Firearms Training Systems, Inc. Reports FY05 Third Quarter Revenue and Earnings; Revenue up 27.3% for Quarter, 31.6% YTD.ATLANTA Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. -- Second graph, last sentence of release dated February February: see month. 11, 2005, should read: Third quarter net income applicable to common shareholders was $0.8 million, or $0.01 per 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. share, compared with a net loss of ($80,000) or ($0.00) per diluted share for the same period of the previous year. (sted Third quarter net income applicable to common shareholders was $0.8 million, or $0.01 per diluted share, compared with a net loss of ($80 million) or ($0.00) per diluted share for the same period of the previous year.) The corrected release reads: FIREARMS This is an extensive list of small arms — pistol, machine gun, grenade launcher, anti-tank rifle — that includes variants. : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
Antonym: dec. . REPORTS FY05 THIRD QUARTER REVENUE AND EARNINGS; REVENUE UP 27.3% FOR QUARTER, 31.6% YTD See Year-to-date. YTD See year to date (YTD). Firearms Training Systems, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : FATS) today reported earnings for the third quarter of its fiscal year ending March 31, 2005. Revenue for the third quarter was $21.0 million versus $16.5 million for the same period of the previous year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the third quarter was $2.6 million versus $2.2 million for the third quarter of its 2004 fiscal year. Third quarter net income applicable to common shareholders was $0.8 million, or $0.01 per diluted share, compared with a net loss of ($80,000) or ($0.00) per diluted share for the same period of the previous year. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenue was $59.2 million versus $45.0 million for the same period of the previous year. Operating income for year-to-date was $6.1 million versus $3.0 million for the same period in fiscal 2004. Year-to-date net loss applicable to common shareholders was ($0.7 million), or ($0.01) per diluted share, compared with a net loss of ($2.6 million) or ($0.04) per diluted share for the same period of fiscal 2004. Ronavan R. Mohling, the Company's Chairman and Chief Executive Officer stated, "We are pleased to report substantial increases in revenue, gross profit and operating income. We achieved a revenue increase of 27% during the third quarter and a 31% increase on a year-to-date basis. The higher revenue for the third quarter can be attributed to a significant increase in sales to International military customers. On a year-to-date basis revenues have increased 59% for U.S. military customers and 29% for our International military customers. U.S. law enforcement sales are lower than a year ago reflecting state and municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. budget constraints A Budget Constraint represents the combinations of goods and services that a consumer can purchase given current prices and his income. Consumer theory uses the concepts of a budget constraint and a preference ordering to analyze consumer choices. . As a result of our higher revenues, operating income increased for both time periods. Net income for the third quarter was positive and improved due to higher revenue, elimination of mandatorily 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, and lower debt cost as a result of our successful debt refinancing Refinancing An extension and/or increase in amount of existing debt. on September September: see month. 30, 2004. On a year-to-date basis our net loss improved due to higher revenues, but was still negatively impacted by the higher debt cost and preferred stock dividends during our first two quarters. "We are also pleased to announce that the Company's 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 $6.0 million from the second quarter even with the 27% increase in revenue. Bookings for the quarter were $27 million and included major orders from the United Kingdom Ministry of Defence, U.S. Army, Baghdad Baghdad or Bagdad (both: băg`dăd, bägdäd`), city (1987 pop. 3,841,268), capital of Iraq, central Iraq, on both banks of the Tigris River. The city's principal economic activity is oil refining. Police Academy, U.S. Air Force and Belgian Belgian having some relationship to Belgium. Belgian barge dog see schipperke. Belgian black pied cattle black, Belgian dairy cattle. Belgian blue dual-purpose cattle; blue, white or blue roan. Defence Force." FATS, Inc. designs and sells virtual training systems that improve the skills of the world's military, law enforcement and security forces. Utilizing quality engineering and advanced technology, FATS provides a comprehensive range of training capabilities that include small and supporting arms Weapons and weapons systems of all types employed to support forces by indirect or direct fire. , judgmental judg·men·tal adj. 1. Of, relating to, or dependent on judgment: a judgmental error. 2. Inclined to make judgments, especially moral or personal ones: , tactical and combined arms Combined arms is an approach to warfare which seeks to integrate different arms of a military to achieve mutually complementary effects. Though the lower-echelon units of a combined arms team may be of homogeneous types, a balanced mixture of such units are combined into an . The company serves U.S. and international customers from headquarters in Suwanee, Georgia Suwanee is a city in Gwinnett County, Georgia. Portions of Forsyth County and Fulton County also have Suwanee and its zip code (30024) as a mailing address. The population was 8,725 at the 2000 census. Census Estimates for 2005 show a population of 12,553. , with branch offices in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Netherlands and United Kingdom. FATS, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certified See certification. company, celebrated its 20th anniversary in 2004. The Company Web site is www.fatsinc.com. Except for financial information contained in this press release, the matters discussed may consist of 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. under 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. The accuracy of the forward-looking statements, including statements regarding future events or the future financial performance of the Company, is necessarily subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors including those discussed above are: general business and economic conditions; the Company's success in competing for new contract awards; customer acceptance of and demand for the Company's new products; receipt and delivery of a sufficient level of orders from new and existing customers as well as satisfactory completion of delivery of a sufficient portion of backlog; the Company's overall ability to design, test, and introduce new products on a timely basis; the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the markets addressed by the Company's products; and the risk factors listed from time to time in documents on file with the SEC. When used in this release, the words "believes," "estimates," "plans," "expects," "should," "will," "may," "might," "anticipates" or similar expressions as they relate to the Company, or its management, are intended to identify forward-looking statements. The Company, from time to time, becomes aware of rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. concerning the Company or its business. As a matter of policy, the Company does not comment on rumors. Investors are cautioned that in this age of instant communication and Internet access See how to access the Internet. , it may be important to avoid relying on rumors and unsubstantiated information regarding the Company. The Company complies with Federal and State law applicable to disclosure of information concerning the Company. Investors may be at significant risk in relying on unsubstantiated information from other sources.
