N.Y.--(BUSINESS WIRE)--Jan. 22, 2003 Excel A full-featured spreadsheet for Windows and the Macintosh from Microsoft. It can link many spreadsheets for consolidation and provides a wide variety of business graphics and charts for creating presentation materials. 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 and year ended December December: see month. 31, 2002. Revenues of $29.8 million and $94.5 million for the quarter and year ended, respectively, were 64% and 7% higher than the $18.2 million and $88.5 million reported for the quarter and year ended December 31, 2001, respectively. Net after tax earnings were $1.8 million for the quarter ended December 31, 2002 compared with a loss of ($784) thousand for the same period in 2001, and earnings of $8.5 million for the full year of 2002 were 43% higher, compared with earnings of $5.9 million for full year of 2001. Net earnings 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 of $0.15 and $0.71 for the quarter and year ended December 31, 2002, respectively, were 314% and 42% higher than the net loss per diluted share of ($0.07) for the fourth quarter of 2001 and net earnings per diluted share of $0.50 generated for the quarter and year ended December 31, 2001, respectively. J. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Hill, Chairman, commented, "Despite absorbing additional expenses in the fourth quarter, respectable profitability resulted, record quarterly revenues were achieved and our game plan is on track. The integration of Continuum Continuum (pl. -tinua or -tinuums) can refer to:
Antoine
hound who travels widely. [Children’s Lit.: Dominic] See : Dogs , Chief Executive Officer, added, "We made some significant strategic investments during the quarter which included the acquisition of Continuum, the integration of Continuum with our subsidiaries in Japan and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the expansion of our new subsidiary
in Japan. In addition, we started our operations in France. These new
additions and investments should further enhance our product offering
and our global market presence. In addition, our scientific sales and
marketing teams at Continuum and Quantronix were merged both in Europe
and in the US.
Dominic continued, "Our revenues were good; our profitability was satisfactory. The new additions and investments created additional expenses during the quarter. Gross and operating profit margins Operating profit margin The ratio of operating profit to net sales. were impacted by Continuum and our marking products. We believe our margins should improve going forward. Our new Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and subsidiary is performing well and we believe its prospects are very bright. We are planning other initiatives in Asia as well. While Control Systemation incurred losses last year, it is progressing according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan and should be profitable this year." Dominic concluded, "Although uncertainty remains in the global business environment, we remain cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . Our cash generation should continue to be positive and we ended the year with a cash balance of approximately $12 million, after funding the Continuum and Optofocus acquisitions. We have remained debt free for over three and one-half years. We believe our operations are efficient and we continue to increase our research and new product development activities." 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , 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 ended 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 electro-optical components for electronic, semiconductor, and other industrial/commercial, scientific and medical applications.
FINANCIAL SUMMARY
FOR THE QUARTER FOR THE YEAR
ENDED DECEMBER 31 ENDED DECEMBER 31
2002 2001 2002 2001
---- ---- ---- ----
NET SALES $ 29,801,000 $ 18,184,000 $ 94,513,000 $ 88,492,000
PRE-TAX
INCOME
(LOSS) $ 2,647,000 $ (1,191,000) $ 12,705,000 $ 9,177,000
PROVISION
(BENEFIT)
FOR INCOME
TAXES $ 872,000 $ (407,000) $ 4,193,000 $ 3,239,000
NET INCOME
(LOSS) $ 1,775,000 $ (784,000) $ 8,512,000 $ 5,938,000
DILUTED NET
INCOME (LOSS)
PER COMMON
SHARE $0.15 $(0.07) $0.71 $0.50
SHARES USED IN
CALCULATION
OF DILUTED
NET INCOME 12,073,000 11,764,000 12,071,000 11,978,000
BALANCE SHEET & SELECTED FINANCIAL DATA
DECEMBER 31, 2002 DECEMBER 31, 2001
----------------- -----------------
Cash and Equivalents $ 11,822,000 $ 16,212,000
Accounts Receivable 22,375,000 15,689,000
Inventory 24,482,000 19,220,000
Other Current Assets 2,417,000 2,482,000
-------------------- -----------------
Total Current Assets 61,096,000 53,603,000
Property, Plant &
Equipment, net 27,782,000 26,125,000
Goodwill 29,417,000 22,120,000
Other Non-Current Assets 1,066,000 657,000
-------------------- -----------------
Total Assets $ 119,361,000 $ 102,505,000
==================== ================
Accounts Payable $ 5,246,000 $ 3,786,000
Income Taxes Payable 2,597,000 718,000
Accrued Expenses and Other
Current Liabilities 9,307,000 6,403,000
-------------------- -----------------
Total Current Liabilities 17,150,000 10,907,000
Common Stock 12,000 12,000
Additional Paid-in Capital 45,355,000 44,857,000
Retained Earnings 56,295,000 47,783,000
Accumulated Other
Comprehensive Income
(Loss) 549,000 (1,054,000)
-------------------- -----------------
Total Liabilities &
Stockholders' Equity $ 119,361,000 $ 102,505,000
==================== =================
Working Capital $ 43,946,000 $ 42,696,000
Current Ratio 3.56 4.91
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion