Excel Technology Announces Record Results for Fourth Quarter and for the Year 2007.FOURTH QUARTER RESULTS Sales: $41.1 million for 2007 vs. $38.3 million for 2006 (7.2% increase) Pretax Income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. : $6.4 million for 2007 vs. $5.1 million for 2006 (25.2% increase) Non-GAAP Pretax Income: $6.9 million for 2007 vs. $5.1 million for 2006 (35.0% increase) Net Income: $4.7 million for 2007 vs. $3.7 million for 2006 (26.6% increase) Non-GAAP Net Income: 5.0 million for 2007 vs. $3.7 million for 2006 (35.1%) increase EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. : $0.40 for 2007 vs. $0.30 for 2006 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 (34.0% increase) Non-GAAP EPS: $0.42 for 2007 vs. $0.30 for 2006 per diluted share (43.0% increase) YEAR TO DATE RESULTS Sales: $160.0 million for 2007 vs. $154.5 million for 2006 (3.6% increase) Pretax Income: $24.6 million for 2007 vs. $20.4 million for 2006 (20.6% increase) Non-GAAP Pretax Income: $27.5 million for 2007 vs. $20.6 million for 2006 (33.6% increase) Net Income: $17.7 million for 2007 vs. $14.0 million for 2006 (26.5% increase) Non-GAAP Net Income: 19.6 million for 2007 vs. $14.1 million for 2006 (38.4% increase) EPS: $1.46 for 2007 vs. $1.12 for 2006 per diluted share (30.2% increase) Non-GAAP EPS: $1.61 for 2007 vs. $1.13 for 2006 per diluted share (42.2% increase) (Non-GAAP-excludes stock-based compensation expense) EAST SETAUKET, N.Y. -- 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 the results for the quarter and year ended December 31, 2007. * Sales: Excel reported sales of $41.1 million for the quarter ended December 31, 2007 compared to $38.3 million in sales for the quarter ended December 31, 2006, an increase of 7.2% or $2.8 million. Sales for the year increased 3.6% to $160.0 million for the year ended December 31, 2007 as compared to $154.5 million for the same period last year. * Pretax Income increased 25.2% to $6.4 million for the fourth quarter of 2007 as compared to $5.1 million for the same period last year. Pretax income increased 20.6% for the year ended December 31, 2007 to $24.6 million as compared to $20.4 million for the same period last year. [TABLE OMITTED] * Net Income increased 26.6% to $4.7 million for the fourth quarter of this year as compared to $3.7 million in the same period last year. For the year ended December 31, 2007 net income increased 26.5% to $17.7 million as compared to $14.0 million for the same period last year. [TABLE OMITTED] * EPS: Net income per share on a diluted basis increased 34.0% recording $0.40 for the quarter ended December 31, 2007 compared to the $0.30 per share on a diluted basis reported for the quarter ended December 31, 2006. EPS for the year ended December 31, 2007 increased 30.2% to $1.46 per diluted share from $1.12 for the same period last year. [TABLE OMITTED] Antoine Dominic, Chief Executive Officer, stated, "Excel attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. new highs in sales, net income, EPS and bookings for the fourth quarter and the year ended 2007. Last year, we focused our efforts on re-launching our strategies and rebuilding the organization due to the disruptions created by the failed merger with Coherent. Considering this, I think Excel executed plans well for which I am quite pleased. During the year we expanded our product portfolio and our global presence, which enabled us to penetrate and enter new markets and applications. During the year we have repurchased over 10% of our outstanding shares and still maintained a healthy cash and investments balance of $58 million with no debt. We have a healthy 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. going into 2008 and plan to build on 2007 achievements." Alice Hughes Varisano, Chief Financial Officer, concluded, "The Company achieved record sales for the fourth quarter and for the year ended December 31, 2007. Sales increased 7.2% from $38.3 million to $41.1 million for the quarter and 3.6% from $154.5 million to $160.0 million for the year ended December 31, 2007. The Company also achieved record net income both on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and Non-GAAP basis for the quarter and the year. Net income for the quarter on a GAAP and Non-GAAP basis of $4.7 million and $5.0 million was an increase of 26.6% and 35.1%, respectively, as compared to the quarter ended December 31, 2006. The Company's cash and investments balance at the end of the year is $58 million after utilizing $25.4 million of cash during the year to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 969 thousand shares of its stock. The stock buy back program was authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: in November 2006 to repurchase 2 million shares. The Company had purchased 1.1 million of its shares through December 31, 2007 and as of this press release an additional 200 thousand shares, in the first quarter of 2008, which to date is greater than 10% of its outstanding shares. Bookings for the fourth quarter were $45 million with a backlog at the end of the fourth quarter of $35 million." 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 ended December 31, 2006. 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. manufacture and market photonics-based solutions, consisting of laser systems and electro-optical components, primarily for industrial and scientific applications. [TABLE OMITTED] [TABLE OMITTED] The non-GAAP financial measures used in this press release are not prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and may be different from non-GAAP financial measures used by other companies. The Company's management refers to these non-GAAP financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company's operating comparisons to the Company's historical operating results. We include these non-GAAP financial measures (which should be viewed as a supplement to, and not a substitute for, their comparable GAAP measures) in this press release because we believe they are useful to investors in allowing for greater transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. to supplemental information used by management in its financial and operational decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . For a reconciliation of our GAAP and non-GAAP financial results, please refer to our Reconciliation of Reported GAAP Results to Non-GAAP Measures, presented in this release. |
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