Excel Technology names J. Donald Hill as CEO/chairman.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jan. 16, 1996--Excel Technology Inc. ("EXCEL")(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) announced today that its president, J. Donald Hill, has been named chairman of the board and chief executive officer effective immediately. Also elected to the board of directors are Antoine Dominic, Excel's chief financial officer, and Howard Breslow, Esq., a senior partner in the law firm of Breslow & Walker, general counsel to the company. Dr. Rama Rao, former 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. and chairman, resigned to pursue other interests; Triveni Rao, his wife, has also resigned from the board. Since 1992, Hill has held the positions of president of Excel's wholly-owned subsdiary, Excel Quantronix Inc. ("Quantronix"); chief financial officer of Excel; and president of Excel. Hill was instrumental in the turn around to profit of Quantronix, which was acquired in 1992, and the acquisitions of Cambridge Technology Inc. in February 1995, and Photo Research Inc., in October 1995. Hill believes present operating management is strong in all Excel subsidiaries and divisions. Hill is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Excel's prospects for 1996 and beyond. Revenues for 1995 exceeded $44 million vs. $33.5 million for 1994. Revenues were $13 million for the fourth quarter in 1995 vs. $8.5 million in 1994. Excluding one-time charges taken in the fourth quarter, operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the fiscal year and the fourth quarter will substantially exceed prior comparable periods. The one time charges relate to $3.4 million of settlement costs and legal expenses previously reported relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) grants; a net loss from investments of approximately $425,000 resulting from a gain of $225,000 and a loss of approximately $1,950,000 of which Excel was reimbursed approximately $1,300,000 pursuant to an indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from by the former CEO; and a charge of approximately $1,600,000, $1,300,000 of which represents the buy back of 540,000 vested options from the former CEO and his wife and the cancellation of 200,000 additional non-vested stock options held by the former CEO. The remaining $300,000 represents a payment to be made to the former CEO over a period of two years. Hill stated, "These non-operating events will not have any effect on Excel's 1996 results or outlook." Hill concluded, "Our operating companies operating company A business that engages in transactions with outsiders. , Excel/Quantronix, Excel Control Laser, Cambridge Technology, Photo Research, Quantronix GMBH and The Optical Corporation are all profitable and have strong positions in each of their respective markets. We hope to take full advantage of the growth prospects in all of these markets and we will continue to actively pursue other acquisitions. At present, 1996 looks like it should be a very good year for Excel." Excel and its wholly-owned subsidiaries develop, manufacture and market laser systems and electro-optical components for electronic, semiconductor, medical and consumer applications. CONTACT: Excel Technology Inc. J. Donald Hill, CEO/chairman Dennis Byrne, Investor Relations Investor relations The process by which the corporation communicates with its investors. 516/273-6900 |
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