Odetics Reports First Quarter Results of Operations.Business Editors ANAHEIM Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Calif.--(BUSINESS WIRE)--July 26, 2000 Odetics Inc. (Nasdaq: ODETA)(Nasdaq: ODETB) Wednesday reported revenue of $19,624,000 for its first quarter ended June 30, 2000, compared with the previous fiscal year's first quarter revenue of $22,075,000. The company reported net income of $7,430,000 or $0.80 basic earnings per share and $0.78 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 , in the quarter ended June 30, 2000, compared with a net loss of $6,643,000, or $0.74 basic and 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. loss per share, in the previous year's first fiscal quarter. Results for the quarter ended June 30, 2000 included royalty income of $17,825,000 from the settlement with Storage Technology Corp. and a gain of $1,230,000 on the sale of certain assets of the company's solid state recorder business. Joel Slutzky, chief executive officer of Odetics, commented on a number of key actions and accomplishments achieved during the first quarter including: -- Mike Pascoe, former chief executive officer of PairGain Technologies Inc. has agreed to serve as Chairman of the Mariner Mariner Any of a series of unmanned U.S. space probes sent near Venus, Mars, and Mercury. Mariners 2 (1962) and 5 (1967) passed Venus within 22,000 mi (35,000 km) and 2,500 mi (4,000 km), respectively, and made measurements of temperature and atmospheric density. Networks advisory board. -- At the internationally recognized SUPERCOMM 2000 tradeshow, Mariner Networks participated with the DEXTER dexter /dex·ter/ (deks´ter) [L.] right; on the right side. dex·ter adj. Of or located on the right side. 3000 in the 3rd Annual SUPERQuest Competition and was honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. with the Most Promising New Technology Award. Selected as the winner of the Access Equipment Category, the technology in the DEXTER 3000 was recognized as "advancing the state of public network technology." -- In July we retained L.H. Friend, Weinress, Frankson and Presson L.L.C. to serve as our financial advisors in a private placement financing of Iteris Inc. -- Iteris was selected as the prime contractor for a personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. traveler information system for San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . -- At Zyfer Inc. we successfully demonstrated operability Operability is the ability to keep a system in a functioning and operating condition. In a computing systems environment with multiple systems this includes the ability of products, systems and business processes to work together to accomplish a common task such as finding and of our StealthKey(TM) encryption The reversible transformation of data from the original (the plaintext) to a difficult-to-interpret format (the ciphertext) as a mechanism for protecting its confidentiality, integrity and sometimes its authenticity. Encryption uses an encryption algorithm and one or more encryption keys. technology and we are preparing to file additional patents. -- Two papers have been published discussing the Zyfer's StealthKey technology. One is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Changing the Way Encryption is Implemented" and the other "Privacy, Piracy piracy, robbery committed or attempted on the high seas. It is distinguished from privateering in that the pirate holds no commission from and receives the protection of no nation but usually attacks vessels of all nations. and Profitability in Cable Networks". Both papers are available on the Zyfer Web site at www.zyfer.com. -- Also at Zyfer we recently hired Gary Koelsch, a 20-year veteran in secure communications market, to serve as vice president of sales. -- At Odetics Broadcast Inc. the Roswell Content Management System version 2.02 is commercially on-air at multiple stations in three different countries and we are continuing to advance our discussions with potential strategic partners for our eDetics(TM) streaming video A one-way video transmission over a data network. It is widely used on the Web as well as company networks to play video clips and video broadcasts. Computers in home networks stream video to digital media hubs connected to a home theater. solutions. -- At Gyyr Inc. we are gaining acceptance of our DVMS DVMS Digital Video Management System DVMS Deliverable Value Management System DVMS Doctor of Veterinary Medicine & Surgery DVMS Digital Video Mapping Set (aviation) product in the retail and financial markets and we are experiencing strong international growth in both the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Latin American markets. -- We have retained S.G. Cowen to assist us in exploring strategic alternatives with respect to Gyyr. Odetics Inc. is a California-based, high technology incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the with a mission to nurture NURTURE. The act of taking care of children and educating them: the right to the nurture of children generally belongs to the father till the child shall arrive at the age of fourteen years, and not longer. Till then, he is guardian by nurture. Co. Litt. 38 b. and develop its businesses to be spun-off to stockholders. Odetics' current companies develop software- and hardware-based solutions for the television broadcast, video security, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and intelligent transportation systems markets. Odetics' revenues are reported in segments labeled Iteris, Video Products and Telecom Products. The Iteris segment consists of revenue from Odetics' 93% owned subsidiary, Iteris Inc. Revenue from the Odetics Broadcast Inc. and Gyyr Inc. subsidiaries are reported in the Video Products segment. The Telecom Products segment reflects revenues from the Mariner Networks Inc. and Zyfer Inc. subsidiaries. Odetics' headquarters are located in Anaheim, with additional operations in Europe and Asia. IMPORTANT NOTICE: This earnings release contains statements, which may be deemed to be forward-looking. Actual results could differ materially from those projected in the 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. as a result of risk factors such as: short product lives, technological shifts, current technical issues that cannot be resolved on a timely basis, component availability, competition (including new and directly competitive products from others), pricing pressures, incorrect assumptions regarding market demand, the significant uncertainty of market acceptance of new products by both distributors and end-user customers, and the inability of the company to execute its incubator strategy including the completion of initial public offerings of its subsidiaries. Investors are strongly encouraged to review the risk factors set forth in the company's last filed Forms 10-K and 10-Q.
Odetics Inc.
Summary Financial Data
(in thousands, except per share amounts)
Three Months Ended
Consolidated Statement of June 30,
Operations 1999 2000
Net sales and contract revenues:
Net sales $17,370 $14,842
Contract revenues 4,705 4,782
Total net sales and
contract revenues $22,075 $19,624
Costs and expenses:
Cost of sales 12,203 11,764
Cost of contract revenues 3,160 3,259
Gross profit 6,712 4,601
Selling, general and administrative
expense 8,859 11,144
Research and development expense 3,879 4,610
Total operating expenses 12,738 15,754
Income (loss) from operations (6,026) (11,153)
Non-operating items
Other income 0 (19,055)
Interest expense, net 617 472
Income (loss) before taxes (6,643) 7,430
Income tax expense (benefit) 0 0
Net income (loss) ($6,643) $7,430
Earnings (loss) per share:
Basic ($0.74) $0.80
Diluted ($0.74) $0.78
Weighted average number of shares
outstanding:
Basic 9,030 9,249
Diluted 9,030 9,528
Odetics Inc.
Summary Financial Data
(in thousands, except per share amounts)
Three Months Ended
June 30,
1999 2000
Revenues by segment:
Iteris $5,097 $5,777
Video Products 13,310 12,433
Telecom Products 3,668 1,414
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$22,075 $19,624
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(audited) (unaudited)
Balance Sheet Highlights 03/31/00 06/30/00
Current assets $41,929 $43,958
Property, plant & equipment,
net $20,736 $20,798
Other assets $19,185 $18,729
Current liabilities $29,074 $28,977
Long-term debt -- less current
portion $11,666 $11,141
Shareholders' equity $36,110 $43,367
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