Excel Technology Reports Results for the Second Quarter Of 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) today announced the results for the quarter ended June June: see month. 24, 2005. Revenues for the period were $33.3 million, a decrease of 2.5%, from $34.2 million for the same period in 2004. After tax profits were $4.0 million for the second quarter of this year as compared to $4.1 million in the same period last year. For the six months ended June 24, 2005 after tax profits were $6.5 million compared to $8.1 million for the same period in 2004. Net income 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 of $0.33 for the quarter ended June 24, 2005 was the same as net income per share on a diluted basis reported for the same period in 2004. For the six months ended June 24, 2005 net income per share on a diluted basis was $0.53 in 2005 compared to $0.65 for the same period in 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 strong sequential gains this past quarter were in part the result of the wide array of new product introductions over the past year or so and improved efforts to get them into the marketplace. Bookings were good, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: made a sharp sequential recovery and progress relative to our most recent quarters was fairly broad. We believe our outlook is good and that our long term strategic growth plan is on track." Antoine
hound who travels widely. [Children’s Lit.: Dominic] See : Dogs , Chief Executive Officer, added, "We are pleased our second quarter results were much better than our previous two quarters. However, we are not completely satisfied with these results. Our ending 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. increased by $2 million during the quarter, as our bookings were higher than our revenues. Profitability was good and we should see improvements in our operating profitability as we increase our revenues. Our emphasis on sales and marketing efforts so far have realized positive results as evidenced by our higher bookings during the quarter and we hope to build on this progress. Our product development efforts have resulted in a high level of product introductions, which are being well received in the market. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future opportunities." 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 had a respectable quarter, sales increased by 10% and net income increased 59% in comparison to the first quarter of 2005. Gross margins were good and we hope to improve on them as we build our revenues, due to the fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). being absorbed over the higher sales volume. The Company's research and development activities are currently averaging 11% of sales, which should yield future benefits. Current year general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. reflect the full absorption of Sarbanes Oxley Oxley refers to several things: People
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 for the six months ended June 24 was positive and we remain debt free. The Company continues to evaluate its best use of cash and is positioned well for future opportunities as they present themselves." 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, 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
(in thousands, except per share data)
FOR THE QUARTER FOR THE SIX MONTHS
ENDED JUNE 24 ENDED JUNE 24
(unaudited) (unaudited)
2005 2004 2005 2004
------- ------- ------- --------
Net Sales & Services $33,296 $34,163 $63,510 $70,453
Cost of Sales and Services $17,073 $17,502 $33,265 $37,304
------- ------- ------- --------
Gross Profit $16,223 $16,661 $30,245 $33,149
Operating Expenses:
Selling & Marketing $4,718 $4,817 $9,067 $9,598
General & Administrative $2,727 $2,927 $5,961 $5,731
Research and Development $3,755 $3,401 $7,090 $6,765
------- ------ ------ -------
Operating Income $5,023 $5,516 $8,127 $11,055
Other Income $279 $271 $618 $505
------- ------ ------ --------
Pre-Tax Income $5,302 $5,787 $8,745 $11,560
Provision for Income Taxes $1,313 $1,736 $2,243 $3,462
------- ------ ------ --------
Net Income $3,989 $4,051 $6,502 $8,098
======= ====== ====== ========
Net Income Per Common Share -
Diluted $0.33 $0.33 $0.53 $0.65
Weighted Average Common
Shares Outstanding - Diluted 12,237 12,449 12,236 12,447
BALANCE SHEET & SELECTED FINANCIAL DATA
June 24, 2005 December 31, 2004
------------- -----------------
Cash $9,810 $11,329
Investments $34,900 $30,425
Accounts Receivable, net $22,872 $19,782
Inventory $30,582 $28,839
Other Current Assets $2,948 $3,301
------------- ------------
Total Current Assets $101,112 $93,676
Property, Plant & Equipment, net $26,001 $26,492
Other Non-Current Assets &
Goodwill $31,741 $32,310
------------- ------------
Total Assets $158,854 $152,478
------------- ------------
Accounts Payable $6,036 $5,265
Accrued Expenses and
Other Current Liabilities $9,893 $8,405
------------- ------------
Total Current Liabilities $15,929 $13,670
Other Non-Current Liabilities $2,807 $2,807
Stockholders' Equity $140,118 $136,001
------------- ------------
Total Liabilities & Stockholders'
Equity $158,854 $152,478
============= ============
Working Capital $85,183 $80,006
Current Ratio 6.35 6.85
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