Fiberstars Reports Record Second Quarter Sales.Business Editors FREMONT, Calif.--(BUSINESS WIRE)--July 19, 2000 Fiberstars, Inc. (Nasdaq:FBST FBST Food Bank of the Southern Tier (Elmira, NY) ), the world's leading fiber optic lighting company, announced today its financial results for the second quarter ended June 30, 2000. Sales for the second quarter of 2000 increased 11% to a record $9.8 million from sales of $8.8 million for the same period in 1999. Net income was $255,000, or $0.05 per share, as compared to net income of $437,000, or $0.11 per share, for the comparable quarter a year ago. For the first six months of 2000 sales increased 16% to $18.6 million from $16.0 million for the first six months of 1999. Net income for the first six months was $478,000, or $0.09 per share, before a one-time charge in the first quarter, comparable to net income of $597,000, or $0.15 per share, for the first six months of 1999. After the one-time pre-tax charge of $938,000 in the 2000 first quarter relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of Unison unison, in music, tones identical in pitch produced by two or more parts or voices. In popular usage a vocal composition is said to be sung in unison even though some of the voices are separated from others by the interval of an octave. Fiber Optic Systems, the Company reported a net loss for the first six months of $123,000, or a loss of $0.03 per share. During the second quarter the shares outstanding increased to 5,244,000 from 4,053,000 a year ago attributable to adding the minimum 445,000 shares for the Unison acquisition, 100,000 shares for the Lightly Expressed acquisition, and company employee and board stock option plans. "As previously reported, booked orders were on plan for the quarter although shipments fell short of plan. The shortfall in revenues and earnings was largely related to the timing of certain commercial lighting orders. Over $1 million in June orders were received too late in the month to ship before the quarter's end resulting in a backlog on July 1," commented David Ruckert, Fiberstars President and Chief Executive Officer. "Fiberstars experienced sales growth during the quarter and the first half from our pool lighting product line, our new Fiberstars FX sign group in Seattle and our LBM LBM Lean Body Mass (medical/health) LBM Lumber and Building Materials LBM Pounds Mass LBM Lattice Boltzmann Model LBM Laser Beam Machining LBM Little Brown Mushroom (mycologist slang) subsidiary in Germany. In addition, we entered the large above ground pool market with a new low cost product, and introduced a new economical fiber optic lighting system for spas and jetted bathtubs. The Company also began marketing certain do-it-yourself fiber optic lighting products through several large on-line retail web sites during the second quarter, including BuyItNow.com, TheBigStore.com and Microsun.com. Because of these positive events and the encouraging order bookings, we continue to expect to show good growth for the year." Mr. Ruckert continued, "Fiberstars made significant technology progress in the quarter which will be the foundation of our growth impetus Impetus is a stimulus or impulse, a moving force that sparks momentum. Impetus may also refer to:
The Company demonstrated a prototype of its proprietary new Compound Parabolic par·a·bol·ic also par·a·bol·i·cal adj. 1. Of or similar to a parable. 2. Of or having the form of a parabola or paraboloid. Collector (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) technology at the International Light Fair trade show in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in May, achieving the light output equivalent of over 200 watts of halogen halogen (hăl`əjĕn) [Gr.,=salt-bearing], any of the chemically active elements found in Group 17 of the periodic table; the name applies especially to fluorine (symbol F), chlorine (Cl), bromine (Br), and iodine (I). lighting from a 78 watt watt [for James Watt], abbr. W, unit of power, or work done per unit time, equal to 1 joule per second. It is used as a measure of electrical and mechanical power. system. The Company expects to ship initial products using this new technology in 2001 into both the pool and commercial lighting markets. Fiberstars also successfully prototyped an improved large core fiber formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation , which will ship in the second half of this year, as will several new commercial lighting illuminators. "Additionally, Fiberstars acquired Lightly Expressed in May. Lightly Expressed is a successful fiber optic case lighting company whose founder, Will Leaman, has been hired to spearhead our efforts in the retail display case lighting market. Fiberstars will introduce several new systems specifically designed for that market, featuring new illuminators and elegant fiber optic fixtures designed for case lighting. We are pleased to have Will and Lightly Expressed join the Fiberstars team," concluded Mr. Ruckert. About Fiberstars Fiberstars is the world's