Excel Technology Reports Record Revenues and Profits for the Third Quarter of 2000; 25% Increase in Revenues and 27% Increase in Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 11, 2000 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 ended September 30, 2000. Revenues for the period increased $5.8 million to $29.3 million, an increase of 24.7%, from the $23.5 million from the same period in 1999. After tax profits were $4.2 million, an increase of $900 thousand (27.2%), from $3.3 million for the third quarter of last year. Net earnings per share on a 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 increased 20.7% to $0.35 per share from $0.29 per share for the same period in 1999. J. Donald Hill, Chairman commented, "The record results for the period reflect excellent performance from all our operating divisions and continued gains in laser applications worldwide. Revenue growth, cash generation and operating profit margins Operating profit margin The ratio of operating profit to net sales. were again superior. Our game plan is on track." Antoine Dominic, 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. added, "Our strategy to be the global leader in laser based solutions for industry and science has led to the development of several new products in material processing thereby opening new market opportunities. At the International Manufacturing Technology Show (IMTS IMTS International Manufacturing Technology Show IMTS Improved Mobile Telephone Service IMTS International Machine Tool Show IMTS International Merchandise Trade Statistics IMTS Improved Moving Target Simulator IMTS Information Management Technical Specialist ) held in Chicago in September we launched several new products including a fully integrated micro-cutting system, Diode-Pumped 532 nm marking system, Deep engraver/marker, low cost Co2 marking and 'on the fly' coding systems Noun 1. coding system - a system of signals used to represent letters or numbers in transmitting messages code - a coding system used for transmitting messages requiring brevity or secrecy , UV marking system, and a series of new lasers. Reception for all these new products was strong. We continue to invest heavily in product and market development. Our product development costs year-to-date are 32% or $1.8 million higher than in 1999. These investments should further strengthen our position in the market and we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects for future growth." 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. including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future revenues, earnings and operating profit margins, corporate opportunities and market opportunities for new products. Actual results could vary materially from the forward looking statements due to many factors, including many micro and macro factors that can affect revenue and earnings, a wide variety of difficulties in identifying, closing and digesting acquisitions; and market acceptance of and the ability to efficiently manufacture effective new products. Excel and its wholly-owned subsidiaries develop, manufacture and market laser systems and electro-optical components for electronic, semiconductor, other industrial, scientific and medical applications.
FINANCIAL SUMMARY
FOR THE QUARTER FOR THE NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
2000 1999 2000 1999
---- ---- ---- ----
NET SALES $29,344,000 $23,546,000 $82,203,000 $65,043,000
PRE-TAX INCOME $ 6,516,000 $ 4,947,000 $18,462,000 $12,370,000
PROVISION FOR
INCOME TAXES $ 2,302,000 $ 1,632,000 $ 6,363,000 $ 4,082,000
NET INCOME $ 4,214,000 $ 3,315,000 $12,099,000 $ 8,288,000
NET INCOME
PER COMMON SHARE
DILUTED $0.35 $0. 29 $1.00 $0.72
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
DILUTED 12,179,542 11,616,345 12,072,707 11,551,336
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