Scientific Technologies Inc. Reports Third Quarter and Nine Month Profits.Business Editors/High-Tech Writers 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)--Oct. 31, 2002 Scientific Technologies Incorporated (Nasdaq:STIZ STIZ Submarine Transit Identification Zone ) a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. provider of automation safeguarding technology announced today the results of operations for the quarter ended September September: see month. 30, 2002. Sales for the three months ended September 30, 2002 increased 9% to $12,836,000, compared to $11,821,000 recorded for the same period of 2001. Net income was $348,000 or $.04 per 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 $167,000 or $.02 per diluted share for the same period last year. Year to date sales for the nine months ended September 30, 2002 were $36,538,000, compared to $37,725,000 recorded in the comparable period of 2001, with net income for the first nine months of 2002 of $284,000, or $.03 per share, compared to a net loss $211,000 or $.02 per share for the same period in 2001. Joseph J. Lazzara, President and Chief Executive Officer noted, "With a profitable third quarter, we continued to make progress over the results from a year ago and the second quarter. Although sales grew by only 1% when compared to the second quarter of 2002, gross margin increased to 45% of sales, which resulted in the $348,000, or $.04 per diluted share, net income for the third quarter of 2002 versus $143,000 or $.02 per diluted share for the second quarter. This performance also enabled STI STI systolic time intervals. to show a profit of $.03 per diluted share for the nine months of 2002 over a loss of $.02 in the same period in 2001. Given the volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. economy, we continue to remain cautious, although encouraged, for the balance of the year 2002." Third Quarter Highlights The following items occurred or were announced over the past quarter: -- We launched 14mm resolution versions of our innovative MS4600 family and MC4700 family products. The 14mm resolution products offer unique price/performance points that provide very cost effective "finger detection" solutions and significantly expand our product offerings. -- We announced the MCF4700 -- the next generation of "flexible" or cascadeable light curtain from STI, following on the success of three previous "flex" generations. The MCF4700 utilizes the latest, industry-leading technology shared with other MC4700 family products. It offers segmented solutions that can guard multiple openings or be used in "L," "U" or other uniquely shaped protection zones, eliminating the need for mirrors or multiple conventional light curtains. -- We launched our new SGE Series Safety Contact Strip, offering the latest technology and fewer components for significantly reduced assembly time and costs. Safety Contact Strips are pressure sensitive strips applied to the edges of guards, doors, and gates that move and are used to detect an object, such as a hand, caught between moving and fixed sections. -- We added two new safety monitoring relays to the STI family of safety monitoring relays. The SR18A is ideal for 2-hand control, E-Stop, and safety guarding applications where 5 safety outputs are required. The SR19E functions as a safety monitoring expansion relay designed to provide an additional 8 safety outputs when used with the SR18A safety monitoring relay. -- We released the new T5007 Compact Universal Tongue-Operated Safety Interlock Switch, designed specifically for use in tight spaces. These switches are vibration resistant to prevent the unwanted opening of guard doors on vibrating machines, and can be used on doors with a swing radius as small as 2.5 inches. About Scientific Technologies Inc. Scientific Technologies, Inc. (STI) is a leading North American 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, STI was founded over 30 years ago and employs over 350 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 operating results for the balance of 2002. 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 Nine months
Ended Sep. 30, Ended Sep. 30,
----------------- -----------------
2002 2001 2002 2001
-----------------------------------
Sales $12,836 $11,821 $36,538 $37,725
Cost of goods sold 7,053 6,520 20,294 21,864
-------- -------- -------- --------
Gross profit 5,783 5,301 16,244 15,861
Operating expenses 5,221 5,052 15,794 16,372
-------- -------- -------- --------
Operating income (loss) 562 249 450 (511)
Interest and other income (1) 21 8 171
-------- -------- -------- --------
Income (loss) before taxes 561 270 458 (340)
Provision for (benefit from) income
taxes 213 103 174 (129)
-------- -------- -------- --------
Net income (loss) $ 348 $ 167 $ 284 $ (211)
======== ======== ======== ========
Basic and diluted net income
(loss) per share $ .04 $ .02 $ .03 $ (.02)
======== ======== ======== ========
Shares used to compute net
income
(loss) per share 9,672 9,663 9,675 9,655
======== ======== ======== ========
Condensed Consolidated Balance Sheet
(Amounts in Thousands)
(Unaudited)
September December
30, 2002 31,
2001
---------- ---------
Assets
Current assets:
Cash and cash equivalents $ 1,794 $ 1,033
Accounts receivable, net 7,307 6,454
Inventories 8,342 9,125
Other current assets 2,853 2,662
---------- ---------
Total current assets 20,296 19,274
Other assets 14,426 14,926
---------- ---------
Total assets $ 34,722 $ 34,200
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Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 1,765 $ 1,886
Accrued expenses 3,012 2,648
---------- ---------
Total current liabilities 4,777 4,534
Deferred income taxes 432 432
---------- ---------
Total liabilities 5,209 4,966
Shareholders' equity 29,513 29,234
---------- ---------
Total liabilities and shareholders' equity $ 34,722 $ 34,200
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