leading supplier of fiber optic lighting, with products designed, manufactured and marketed in the commercial lighting, sign and swimming pool and spa markets. Fiberstars has 18 patents on its technology. Products are designed for either professional or homeowner installation. Fiberstars fiber optic lighting helps to enhance the appearance of such well known clients as Tiffany Tiffany, Tiffanie (UK) a semi-longhaired version of the Burmese cat. It has a fine, silky coat in many colors. & Co., the Church of Holy Sepulchre SEPULCHRE. The place where a corpse is buried. The violation of sepulchres is a misdemeanor at common law. Vide Dead bodies. in Jerusalem, Harrah's Casino, the Women's Basketball Hall of Fame The Women's Basketball Hall of Fame honors men and women who have contributed to the sport of women's basketball. The Hall of Fame opened in 1999 in Knoxville, Tennessee, USA. , Sonic, Versace, Mikimoto, Northern Telecom, Mercedes Benz Mercedes Benz expensive automobile and status symbol. [Trademarks: Crowley Trade, 368] See : Luxury and the Sony Metreon, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Company headquarters are located in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: . The Company recently announced an extensively redesigned web site, which features photographs of over 80 installations as well as light output data and other specifications on all company products, installation information and other information useful to customers, distributors and sales reps. Site address: http://www.fiberstars.com. 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. in this release and presentational materials on the web site are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements include statements regarding the sales and profit outlook for the year 2000 and beyond, and any implications that new pricing, acquisitions, new product introductions, e-commerce arrangements or other factors will contribute to future growth. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. Risk factors that could affect the Company's future include a failure to develop new products which are marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. , delays in manufacturing of products, increased competition, a significant slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in geographic economies where the Company markets its products, other adverse sales and distribution factors and greater than anticipated costs and/or warranty expenses. For more information about potential factors which could affect Fiberstars financial results, please refer to the Fiberstars Annual Report on 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, 1999, and the Fiberstars quarterly Report on form 10-Q Form 10-Q See 10-Q. for the period ending March 31, 2000, which are on file with the Securities and Exchange Commission.
FIBERSTARS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
Net sales $ 9,834 $ 8,845 $ 18,617 $ 16,027
Cost of sales 5,831 5,106 10,921 9,312
Gross profit 4,003 3,739 7,696 6,715
Operating expenses:
Research and
development 418 324 844 653
Sales and
marketing 2,324 2,101 4,533 3,959
General and
administrative 816 609 1,511 1,152
Write-off in-process
technology acquired 0 0 938 0
Total operating
expenses 3,558 3,034 7,826 5,764
Income (loss)
from operations 445 705 (130) 951
Other income:
Equity in joint
venture's loss 0 (15) 0 (15)
Interest income
(expense), net (46) 1 (61) 5
Income (loss)
before income tax 399 691 (191) 941
Benefit from
(provision for)
income taxes (144) (254) 68 (344)
Net income (loss) $ 255 $ 437 $ (123) $ 597
Net income
(loss) per
share - basic $ 0.06 $ 0.11 $ (0.03) $ 0.15
Shares used in
computing net
income per
share - basic 4,568 3,983 4,438 3,983
Net income (loss)
per share - diluted $ 0.05 $ 0.11 $ (0.03) $ 0.15
Shares used in
computing net
income per
share - diluted 5,244 4,053 4,438 4,041
FIBERSTARS, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
June 30, Dec. 31,
2000 1999
ASSETS
Current assets:
Cash and cash
equivalents $ 2,002 $ 1,904
Accounts receivable trade, net 6,361 6,533
Notes and other
accounts receivables 113 250
Inventories 5,677 4,269
Prepaids and other
current assets 410 428
Deferred income taxes 662 662
Total current assets 15,225 14,046
Fixed assets, net 2,792 2,242
Goodwill, net 5,494 3,800
Other assets 174 218
Deferred income taxes 321 86
Total assets $ 24,006 $ 20,392
LIABILITIES
Current liabilities:
Accounts payable $ 2,759 $ 2,572
Accrued expenses 2,198 2,518
Current portion
of long-term debt 8 8
Total current liabilities 4,965 5,098
Long-term debt, less
current portion 565 626
Total liabilities 5,530 5,724
SHAREHOLDERS' EQUITY
Common stock 1 0
Value of warrants
outstanding 2,722 0
Additional paid-in capital 15,277 13,973
Notes receivable
from shareholder (75) (75)
Cumulative translation
adjustments (249) (153)
Retained earnings 800 923
Total shareholders' equity 18,476 14,668
Total liabilities and
shareholders' equity $ 24,006 $ 20,392
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