Excel Technology Reports Record Revenue and Earnings for the Second Quarter of 1997.NEW YORK--(BUSINESS WIRE)--July 11, 1997--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 record results for the quarter ended June 30, 1997. Revenues for the period were $16.9 million, an increase of 16% from the $14.6 million for the same period in 1996. Pre-tax profits for the quarter rose to $3.4 million and after-tax profits to $2.2 million, an increase of 89% and 83%, respectively, from $1.8 million and $1.2 million for the second quarter of last year. Net profits per share on a fully 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 for the quarter were $.20 per share, up 67% from $.12 for the same period in 1996. J. Donald Hill, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "Revenue growth has been satisfactory thus far in 1997 and our ongoing efforts to increase operating efficiencies continue to bear fruit. Pre-tax profit margins rose to 18% in the first half and 20% in the second quarter, a rate we hope to improve still further. The higher figure was achieved primarily because of significant margin improvements at Cambridge Technology, Photo Research and Quantronix, and the elimination of losses at Quantronix GmbH." Hill added, "Over the last 18 months, we have also increased our focus on Research and Development to speed the introduction and widen wid·en tr. & intr.v. wid·ened, wid·en·ing, wid·ens To make or become wide or wider. wid  en·er n. the spectrum of new products; and we strengthened
our sales and marketing effort to take better advantage of our growth
opportunities. Going forward we expect positive results from these
endeavors as well." Hill concluded, "Our cash position, which
now exceeds $16 million, should be bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. further from continued positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . Bank debt is zero and our acquisition strategy is intact. We maintain our positive outlook for 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. and its subsidiaries for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Excel and its wholly-owned subsidiaries develop, manufacture and market laser systems and electro-optical components for electronic, semiconductor, other industrial, scientific and dental applications. -0-
FINANCIAL SUMMARY
FOR THE QUARTER FOR THE SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
1997 1996 1997 1996
Net Sales $ 16,847,000 $ 14,617,000 $ 33,175,000 $ 28,513,000
Pre-tax income $ 3,379,000 $ 1,821,000 $ 5,956,000 $ 3,421,000
Provision for
income taxes $ 1,186,000 $ 618,000 $ 2,140,000 $ 1,162,000
Net income $ 2,193,000 $ 1,203,000 $ 3,816,000 $ 2,259,000
Net income
per common share
Fully diluted $ 0.20 $ 0.12 $ 0.36 $ 0.23
Weighted average
common shares
outstanding
Fully diluted 11,066,000 10,123,000 10,731,000 9,879,000
CONTACT: Excel Technology Inc. J. Donald Hill, Chairman & CEO Liz Truskalo, Investor Relations Investor relations The process by which the corporation communicates with its investors. 212/355-3400 |
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