Excel Technology Reports Results for the Third Quarter of 2002.Business Editors EAST SETAUKET, N.Y.--(BUSINESS WIRE)--Oct. 16, 2002 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 September: see month. 30, 2002. Revenues for the period were $22.9 million, an increase of 6%, from the $21.6 million from the same period in 2001. After tax profits were $2.5 million, an increase of 1.1 million (80%), from $1.4 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 of $0.21 for the quarter were 75% higher than the $0.12 per share for the same period in 2001. 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 Continuum Continuum (pl. -tinua or -tinuums) can refer to:
The earliest stage of a new business venture. costs in Asia and given present economic conditions our third quarter results were satisfactory. We believe our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook has been significantly enhanced." Antoine
Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenue, brings the important technology of high energy pulsed lasers to Excel. We believe Continuum's potential is excellent. Moreover, we have begun a major new thrust in Asia. We recently purchased and then expanded our Tokyo distributor to bring applications engineering, sales and service into Japan. A few years ago, we embarked on an expansion program in Europe; and while we are hardly finished there, the growth in our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. revenue has been and continues to be gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . We expect to significantly expand our opportunities in Asia as well. We have the products and technology to serve these new markets and we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects." Dominic concluded, "These steps should help us accelerate our efforts to build Excel into a stronger global entity. Our cash flow should continue to be positive and we are debt free. Product development continues to reach new heights. Despite ample caution remaining in the overall macro business environment, we are confident about our future prospects." 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 ending December 31, 2001. 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. develop, manufacture and market laser systems and electro-optical components for electronic, semiconductor, other industrial/commercial, scientific and medical applications.
FINANCIAL SUMMARY
FOR THE QUARTER ENDED FOR THE NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2002 2001 2002 2001
---- ---- ---- ----
NET SALES $22,898,000 $21,564,000 $64,713,000 $70,308,000
PRE-TAX INCOME $3,727,000 $2,101,000 $10,058,000 $10,367,000
PROVISION FOR $1,230,000 $717,000 $3,319,000 $3,645,000
INCOME TAXES
NET INCOME $2,497,000 $1,384,000 $6,739,000 $6,722,000
NET INCOME $0.21 $0.12 $0.56 $0.56
PER COMMON SHARE -
DILUTED
WEIGHTED AVERAGE
COMMON 12,114,000 11,978,000 12,074,000 11,987,000
SHARES OUTSTANDING -
DILUTED
BALANCE SHEET & SELECTED FINANCIAL DATA
SEPTEMBER 30, DECEMBER 31,
2002 2001
-------------- --------------
Cash and Equivalents $ 17,973,000 $ 16,212,000
Accounts Receivable 18,861,000 15,689,000
Inventory 22,234,000 19,220,000
Other Current Assets 2,352,000 2,482,000
-------------- --------------
Total Current Assets 61,420,000 53,603,000
Property, Plant & Equipment, net 27,462,000 26,125,000
Other Non-Current Assets,
Including Goodwill 22,863,000 22,777,000
-------------- --------------
Total Assets $ 111,745,000 $ 102,505,000
============== ==============
Accounts Payable $ 4,533,000 $ 3,786,000
Income Taxes Payable 2,049,000 718,000
Accrued Expenses and Other
Current Liabilities 6,134,000 6,403,000
-------------- --------------
Total Current Liabilities 12,716,000 10,907,000
Common Stock 12,000 12,000
Additional Paid in Capital 45,323,000 44,857,000
Retained Earnings 54,522,000 47,783,000
Accumulated Other Comprehensive
Loss (828,000) (1,054,000)
-------------- --------------
Total Liabilities & Stockholders'
Equity $ 111,745,000 $ 102,505,000
============== ==============
Working Capital $ 48,704,000 $ 42,696,000
Current Ratio 4.8 4.9
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