INCON Reports Lower Sales and Net Income for the Quarter Ended July 1, 2000; Power Utility Instrument Sales Up 50 Percent Year-to-Date.Business/Technology Editors SACO Saco, city, United States Saco (sô`kō), city (1990 pop. 15,181), York co., SW Maine, on the Saco River; settled 1631, inc. as Pepperellboro 1762; name changed to Saco 1805; inc. as a city 1867. , Maine--(BUSINESS WIRE)--July 28, 2000 Intelligent Controls, Inc. (INCON INCON Innovations in Concrete Show and Conference ) - (AMEX AMEX See: American Stock Exchange :ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium ITC n abbr (BRIT) (= Independent Television Commission) → .EC), a manufacturer of software and electronic measurement systems for the petroleum and utility industries, announced today that second quarter revenues declined 29 percent to $2,279,502 compared to $3,232,426 in the second quarter of 1999. Net income was $28,237, or $.01 basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of and compares to $209,849 or $.04 per share in the second quarter of 1999. For the six months ended July 1, 2000 revenues of $4,777,818 declined by 37 percent compared to $7,641,489 in the first half of 1999. Net income of $57,140 compares to $714,906 for the comparable 1999 period. The 1999 net income included a record first quarter amount of $505,057 which was a carry over from the exceptionally strong second half of 1998 performance. Roger E. Brooks, President & 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. , said; "The second quarter demand in our petroleum market product line continued to be depressed and had a negative impact on our sales. During the quarter, new orders where slightly higher than the first quarter of 2000 while shipments of fuel management products were slightly lower. We continue to expect the petroleum equipment market to improve later this year and also anticipate initial sales of our new above ground tank measurement products." Mr. Brooks added; "Strong demand continues for Power/Predictive Maintenance instruments with second quarter 2000 sales of $539,841 increasing 39 percent from the prior year second quarter. This follows an exceptionally strong start to 2000 and year-to-date sales of $1,272,363 have increased 51 percent versus the first half of 1999. Electric utilities are spending to improve the reliability and efficiency of their distribution infra-structure spurring the demand for intelligent electronic devices An Intelligent Electronic Device (IED) is a term used in the electric power industry to describe microprocessor-based controllers of power system equipment, such as circuit breakers, transformers, and capacitor banks. like our Optimizer+ circuit breaker circuit breaker, electric device that, like a fuse, interrupts an electric current in a circuit when the current becomes too high. The advantage of a circuit breaker is that it can be reset after it has been tripped; a fuse must be replaced after it has been used monitor and our model 1250 load tap position indicator. We continue to bring increased market and product development effort to this important business product line and expect continued strong demand and sales going forward." Mr. Brooks concluded, "Despite the very disappointing demand and results for our petroleum product line, we remain strong financially with over $5,000,000 of cash and very little debt. We have been able to operate profitably and continue to invest in product and market development including taking advantage of the strong demand for our power utility products. We remain optimistic about our long-term business prospects and continue to seek out ways to take advantage of our strong electronics and software know-how." Intelligent Controls, Inc. is a leading supplier of software, fuel management systems and line leak detection equipment for the petroleum industry as well as intelligent electronic devices (IEDs) and general predictive maintenance Predictive maintenance (PdM) techniques help determine the condition of in-service equipment in order to predict when maintenance should be performed. This approach offers cost savings over routine or time-based preventive maintenance because tasks are performed only when (PdM) instrumentation for the power utility market and other industrial applications. Additional information about INCON may be found on its website at www.intelcon.com.
INCON REPORTS OPERATING RESULTS
Six Months Ended Quarters Ended
07/01/2000 06/26/1999 07/01/2000 06/26/1999
Net Sales $4,777,818 $7,641,489 $2,279,502 $3,232,426
Gross Margins 2,348,266 4,127,460 1,116,839 1,665,839
Gross Margin % 49% 54% 49% 52%
Net income $ 57,140 $ 714,906 $ 28,237 $ 209,849
Basic earnings
per share $ 0.01 $ 0.15 $ 0.01 $ 0.04
Diluted earnings
per share $ 0.01 $ 0.14 $ 0.01 $ 0.04
Weighted average
common shares 4,739,399 4,910,354 4,739,399 4,892,072
Weighted average
common shares
and common
equivalent shares 4,747,474 4,957,252 4,746,133 4,950,493
Balance Sheet Data
Total Assets $8,608,201 $9,766,243
Long-term debt $ -- $ 92,971
Stockholders' equity $7,505,588 $7,734,081
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. statement under 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: This news release contains forward-looking statements. See the Company's latest Form 10-QSB and 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. reports for discussion of certain risk factors that may affect the Company's future business. This news release is based upon information available to the Company management as of the date hereof, and the Company assumes no obligation to provide updated information about the subject matter of this release. |
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