Firearms Training Systems, Inc. Reports Second Quarter Fiscal 2000 Revenue and Earnings Wins Greek Army and Venezuelan Army Contracts.SUWANEE Suwannee may refer to:
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
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 net loss of $826,000 or $0.04 per diluted share for the same period of fiscal 1999. Revenue for the six months ended September 30, 1999 was $23,524,000 versus $24,376,000 for the same period of the previous year. Net loss for the six months ended September 30, 1999 was $4,007,000 or $0.19 per diluted share compared with net loss of $2,844,000 or $0.14 per diluted share for the same period of fiscal 1999. The Company also announced today that the Venezuelan Army has selected FATS to provide small arms small arms, firearms designed primarily to be carried and fired by one person and, generally, held in the hands, as distinguished from heavy arms, or artillery. Early Small Arms The first small arms came into general use at the end of the 14th cent. simulators to train their forces by awarding a contract valued at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1,400,000 with opportunity for additional systems and components. The Company also reported that FATS was recently selected through a demanding competitive process to provide small arms simulators to support the Greek In desktop publishing, to display text in a representative form in which the actual letters are not discernible, because the screen resolution isn't high enough to display them properly. The software lets you set which font sizes should be greeked. Army training program with an initial contract value in excess of $500,000 and options to expand the program. "Looking solely at the results for this past quarter will be deceptive de·cep·tive adj. Deceptive or tending to deceive. de·cep  tive·ness n. and may cause our followers followerssee dairy herd. to overlook the near-term near-term adj. Of, for, or involving a short period of time in the near future. opportunity that we see for the Company," said Bob Mecredy, FATS' new President 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. . "Our disappointing second quarter was substantially influenced by the many procurements that are being delayed or forced to full and open competition. Delays aside, the Company continued to win the significant competitions that were decided over the past several months. Awards such as Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on , Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. and numerous other smaller value contracts were based on technical superiority and total value to the customer. Recognizing these market conditions which effect our near-term financial condition, we have incorporated significant changes in business practices over the past two months to benefit future performance, with the full costs associated with these changes reflected in the second quarter SG&A." Management of the Company reported that several senior level management positions were consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: , the organization was streamlined to optimize optimize - optimisation operations and to focus on core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. having recently delivered systems to the Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Armed Forces which incorporate the latest in digital technology. The Company also has unveiled a lower cost, portable system for law enforcement customers which includes the latest commercial information system technologies, and management expects this product to contribute to increased revenue in the near future. Mr. Mecredy also said that, "the next six months are crucial in that at least two major procurements with current value exceeding $30,000,000 are to be decided in head-to-head head-to-head adv. & adj. 1. In direct confrontation or conflict at close quarters: The two brothers went at it head-to-head. It was a head-to-head contest all the way. 2. competition. We have been preparing for these opportunities and remain confident that FATS will continue to lead the industry in small arms simulation. Furthermore, based on constructive (mathematics) constructive - A proof that something exists is "constructive" if it provides a method for actually constructing it. Cantor's proof that the real numbers are uncountable can be thought of as a *non-constructive* proof that irrational numbers exist. discussions with our bank group, FATS anticipates an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. credit facility in the near future which will enhance the Company's financial stability and facilitate its capture of these key procurements." FATS is the leading worldwide producer of interactive simulation systems designed to provide training in the handling and use of small and supporting arms Weapons and weapons systems of all types employed to support forces by indirect or direct fire. . FATS(R) products also include air defense, anti-armor, and armored vehicle training products, which are designed and manufactured by its Canadian subsidiary, Simtran Technologies, Inc. Commercial versions of FATS(R) products supporting the sports shooting enthusiast A person who enjoys using computers and electronic equipment. Enthusiasts like technology and are willing to learn more of the ins and outs of a product than the average consumer, who just wants to use it. An enthusiast is more like a "prosumer." See consumer and prosumer. and professional hunter Hun·ter , John 1728-1793. British surgeon who founded pathological anatomy in England. hunter a horse used for hunting. are designed and manufactured by its Colorado-based subsidiary, Dart dart see blow dart. dart gun see blow dart. International, Inc. Certain of the foregoing information are 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. regarding future events or the future financial performance of the Company, and are 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 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. , 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. -0-
