Scientific Technologies Inc. Reports Return to Profitability in 2002.Business Editors FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--March 17, 2003 Scientific Technologies Incorporated (Nasdaq:STIZ STIZ Submarine Transit Identification Zone ), a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leading provider of automation safeguarding technology announced today the results of operations for the quarter and year ended December December: see month. 31, 2002. Sales for the year ended December 31, 2002 were $51,207,000, an increase of 4%, as compared to $49,053,000 recorded in 2001, with net income for the year of $472,000 or $.05 per 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. share compared, to a net loss for the year of $1,425,000 or $.15 per basic and diluted share for the year 2001. Sales for the three months ended December 31, 2002 increased 32% to $14,115,000, compared to $10,724,000 recorded for the same period of 2001. The Company recorded net income of $188,000 or $.02 per basic and diluted share for the fourth quarter of 2002, compared to a net loss of $1,213,000 or $.13 per basic and diluted share during the same period last year. Commenting on the results, Joseph J. Lazzara, President and Chief Executive Officer stated, "We are pleased with our return to profitability in 2002. During 2002, we increased sales by 4% and increased gross profit by 13% over 2001. The fourth quarter of 2002 also demonstrated good progress with sales increasing 32% and gross profit increasing 54% over the same period in 2001, when the US economy suffered with the tragic events of September September: see month. 11, 2001." "We were heartened by the loyalty, dedication and performance of our employees who participated in our cost reduction programs during 2002, which contributed in large measure to our improved results." Fourth Quarter Highlights The following items occurred or were announced during the fourth quarter: -- We announced the relocation of our Tulare, California operations to our facility in Logan, Utah. We anticipate the combination of these two Automation Product Group Divisions will result in enhanced customer support, more efficient operations and improved margins. -- We completed deliveries to the Pennsylvania Turnpike Commission for a major expansion of their automated toll collection system, which utilizes the STI Vehicle Scanner to detect vehicle detection and separation as part of the toll collection system. -- We introduced a new, ergonomically designed ESD5020 Enabling Switch Device which helps to provide operator access during set-up, programming, trouble-shooting or servicing of robotic or automated machines. This product is available with a wide selection of holder kits for easy integration into a number of applications. -- We also introduced the new T3008 miniature, tongue-operated safety interlock switch. This tamper-resistant switch is designed for use on smaller machines in space restricted applications. About Scientific Technologies Inc. Scientific Technologies, Inc. (STI STI systolic time intervals. ) is a North American leading provider of automation safeguarding products through its Safety Products Group. STI's safety products are used to protect workers around machinery, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. equipment and industrial robots An industrial robot is officially defined by ISO[1] as an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes. . Our products serve a wide variety of applications and markets, including semiconductor, automotive, electronics manufacturing This article presents a typical manufacturing process of an electronic assembly. Component manufacturing Components such as resistors, capacitors and integrated circuits are generally made by specialized contractors. , packaging and consumer markets. Our web site is located at www.sti.com. STI's Automation Products Group serves the factory automation, semiconductor, transportation, oil and gas, consumer and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. industries with a diversified diversified (di·verˑ·s offering of sensing technologies. Products include level, flow, pressure sensing, positioning transducers, vehicle separation, profiling and ultrasonic sensors Ultrasonic sensors (AKA: transducers) work on a principle similar to radar or sonar which evaluate attributes of a target by interpreting the echoes from radio or sound waves respectively. and controls. Further information is available at the Group's web sites: www.automationsensors.com, www.stiscanners.com and ww.fibermonitoring.com. With headquarters in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: , STI was founded over 30 years ago and employs over 340 people. STI has been selected twice by Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes and three times by Business Week as one of the "world's best small companies." This news 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the level of customer support, the efficiency of operations and the improvement of gross margins in our Automated Product Group Divisions. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the level and timing of customer orders, the mix of products sold, fluctuations in sales of complementary third party products with which the Company's products are sold, the timing of operating expenditures, general economic conditions in the U.S. and abroad, competition, the Company's ability to introduce successful new products and other factors that are listed from time to time in the Company's SEC reports, including but not limited to the Company's Annual Report to Shareholders, 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. and reports on Form 10-Q Form 10-Q See 10-Q. .
SCIENTIFIC TECHNOLOGIES INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Income Statement
(Amounts in thousands except earnings per share)
(Unaudited)
Three months Twelve months
ended ended
December 31, December 31,
2002 2001 2002 2001
--------------------------------
Sales $14,115 $10,724 $51,207 $49,053
Cost of sales 8,152 6,861 29,000 29,329
--------------------------------
Gross margin 5,963 3,863 22,207 19,724
Operating expenses 5,669 5,826 21,463 22,198
--------------------------------
Operating income (loss) 294 (1,963) 744 (2,474)
Interest and other income 9 6 17 176
--------------------------------
Income (loss) before taxes 303 (1,957) 761 (2,298)
Provision for (benefit) from income
taxes 115 (744) 289 (873)
--------------------------------
Net income (loss) $188 $(1,213) $472 $(1,425)
================================
Basic and diluted net income
(loss) per share $ .02 $ (.13) $ .05 $ (.15)
================================
Shares used to compute income
(loss) per share 9,739 9,668 9,698 9,659
================================
Condensed Consolidated Balance Sheet
(Amounts in thousands)
December December
31, 31,
2002 2001
----------------------
Assets
Current assets:
Cash and short-term investments $2,620 $1,033
Receivables 7,636 6,454
Inventories 8,719 9,125
Other current assets 3,290 2,662
-------- --------
Total current assets 22,265 19,274
Property, plant and equipment, net 3,725 3,537
Intangible assets and other noncurrent assets 11,902 11,389
-------- --------
Total assets $37,892 $34,200
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Liabilities and stockholders' equity
Current liabilities:
Trade payables $2,942 $1,886
Current portion, capital lease 68 -
Accrued expenses 2,836 2,648
-------- --------
Total current liabilities 5,846 4,534
Capital lease 232 -
Long-term tax liability 2,064 432
-------- --------
Total liabilities 8,142 4,966
Stockholders' equity 29,750 29,234
-------- --------
Total liabilities and stockholders' equity $37,892 $34,200
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