FIREARMS TRAINING SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three Months Nine Months
Ended Ended
December 31, December 31,
------------- -------------
2004 2003 2004 2003
------ ------ ------ ------
Revenue $21,029 $16,479 $59,171 $45,027
Cost of revenue 14,080 10,270 39,710 30,644
------- ------- ------- -------
Gross margin 6,949 6,209 19,461 14,383
------- ------- ------- -------
Operating expenses:
Selling, general and
administrative 3,317 3,161 10,341 9,068
Research and development 947 766 2,689 2,013
Depreciation and amortization 121 102 352 335
------- ------- ------- -------
Total operating expenses 4,385 4,029 13,382 11,416
------- ------- ------- -------
Operating income 2,564 2,180 6,079 2,967
------- ------- ------- -------
Other income (expense), net
Interest expense, net
Debt, net (935) (1,369) (3,443) (3,790)
Dividends on mandatorily
redeemable
preferred stock - (725) (1,543) (2,124)
Other, net (287) 166 (1,192) 151
------- ------- ------- -------
Total other expense (1,222) (1,928) (6,178) (5,763)
------- ------- ------- -------
Income (loss) before provision
(benefit) for income taxes 1,342 252 (99) (2,796)
Provision (benefit) for income
taxes 569 332 556 (229)
------- ------- ------- -------
Net income (loss) $ 773 $ (80)$ (655)$(2,567)
======= ======= ======= =======
Income (loss) per share
Basic and diluted income (loss)
per share $ 0.01 $ (0.00)$ (0.01)$ (0.04)
======= ======= ======= =======
Weighted average common shares
outstanding - basic 70,313 70,153 70,313 70,153
Weighted average - common shares
outstanding - diluted 76,112 70,153 70,313 70,153
The accompanying notes are an integral part of these condensed
consolidated statements.
FIREARMS TRAINING SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for shares authorized, issued and outstanding)
December 31, March 31,
2004 2004
------------ ----------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 3,668 $ 2,367
Restricted cash 2,280 2,502
Accounts receivable, net of allowance of
$350 16,675 23,317
Income taxes receivable 110 104
Costs and estimated earnings in excess of
billings on uncompleted contracts 6,242 4,268
Unbilled receivables 4,799 62
Inventories, net 11,951 12,221
Deferred income taxes 770 770
Prepaid expenses and other current assets 2,102 1,020
--------- ---------
Total current assets 48,597 46,631
Property and equipment, net 2,137 2,398
Other noncurrent assets:
Deferred income taxes 2,020 2,004
Deferred financing costs, net 1,421 187
--------- ---------
Total assets $ 54,175 $ 51,220
========= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Long-term debt due within one year $ 2,344 $ 2,953
Accounts payable 4,716 3,679
Accrued liabilities 5,383 7,002
Accrued interest 281 949
Income taxes payable 707 214
Billings in excess of cost and estimated
earnings on uncompleted contracts 4,084 1,428
Deferred revenue 5,593 1,239
Warranty and contract cost provision
reserve - current 355 1,074
--------- ---------
Total current liabilities 23,463 18,538
Long-term debt 34,864 38,168
Warranty and contract cost provision reserve -
noncurrent 173 356
Other noncurrent liabilities 625 587
Manditorily redeemable preferred stock - 30,485
--------- ---------
Total liabilities 59,125 88,134
Commitments and contingencies
--------- ---------
Preferred stock, 3,500 shares authorized; 3,203
shares issued and outstanding; liquidation
value of $10,250 per share 32,028 -
--------- ---------
Stockholders' deficit:
Class A common stock, $0.000006 par value;
100 million shares authorized,
70,694,173 and 70,153,139 shares issued
and outstanding - -
Additional paid-in capital 123,497 123,215
Stock warrants 613 613
Accumulated deficit (161,836) (161,181)
Accumulated other comprehensive income 748 439
--------- ---------
Total stockholders' deficit (36,978) (36,914)
--------- ---------
Total liabilities and
stockholders' deficit $ 54,175 $ 51,220
========= =========
The accompanying notes are an integral part of these condensed
consolidated statements.
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