FIREARMS TRAINING SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the three months
ended September 30,
------------------------------------
1999 1998
------------------------------------
As As
Reported Reported
-------------- -------------
Revenues $ 8,328 $ 12,111
Cost of revenues 6,817 8,061
-------------- -------------
Gross profit 1,511 4,050
-------------- -------------
Operating expenses:
Selling, general
and administrative
expenses 3,570 2,128
Research and
development expenses 1,032 838
Depreciation
and amortization 566 507
Nonrecurring restructuring
charge - -
-------------- -------------
Total operating
expenses 5,168 3,473
-------------- -------------
Operating income (loss) (3,657) 577
-------------- -------------
Other expense, net:
Interest expense, net (1,937) (1,782)
Other expense, net (104) (172)
-------------- -------------
Total other
expense, net (2,041) (1,954)
-------------- -------------
Loss before income taxes (5,698) (1,377)
Benefit for income taxes (1,949) (551)
-------------- -------------
Net loss (3,749) (826)
Accretion of preferred stock
dividend (63) -
-------------- -------------
Net loss applicable to
common shareholders $ (3,812) $ (826)
============== =============
Basic loss per share $ (0.18) $ (0.04)
============== =============
Diluted loss per share $ (0.18) $ (0.04)
============== =============
Weighted average common
shares outstanding -Basic 20,758 20,673
============== =============
Weighted average common
shares outstanding - Diluted 20,758 20,673
============== =============
FIREARMS TRAINING SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the six months
ended September 30,
------------------------------------
1999 1998
------------------------------------
As As
Reported Reported
-------------- -------------
Revenues $ 23,524 $ 24,376
Cost of revenues 16,562 15,612
-------------- -------------
Gross profit 6,962 8,764
-------------- -------------
Operating expenses:
Selling, general
and administrative
expenses 6,149 5,303
Research and
development expenses 1,526 2,372
Depreciation and
amortization 1,120 984
Nonrecurring
restructuring charge - 870
-------------- -------------
Total operating
expenses 8,795 9,529
-------------- -------------
Operating income (loss) (1,833) (765)
-------------- -------------
Other expense, net:
Interest expense, net (3,720) (3,393)
Other expense, net (347) (276)
-------------- -------------
Total other
expense, net (4,067) (3,669)
-------------- -------------
Loss before income taxes (5,900) (4,434)
Benefit for income taxes (2,018) (1,590)
-------------- -------------
Net loss (3,882) (2,884)
Accretion of preferred
stock dividend (125) -
-------------- -------------
Net loss applicable to common
shareholders $ (4,007) $ (2,844)
============== =============
Basic loss per share $ (0.19) $ (0.14)
============== =============
Diluted loss per share $ (0.19) $ (0.14)
============== =============
Weighted average common
shares outstanding - Basic 20,746 20,668
============== =============
Weighted average common
shares outstanding - Diluted 20,746 20,668
============== =============
FIREARMS TRAINING SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, March 31,
1999 1999
-------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 1,219 $ 2,805
Accounts receivable, net 9,035 19,116
Unbilled Receivable 9,969 4,744
Inventories 17,470 17,854
Prepaid expenses and other
current assets 607 702
Deferred income taxes, net 4,363 2,107
-------------- -------------
Total current assets 42,663 47,328
Property and equipment, net 5,300 5,306
Goodwill, net 4,260 4,496
Deferred financing costs, net 2,630 2,795
Deferred income taxes 238 225
Other assets - -
============== =============
$ 55,091 $ 60,150
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,055 $ 5,384
Accrued liabilities 6,046 7,500
Income taxes payable 2,232 345
Deferred income taxes, net - -
Deferred revenue 865 1,089
Current maturities of
long-term debt 7,500 6,000
-------------- -------------
Total current liabilities 19,698 20,318
-------------- -------------
Long-term debt, less
current maturities 64,782 66,200
-------------- -------------
Other noncurrent liabilities 698 172
-------------- -------------
Mandatory redeemable preferred stock 3,218 3,093
-------------- -------------
Stockholders' equity:
Class A common stock - -
Additional paid-in-capital 114,369 114,324
Accumulated (deficit) earnings (147,683) (143,676)
Cumulative foreign currency
translation adjustment 9 (281)
-------------- -------------
Total stockholders'
(deficit) equity (33,305) (29,633)
-------------- -------------
$ 55,091 $ 60,150
============== =============
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