Thermodynetics Reports a Continuation of Solid Business Levels in First Fiscal Quarter.Business/Technology Editors WINDSOR, Conn.--(BUSINESS WIRE)--Aug. 15, 2002 (TDYN: OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended June 30, 2002 and 2001 totaled $3.0 million for each period. The spring quarter is normally the strongest for the Company as sales of coaxial condenser condenser Device for reducing a gas or vapour to a liquid. Condensers are used in power plants to condense exhaust steam from turbines and in refrigeration plants to condense refrigerant vapours, such as ammonia and Freons. and evaporator evaporator Industrial apparatus for converting liquid into gas or vapour. The single-effect evaporator consists of a container or surface and a heating unit; the multiple-effect evaporator uses the vapour produced in one unit to heat a succeeding unit. coils for residential water source heat pump heat pump: see air conditioning. heat pump Device for transferring heat from a substance or space at one temperature to another at a higher temperature. applications have peak demand at this time of the year. Original equipment manufacturers of HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free products generally increase their inventories in preparation for the summer air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. season. This core business, spurred by new housing starts in many regions of the U. S., continues to grow. Other markets for coaxial coils, notably marine air conditioning products and swimming pool heat pumps, also contributed significantly to the Company's shipments during the quarter. Commercial and industrial construction continues to be quite slow and thus shipments for water source heat pump applications in this area of the economy remain weak. It is unclear when this segment is likely to exhibit signs of recovery. During the current period the Company completed development of a manufacturing cell dedicated to the production of surface enhanced tubing using a roll-formed process. Shipments began in May for a boiler related application under a two-year sole source supply agreement. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved slightly in the current period versus the same period last year, as the Company was able to negotiable NEGOTIABLE. That which is capable of being transferred by assignment; a thing, the title to which may be transferred by a sale and indorsement or delivery. 2. more favorable pricing from certain large suppliers. This contributed to a reduction of inventory levels of more than $100,000. The full effect of these cost reductions should be reflected in subsequent quarters during this fiscal year. Changes in staffing levels in selling, general and administrative support functions were made during the later stages of last fiscal year, ended March 2002, and are now reflected as part of increased period costs in fiscal 2003. As the Company plans on adding to its marketing and engineering staffs, future period expenses are expected to increase. Net income for the three months ended June 30, 2002 was 5% of net sales as compared to 4% of net sales for the prior year first quarter period. Earnings per share were $.01 for both years computed on both a basic and fully diluted basis. FORWARD LOOKING STATEMENTS This press release contains certain 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. regarding the Company, its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company's actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Factors that may affect such forward-looking statements include, without limitation: the Company's ability to successfully and timely develop and finance new projects, the impact of competition on the Company's revenues, and changes in unit prices, supply and demand for the Company's tubing product line especially in applications serving the commercial, industrial and residential construction industries. When used, words such as "believes," "anticipates," "expects," "intends" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report, news releases, and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect the Company's business.
Three Months Ended June 30,
2002 2001
Net Sales $ 3,047,913 $ 3,055,364
Operating Income $ 254,667 $ 257,177
Net Income $ 149,815 $ 134,230
Comprehensive Income $ 149,815 $ 168,270
Weighted Shares Outstanding-Basic 17,883,076 13,370,008
Weighted Shares Outstanding-Diluted 17,993,884 16,109,175
Earnings Per Share-Basic $.01 $.01
Earnings Per Share-Diluted $.01 $.01
Thermodynetics, Inc. is a world leader in enhanced heat transfer Heat exchangers were initially developed to use plain (or smooth) heat transfer surfaces. An Enhanced heat transfer surface has a special surface geometry that provides a higher thermal performance, per unit base surface area than a plain surface. technology. This technology provides higher energy efficiencies for applications in the biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , aerospace, marine, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. and residential/commercial heating and cooling industries. The Company offers tubing products supporting a wide array of heat transfer needs, including surface-enhanced tubing, single and double wall coaxial condenser and evaporator coils and heat recovery systems. |
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