Metrologic Instruments, Inc. reports first quarter results.BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--May 1, 1996--Metrologic Instruments, Inc. (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. : MTLG), a leading manufacturer of laser bar code scanners A device specialized for reading bar codes and converting them into either the ASCII or EBCDIC digital character code. Pen scanners, also known as wand scanners, were the first type of bar code scanner developed in the 1970s. , today reported its 1996 first quarter financial results. Sales for the first quarter ended March 31, 1996 were $10.3 million compared with $10.5 million for the same quarter a year ago. Net income was $0.5 million, or $0.09 per share, compared with $1.1 million, or $0.21 per share, for the same period a year ago. The financial results for the first quarter of 1996 were primarily affected by matters which occurred subsequent to the first quarter of 1995, including the previously reported increase in research and development expenses related to holographic See holographic storage. technology and increased competitive pressures in the point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point ("POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ") scanner (1) See also antivirus program. (2) An optical device that reads a printed page or transparency and converts it into a graphics image for the computer. The scanner does not recognize or differentiate in any manner the content of the material it is scanning. market which resulted in lower selling prices on certain products. Commenting on the results, President C. Harry Knowles stated, "The financial results for the first quarter of 1996 exceeded our expectations even though Metrologic's sales and net income were lower in the first quarter of 1996 than in the first quarter of 1995 due to the factors discussed above. Additionally, I am very pleased with our progress on several new POS and industrial products which we expect to introduce in 1996, and the positive feedback regarding various laboratory and field tests performed by potential customers of our new holographic scanners." Metrologic previously reported that it now has in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. engineering capability and volume manufacturing capability for both holographic discs and scanners. Metrologic designs, manufactures and markets bar code scanning equipment incorporating laser and holographic technology. The company's principal products are hand-held scanners, fixed projection scanners, in-counter scanners and industrial scanners. The company ships its products into more than 80 countries and is based in Blackwood, New Jersey Blackwood is a census-designated place and unincorporated area located within Gloucester Township, in Camden County, New Jersey. As of the United States 2000 Census, the section population was 4,692. . The discussion in this news release includes 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. based on current management expectations. Factors which would cause the results to differ from these expectations include the following: general economic conditions; competitive factors and pricing pressures; technological changes in the scanner industry; availability of patent protection for Metrologic's holographic scanners and other products; and market acceptance of Metrologic's new products. -0-
METROLOGIC INSTRUMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share data)
3 Months Ended
March 31,
1996 1995
(Unaudited)
Sales $10,342 $10,497 Cost of sales 6,271 5,526 Gross profit 4,071 4,971 Selling, general & administrative expenses 2,559 2,582 Research & development expenses 797 663 Operating income 715 1,726 Other income (expenses), net 87 135 Income before income taxes 802 1,861 Income taxes 312 754 Net income $ 490 $ 1,107 Net income per common share $ 0.09 $ 0.21 Actual weighted average common shares outstanding 5,261 5,350
METROLOGIC INSTRUMENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
March 31, December 31,
1996 1995
(Unaudited)
Cash & cash equivalents $10,322 $12,065 Accounts receivable, net 7,145 6,924 Inventory 4,822 3,456 Other current assets 2,193 1,820 Property, plant, and equipment, net 4,361 3,880 Patents and trademarks, net 917 878 Deferred income taxes 1,411 1,451 Other assets 1,404 927 Total assets $32,575 $31,401 Current portion of notes payable $ 294 $ 390 Other current liabilities 10,155 9,142 Notes payable, net of current portion 740 817 Accrued legal settlement 2,906 3,000 Other liabilities 72 126 Total stockholders' equity 18,408 17,926 Total liabilities and stockholders' equity $32,575 $31,401 CONTACT: Metrologic Instruments Metrologic Instruments is an automated identification and data capture (AIDC) company headquartered in Blackwood, New Jersey. Metrologic Instruments designs, manufactures and markets bar code decoding hardware, adaptive optical solutions and high-speed image processing , Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. Department (609-228-8100) or Analysts should contact: Mr. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Mills IV, Vice President Finance & Chief Financial Officer (609-228-8100) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion