Rheometric Scientific Reports For 2000 its First Profitable Year Since 1994.Business Editors PISCATAWAY Pis·cat·a·way A community of north-central New Jersey north of New Brunswick. Founded before 1693, it is a manufacturing center. Population: 42,223. , N.J.--(BUSINESS WIRE)--March 28, 2001 Rheometric Rhe`o`met´ric a. 1. Of or pertaining to a rheometer or rheometry. Scientific, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : RHEM RHEM is a first-person adventure game from Knut Müller and Got Game Entertainment. It is distributed as a Macromedia Director file. The player explores a barren, maze-like landscape of water ponds, walkways, and brick buildings with the aid of a partial map. ), announced improved operating results for the fiscal fourth quarter which represented its third consecutive quarterly net profit. Furthermore, the Company posted a full year net profit for the year ended December December: see month. 31, 2000 which is the Company's first full year net profit since 1994. Robert Castello, the Company's Chairman, stated "the financial gains achieved in fiscal 2000 are a direct result of the operating improvements launched earlier in the year. The Company continues to implement its strategic plan to grow sales, improve margins and focus on new business sectors in the world wide scientific instrument marketplace." The Company reported sales for the fourth quarter ended December 31, 2000 of $8,837,000, 14.3% ahead of the $7,733,000 reported in the like 1999 period. Sales for the fourth quarter of 2000 were the highest quarterly sales for any period since 1997. Sales for the year 2000 were $29,883,000, or 5.4% ahead of sales for the like period in 1999 of $28,363,000. Mr. Castello indicated that "restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Company's marketing and sales units, along with introducing new instruments in 2000, provided the first positive sales trend year to year since 1994." Gross profit in the fiscal 2000 fourth quarter was $4,165,000 or 47.1% of sales. This was dramatically above the $1,666,000 or 21.5% of sales reported in the like 1999 period and 31.1% ahead of the $3,178,000 reported for the fiscal 2000 third quarter period. For the full year ended December 31, 2000, the Company reported gross profits of $14,162,000 or 47.4% of sales and 29.7% above the $10,915,000 which was 38.5% of sales reported in the like 1999 period a year ago. The improvements in gross margin for the fourth quarter and the year reflect principally the financial effects of ongoing programs initiated in the second quarter, which relate to manufacturing and scheduling efficiencies. SG&A expenses for the fourth quarter ended December 31, 2000 were $3,343,000 or a 20.4% improvement over expenses of $4,198,000 reported in the like 1999 period. SG&A expenses for the full year 2000 were $12,137,000 or a 10.6% improvement over expenses of $13,582,000 for the like period in 1999. Reductions in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. are attributable to better resource management in all divisions of the Company. 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 fourth quarter ended December 31, 2000 was $822,000, an improvement over the operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $2,532,000 reported in the like 1999 period. Operating Income for the year 2000 was $2,025,000, a major improvement over the operating loss of $2,667,000 for the year 1999. For the fourth quarter of 2000 the Company reported a Net Income of $236,000 or $0.01 based on 22,051,000 average shares outstanding, compared to a loss of $3,390,000 or $0.26 per share loss based on 13,162,000 average shares outstanding, reported in the 1999 like period. Net Income for the full year 2000 was $91,000 or $0.00 per share based on 18,937,000 average shares outstanding. This full year profit was a major improvement over the Net Loss for the like period in 1999, which was $5,138,000. The Net Income profit for the full year 2000 was the first Net Income profit since 1994. The full financial statements and notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , as well as Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of the Results of Operations for the respective reporting periods, are contained in the Company's 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. filed with the Securities and Exchange Commission which will be posted on the Company's website (http://www.rheosci.com/). Rheometric Scientific, founded in 1970, designs, manufactures, and markets instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and provides laboratory services for material and biomolecular characterization A rather long and fancy word for analyzing a system or process and measuring its "characteristics." For example, a Web characterization would yield the number of current sites on the Web, types of sites, annual growth, etc. . The Company's products and services are sold to research and quality assurance markets including the petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. industry, academic and government laboratories, the food, pharmaceutical, biotechnology, and semiconductor industries worldwide. The Company is headquartered in Piscataway, New Jersey and has operations in the United Kingdom, Germany, France, Italy and Japan. More information about Rheometric Scientific can be found on the World Wide Web at www.rheosci.com . Note: This release contains 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. that are based on current expectations, estimates and projections about the industries in which the Company operates, management's beliefs and assumptions made by management. Words such as "expects," "anticipated," "intends," "plans," "believes," "estimates" and variations of such words and similar expressions are intended to identify such forward- looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the 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. created thereby. These statements are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that such statements will prove to be accurate. Such factors include the possibility that pricing, forecasted demand, for products may not occur or continue as the Company had expected. Changes in currency exchange rate, commercial parts pricing, and changes in overall economic or competitive conditions and other risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. The figures are as follows:
Rheometric Scientific, Inc.
Results of Operations
For the three months ended December 31, 2000
2000 1999
Sales $ 8,837,000 $ 7,733,000
Gross Profit $ 4,165,000 47.1% $ 1,666,000 21.5%
Expenses $ 3,343,000 $ 4,198,000
Operating Income (Loss) $ 822,000 $(2,532,000)
Interest Expense/
Currency Exch. $ (580,000) $ (618,000)
Net Income (Loss) $ 236,000 $(3,390,000)
For the twelve months ended December 31, 2000
2000 1999
Sales $ 29,883,000 $ 28,363,000
Gross Profit $ 14,162,000 47.4% $ 10,915,000 38.5%
Expenses $ 12,137,000 $ 13,582,000
Operating Income (Loss) $ 2,025,000 $ (2,667,000)
Interest Expense/
Currency Exch. $ (1,925,000) $ (2,228,000)
Net Income (Loss) $ 91,000 $ (5,138,000)
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