Salient Systems Reports Fourth Quarter Profit; Second Half Earnings Reduce Full-Year Loss.Business Editors DUBLIN, Ohio--(BUSINESS WIRE)--April 10, 2000 Salient Systems, Inc. (Electronic Pink Sheets:SLTSE) today reported fourth quarter earnings of $318,000, or nine cents per common share, compared to earnings of $17,000, or zero cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , in 1998's fourth quarter. Performance in 1999's third and fourth quarters, both profitable, substantially reduced the loss recorded during the year's first six months. "At year-end, the company reported a consolidated net loss of $106,393, or 3 cents per common share, on sales of $2,379,000, an improvement over 1998's loss of $373,870, or 10 cents per share, on sales of $2,057,000," explained Harold D. Harrison, Salient Systems' President and Chief Executive Officer. Salient, headquartered in Dublin, Ohio Dublin is a city in Delaware, Franklin, and Union counties in the U.S. state of Ohio. The population was 31,392 at the 2000 census. In 2006, the population was estimated to be 36,565[1], and Dublin continues to be one of the fastest-growing suburbs of Columbus. , manufactures state-of-the-art electronic technologies that provide cost-effective solutions to many operational and competitive problems facing the railroad industry today. Substantial Progress in '99 "During 1999, we successfully divested a money-losing subsidiary. Completing this in July positioned Salient to target 100 percent of its efforts on core railroad markets," Harrison noted. "Commercially, several `breakthrough' products, in development for a number of years, began to generate sales. And financially, we enjoyed a turnaround," the Salient Systems executive explained. "More importantly, 1999's losses were confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to Salient's discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ," he added. During the year, the company made important progress in its long-term product commercialization efforts. "Salient Systems' technologies face extended testing and qualification periods, often six years or longer, before they are approved for operational use," pointed out Dana L. Earl, General Manager and Sales Director. In 1999, three products moved closer to broad commercialization. "The Weigh-in-Motion detector, which accurately measures locomotive and car weights at track speed, is now undergoing evaluation by an industry consortium. Completion of this standard-setting process, expected by 2001, could expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. wider usage of this technology by North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. railroads," Earl explained. Salient's TriboRailer, which provides high-speed analysis of system-wide top of rail and rail flange flange (flanj) a projecting border or edge; in dentistry, that part of the denture base which extends from around the embedded teeth to the border of the denture. flange n. 1. lubrication lubrication, introduction of a substance between the contact surfaces of moving parts to reduce friction and to dissipate heat. A lubricant may be oil, grease, graphite, or any substance—gas, liquid, semisolid, or solid—that permits free action of conditions, moved from the development to commercial phase in 1999. "But perhaps the most exciting advance came in our StressNet(R) technology, which replaces unreliable visual inspection with electronic monitoring of track conditions, identifying dangerous conditions before they lead to rail breaks, track buckles This article is about the comic strip. For the fastener, see Buckle Buckles is a comic strip by David Gilbert about the misadventures of a naïve dog. Buckles debuted on March 25, 1996. , and dangerous derailments," noted President and Chief Executive Officer Harrison. "StressNet's current pre-production design, in service for little more than a year, has successfully identified actual track problems in `real world' situations," Harrison pointed out. "Commercialization of these and other new Salient products could provide a `new generation' of technologies, significantly expanding our product line," he added. Challenges to Face "We recognize there are still challenges facing full commercialization of these and other Salient technologies. As a result, we are continuing to aggressively reduce costs, identify additional avenues to speed acceptance of our technologies, and identify new markets and partners to help sell our technologies," Harrison explained. "We believe these initiatives, coupled with the proven power of our products, will lead to continued improved financial performance for Salient Systems," he added. 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 the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995: Statements in this release which are not historical fact are 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 upon the company's current plans and strategies, and reflect its current assessment of the risks and uncertainties related to its business. These risks and uncertainties include such things as product demand and market acceptance, the economic and business environment, the impact of government regulations, the effects of competitive products and pricing pressures, currency risks, capacity, efficiency, and supply constraints; weather conditions; and other risks detailed in the company's shareholder communications and Securities and Exchange Commission filings. Actual events affecting the company and the impact of such events may vary from those currently anticipated, causing actual results to differ from those projected in the company's forward-looking statements. |
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