Excel Technology Delivers Record Results for Q4 and for the Year 2005.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): --Record Fourth Quarter Revenue - $36.4 million --Record Annual Revenue - $137.7 million --Net income for the quarter increases 73% to $4.4 million, or $0.36 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 --Net income for the year without a special charge related to a lease dispute was $16.0 million, or $1.31 per diluted share Excel Technology, Inc. (NASDAQ: XLTC) today announced the results for the quarter and year ended December December: see month. 31, 2005. Revenues of $36.4 million and $137.7 million for the quarter and year ended December 31, 2005, respectively, were 16% and 1% higher than the $31.3 million and $136.6 million for the quarter and year ended December 31, 2004, respectively. Net income was $4.4 million for the fourth quarter of this year as compared to $2.5 million in the same period last year, an increase of 73%. For the year ended December 31, 2005, net income was $15.2 million compared to $14.8 million for the same period in 2004. Net income per share on a diluted basis of $0.36 for the quarter ended December 31, 2005 was 71% higher than the $0.21 per share on a diluted basis reported for the same period in 2004. For the year ended December 31, 2005, net income per share on a diluted basis was $1.24 in 2005 compared to $1.20 for 2004. 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, stated, "The year 2005 ended on a strong note, providing us with good opportunities as we enter 2006. We are benefiting from new products in all product categories. Bookings rose again in Q4 and cash generation was positive. Our long term strategic growth plan is on track." Antoine
hound who travels widely. [Children’s Lit.: Dominic] See : Dogs , Chief Executive Officer, added, "Although we started the year slowly we kept building momentum throughout the year ending with record fourth quarter results in 2005. Our emphasis on increasing our market presence and opportunities resulted in bookings of over $144 million in 2005, which was $6.5 million more than our revenues. This has been Excel's fifth straight year of sequential One after the other in some consecutive order such as by name or number. growth in revenues and profit. Our higher ending Coordinates: For other places with the same name, see Billinge. Higher End or Billinge Higher End is a district of the Metropolitan Borough of Wigan, in Greater Manchester, England. 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. has set a stronger foundation for our first quarter in 2006 as compared to 2005. Our commitment to a focused research and development effort has led to several new product introductions, which also was a key contributor to our improved bookings. We expect to continue to achieve forward progress in all our product lines in 2006 including our turn-key See turnkey system. (jargon, application) turn-key - A term which describes a complete system (hardware and software) which can be used for a specific application without requiring further programming or software installation. systems which lagged in 2005. We look forward to building upon this success in 2006." Alice Alice, city (1990 pop. 19,788), seat of Jim Wells co., S Tex.; inc. 1910. Long a cow town at a railroad junction, Alice remains a cattle-shipping center. Oil and natural gas are also important to its economy. Manufactures include office equipment and fishing tools. Hughes Varisano, Chief Financial Officer, concluded, "The Company has delivered the second consecutive record quarter. Sales were up 16.3% compared to 4th quarter 2004 resulting in record revenues since the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the Company of $137.7 million. Fourth quarter net income was up 73% compared to the 4th quarter of 2004 resulting in the Company reaching net income of $15.2 million in 2005. The Company was able to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. a significant amount of its after tax profits, $8.5 million, into cash. The Company executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. well on the introduction of new and expanded product lines, while managing inventory levels. The backlog for the end of the fourth quarter 2005 was $33.0 million as compared to $26.5 million in 2004, an increase of 25% or $6.5 million. The Company continues to place strong emphasis on research and development, increasing its investment from 10% to 10.5% of sales from 2004 to 2005. We continue to pursue organic growth and investment strategies that will further expand our opportunities. On December 31, 2005, we had over $50 million in cash and investments and no debt". 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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, 2004. 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/commercial and scientific applications.
FINANCIAL SUMMARY
(unaudited and in thousands, except per share data)
FOR THE QUARTER FOR THE YEAR
ENDED DECEMBER 31 ENDED DECEMBER 31
2005 2004 2005 2004
-------- -------- -------- --------
Net Sales & Services $ 36,364 $ 31,276 $137,717 $136,631
Cost of Sales and Services $ 19,227 $ 16,665 $ 72,295 $ 72,723
-------- -------- -------- --------
Gross Profit $ 17,137 $ 14,611 $ 65,422 $ 63,908
Operating Expenses:
Selling & Marketing $ 4,865 $ 4,732 $ 18,959 $ 18,850
General & Administrative $ 2,952 $ 2,980 $ 12,448 $ 11,341
Research and Development $ 3,629 $ 3,653 $ 14,477 $ 13,710
-------- -------- -------- --------
Operating Income $ 5,691 $ 3,246 $ 19,538 $ 20,007
Other Income $ 271 $ 247 $ 1,133 $ 973
-------- -------- -------- --------
Pre-Tax Income $ 5,962 $ 3,493 $ 20,671 $ 20,980
Provision for Income Taxes $ 1,610 $ 978 $ 5,463 $ 6,218
-------- -------- -------- --------
Net Income $ 4,352 $ 2,515 $ 15,208* $ 14,762
======== ======== ========= ========
Net Income Per Common Share - $ 1.24*
Diluted $ 0.36 $ 0.21 $ 1.20
Weighted Average Common
Shares Outstanding - Diluted 12,254 12,256 12,246 12,351
* Net income of $15,208, excluding the lease dispute charges, net
of tax effect, of approximately $810 (or 7 cents per diluted share)
would have been $16,019 (unaudited). The diluted EPS for the year
without these charges would have been $1.31 per diluted share
(unaudited).
BALANCE SHEET & SELECTED FINANCIAL DATA
DECEMBER 31, DECEMBER 31,
2005 2004
Cash $ 16,303 $ 11,329
Investments $ 34,000 $ 30,425
Accounts Receivable, net $ 22,879 $ 19,782
Inventory $ 30,269 $ 28,839
Other Current Assets $ 3,013 $ 3,301
----------- -----------
Total Current Assets $ 106,464 $ 93,676
Property, Plant & Equipment, net $ 25,983 $ 26,492
Other Non-Current Assets & Goodwill $ 31,591 $ 32,310
----------- -----------
Total Assets $ 164,038 $ 152,478
=========== ===========
Accounts Payable $ 4,829 $ 5,265
Accrued Expenses and Other Current
Liabilities $ 6,979 $ 8,405
----------- -----------
Total Current Liabilities $ 11,808 $ 13,670
Other Non-Current Liabilities $ 3,492 $ 2,807
Minority Interest in Net Income of
Subsidiary $ 48 $ --
Stockholders' Equity $ 148,690 $ 136,001
----------- -----------
Total Liabilities & Stockholders' Equity $ 164,038 $ 152,478
=========== ===========
Working Capital $ 94,656 $ 80,006
Current Ratio 9.02 6.85
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