Rheometric Scientific Reports Fourth Quarter, Twelve Months Results.Business Editors PISCATAWAY, N.J.--(BUSINESS WIRE)--April 4, 2002 Rheometric Scientific, Inc. (AMEX AMEX See: American Stock Exchange : RHM RHM Right Hand Man (band) RHM Rank Hovis McDougall (UK company) RHM Right-Handed Media RHM Remains Handling Model RHM Routine Health Maintenance RHM Registered Housing Manager RHM Red Hub Module ) today announced its operating results for the fiscal fourth quarter and twelve months ended December 31, 2001. For the three months ended December 31, 2001, the Company reported sales of $7,863,000 or 11.0% less than the $8,837,000 reported in the like 2000 period. The Company reported a net loss for the fiscal 2001 fourth quarter of $4,110,000, equal to $(0.17) per share based on 24,867,000 average common equivalent shares outstanding. This compares to net income of $236,000 or $.01 per common share, based on 24,583,000 average common equivalent shares outstanding in the like period a year ago. The fourth quarter loss includes a non-recurring charge of $1,496,000 for a restructuring plan. This plan involves streamlining the company's US and European operations, rationalization rationalization, in psychology: see defense mechanism. of its product lines and other cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. actions, including a 12% reduction in personnel. Paul S. Mangano, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated: "Like other analytical instrument manufacturers we were not immune to the effects of the global economic slow down and the dramatic cutbacks in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. . Above plan performance in Japan and in our Protein Solutions Division during the quarter were not enough to offset the significant weakness in our core materials 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. business in Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The restructuring activities we initiated at the end of the fourth quarter should enhance our operational competitiveness and position the company for profitable growth as global economic conditions improve." For the year ended December 31, 2001, the Company achieved revenue of $31,313,000 compared to $29,883,000 for the same period in 2000. Revenues for the Domestic and Japan business units increased by 16.0% and 6.9%, respectively, while revenue from the European operation decreased by 23.7%. Included in 2000 is the revenue of Protein Solutions from the November 17, 2000 acquisition date, which accounted for $481,000 of 2000 domestic revenue. Included in the 2001 domestic revenue number is a full year of Protein Solutions revenue totaling $4,062,000 and revenue for Aviv Instruments, from the May 31, 2001 acquisition date, totaling $1,668,000. Revenue for 2001 was unfavorably affected by $1,040,000 in currency exchange compared to 2000. Foreign revenues decreased to 37% of consolidated revenue compared to 44% in 2000. Net loss for the period ended December 31, 2001 was $4,993,000, equal to $(0.21) per share based on 23,963,000 average common equivalent shares outstanding. This compares to net income of $91,000 or $0.00 per common share, based on 22,959,000 average common equivalent shares outstanding in the like period a year ago. While sales increased $1,430,000, cost of sales increased by $2,464,000. Results for the period were also adversely impacted by a non-recurring charge of $1,496,000 for the Company's restructuring plan. The 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 are posted on the Company's website (http://www.rheosci.com/). About Rheometric Scientific Rheometric Scientific, founded in 1970, develops, manufactures, markets and services rheological rhe·ol·o·gy n. The study of the deformation and flow of matter. rhe  o·log (a science dealing with the deformation
and flow deformation and flowAlteration in size or shape of a body under the influence of mechanical forces. Flow is a change in deformation that continues as long as the force is applied. of matter) and thermal analysis Thermal analysis is a branch of materials science where the properties of materials are studied as they change with temperature. Techniques include:
This press 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. , which are subject to inherent uncertainties when discussing future results. Various factors could cause the Company's actual results to differ materially from those projected. The Company assumes no obligation to update its forward-looking statements or advise of changes in the assumptions and factors on which they are based. Specific risk factors may be detailed from time to time in the Company's Securities and Exchange Commission filings. The figures are as follows:
Rheometric Scientific, Inc.
Results of Operations
(unaudited)
(In thousands of dollars, except per share data)
For the three months ended December 31,
2001 2000
--------------------------------------------
Sales $7,863 $8,837
Operating (Loss)Income $(3,524) $822
Interest Expense/Currency
Exch. $(599) $(580)
Net Income (Loss) $(4,110) $236
Net Income (loss) per
share
Basic $(0.17) $0.01
Diluted $(0.17) $0.01
Average number of shares
Outstanding
Basic 24,867 22,051
Diluted 24,867 24,583
For the twelve months ended December 31,
2001 2000
-------------------------------------------
Sales $31,313 $29,883
Operating (Loss)Income $(3,095) $ 2,025
Interest Expense/Currency
Exch. $(1,893) $(1,925)
Net Income (Loss) $(4,993) $91
Net Income (loss) per share
Basic $(0.21) $0.00
Diluted $(0.21) $0.00
Average number of shares
Outstanding
Basic 23,963 18,937
Diluted 23,963 22,959
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion