Excel Technology Announces Results for Q3 2007.Sales - $37.4 million for 2007 vs. $40.3 million for 2006 (7.1% decrease) 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. - $5.3 million for 2007 vs. $3.7 million for 2006 (43.5% increase) Non-GAAP Pretax Income - $6.0 million for 2007 vs. $3.7 million for 2006 (60.3% increase) Net Income - $3.9 million for 2007 vs. $2.5 million for 2006 (57.3% increase) Non-GAAP Net Income - 4.3 million for 2007 vs. $2.5 million for 2006 (73.0%) 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. - $0.33 for 2007 vs. $0.20 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 (63.7% increase) Non-GAAP EPS- $0.36 for 2007 vs. $0.20 for 2006 per diluted share (80.1% 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 results for the quarter ended September 28, 2007. * Sales: Excel reported sales of $37.4 million for the quarter ended September 28, 2007 compared to $40.3 million in sales for the quarter ended September 29, 2006, a decrease of 7.1% or $2.9 million. Sales for the nine months increased 2.4% to $118.9 million for the nine months ended September 28, 2007 as compared to $116.2 million for the same period last year. * Pretax Income increased 43.5% to $5.3 million for the third quarter of 2007 as compared to $3.7 million for the same period last year. Pretax income increased 19.0% for the nine months ended September 28, 2007 to $18.3 million as compared to $15.3 million for the same period last year. Non-GAAP Pretax Income increased 60.3% to $6.0 million for the quarter ended September 28, 2007 (excludes stock-based compensation expense of $650 thousand) from $3.7 million for the quarter ended September 29, 2006 (excludes stock-based compensation expense of $18 thousand). For the nine month period, non-GAAP pretax income increased 33.1% to $20.6 million (excludes stock-based compensation expense of $2.3 million) as compared to $15.4 million for the same period last year (excludes stock-based compensation expense of $95 thousand). * Net Income increased 57.3% to $3.9 million for the third quarter of this year as compared to $2.5 million in the same period last year. For the nine months ending September 28, 2007 net income increased 26.4% to $13.1 million as compared to $10.3 million for the same period last year. Non-GAAP Net Income increased 73.0% to $4.3 million for the third quarter of 2007 (excludes stock-based compensation expense, net of taxes, of $422 thousand) from $2.5 million for the same period last year (excludes stock-based compensation expense, net of taxes, of $18 thousand). Non-GAAP net income increased 39.5% to $14.6 million for the nine months ending September 28, 2007 (excludes stock-based compensation expense, net of taxes of $1.5 million) from $10.4 million for the same period last year (excludes stock-based compensation expense, net of taxes of $95 thousand). * EPS: Net income per share on a diluted basis increased 63.7% recording $0.33 for the quarter ended September 28, 2007 compared to the $0.20 per share on a diluted basis reported for the quarter ended September 29, 2006. EPS for the nine months ending September 28, 2007 increased 28.9% to $1.07 per diluted share from $0.83 for the same period last year. Non-GAAP EPS: Net income per share on a diluted basis increased 80.1% recording $0.36 for the quarter ended September 28, 2007 (excludes stock-based compensation expense, net of taxes, of $0.03) compared to $0.20 per share on a diluted basis for the quarter ended September 29, 2006 (excludes stock-based compensation expense of less than $0.01). For the nine months ending September 28, 2007, non-GAAP diluted EPS increased 42.3% to $1.19 (excluding stock-based compensation, net of taxes of $0.12) compared to $0.83 (excluding stock-based compensation of less than $0.01) for the same period last year. Antoine Dominic, Chief Executive Officer, stated, "Although our sales were lower than we planned our earnings were quite good. Revenues for the quarter were lower as a result of push backs and lower sales from our light and color measurement products due to the slow down in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in the flat panel market; scientific and research market due to the internal disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in our sales network from the failed merger; and our system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. due to a shift from an indirect sales network to a direct sales network. We believe that the impact of these factors will be overcome in the near term as we are anticipating higher revenues in the fourth quarter and for the year 2007 as compared to 2006. We are on track to achieve a new high in revenues, earnings, and EPS in 2007. Considering the disruptions from the failed merger our results are quite satisfying. Our stock buy back program has resulted in the 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. of approximately 6% of the outstanding shares. We anticipate our projected earnings growth coupled with the stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. should positively impact EPS in 2008." Alice Hughes Varisano, Chief Financial Officer, concluded, "The Company's pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit margins improved as it achieved 16% on revenues for the quarter (on a non-GAAP basis), which equates to a 72% increase compared to (non-GAAP) the same period last year. Pretax income, for the quarter, increased 43.5% to $5.3 million compared to the same period last year and 19.0%, for the nine months, compared to the same period last year. Net income after tax increased 57.3% to $3.9 million (73.0% to $4.3 million on a non-GAAP basis) compared to $2.5 (both GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and non-GAAP) in the same period last year. Net income after tax includes $422 thousand non-cash stock-based compensation expense which had a $.03 per share effect on diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . During the first nine months of 2007, the Company utilized $15.9 million of its cash to repurchase 617 thousand shares of its common stock. Since the stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. plan was announced in October 2006, the Company has bought back almost 700 thousand shares. The Company's cash and investment balance is $58.1 million as of September 28, 2007, with no debt. The Company had bookings of $38 million during this quarter and in the same period in 2006. 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. 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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