Excel reports higher revenues and earnings for the first quarter of 1995.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 3, 1995--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) announced results for the first quarter ended March 31, 1995. Revenues for the period were $9.6 million, representing a 35% increase from $7.1 million for the same period in 1994. Revenue for the quarter was the highest in the company's history. Pre-tax earnings for the quarter rose 85% to $607,000 vs. $328,000 in 1994. After-tax earnings were $420,000 compared to $310,000 representing a 35% increase. Earnings per share on a fully diluted basis for the quarter were 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , up 25% from 4 cents per share for the same period in 1994. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. did not rise as fast as pre-tax income, primarily due to (1) a corporate tax rate in the first quarter of 1995 of 31% vs. 5% in the same period last year; income tax expense of $187,000 in 1995 compared with $18,000 in 1994 and (2) an 11% increase in the number of shares used for the fully diluted share calculation. Dr. Rama Rao, 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, "We are pleased with the revenue growth in the first quarter which included two months of our recent acquisition, Cambridge Technology. Excluding Cambridge, revenues increased by approximately 18%. Revenues were higher in almost all business segments except semiconductor. It was disappointing to all of us that we could not ship our third generation photomask repair system (DRS DRS Drives (street suffix) DRS Dispute Resolution Service DRS Doctorandus DRS Department of Rehabilitative Services DRS Direct Registration System (securities) DRS Department of Rehabilitation Services III) to IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) in the first quarter. In regard to earnings, our industrial business unit for marking applications, Excel/Control Laser, was the largest contributor to the Company's overall profits in the period. Cambridge was second followed by spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. , the Optical Corporation and the Advanced Laser Group." "Our GmbH operation, headquartered in Germany, accounted for more than 20% of our total sales in the first quarter. GmbH continues to experience significant gains in revenues and profits. In recent quarters, demand for our DUOPULSE 2000 dental laser A dental laser is a type of laser designed specifically for use in oral surgery. In the United States, the use of lasers on the gums was first approved by the Food and Drug Administration in the early 1990s, and use on hard tissue like teeth or the bone of the mandible gained in Germany has increased substantially." Dr. Rao concluded, "Overall, we see continued improvement in revenues and profits from existing operations. Our strategy of enhancing corporate growth through acquisitions remains intact. Cambridge results have thus far exceeded our expectations." 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 distribute laser systems for science, industry and medicine. -0-
Excel Technology Inc.
Financial Summary
For the Quarter For the Quarter
Ended March 31, Ended March 31,
1995 1994
Net sales $9,621,348 $7,108,414 Pre-tax income $606,687 $328,124 Provision for income tax $187,000 $18,000 After-tax income(a) $419,687 $310,124 Net income after tax per share Primary(a) $.05 $.04 Fully diluted $.05 $.04 Weighted average shares outstanding Primary 8,250,947 7,070,976 Fully diluted 8,718,770 7,889,780 -0- (a) The Net Income for the quarters ended March 31, 1995 and 1994 is reduced by approximately $47,000 and $58,000, respectively for the calculation of primary earnings per share to allow for the anticipated preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends. CONTACT: Excel Technology Inc. J. Donald Hill, 516/273-6900 or MWW/Strategic Communications Richard Shonfeld, 201/507-9500 |
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