quite a tunraround here notwithstanding gain on sale of building...real good numbers...stock at .35 offer...3.6m outstanding..break out net gain less building gain and they still made .10 or so for qtr...plus backlog almost double...agvs is a people replacer technology and i am not surprised business is picking up:
NDC Automation, Inc. Announces Quarterly Results
CHARLOTTE, N.C., July 9 /PRNewswire/ -- NDC Automation, Inc. (OTC Bulletin Board: AGVS - news) announced results for its fiscal quarter ended May 31, 2001. Net revenues increased to $1,700,665, compared to $1,580,364 for the fiscal quarter ended May 31, 2000. The increase is primarily due to the Company's continued focus on providing turnkey AGV systems. The Company incurred a net income for the second quarter in 2001 of $803,019 compared to a net loss of $102,314 in 2000. The increased income was primarily due to a gain from the sale of its land and building, higher gross profit margin and lower operating expenses compared to the prior year.
Net revenues for the six months period ended May 31, 2001, increased by 12.2% to $2,870,057 compared to $2,557,762 in the same period in 2000. The net income increased to $703,351 in 2001 from a net loss of $368,256 in 2000.
Income per share was $.23 for the most recent fiscal quarter compared to a loss per share of $.03 in 2000, and an Income of $.20 per share for the most recent six month period compared to a per share loss of $.10 for the corresponding period in 2000.
On May 31, 2001, the Company's backlog was approximately $1,670,000 compared to approximately $975,000 one year earlier.
NDC Automation, Inc. provides an integrated package of controls technology and related products to be incorporated into and used to control Automatic Guided Vehicle Systems (AGVS). The Company also provides turnkey AGVS solutions to end-users and to system integrators. NDCA's controls hardware and software are designed for optimal flexibility and accuracy and are well suited for a broad range of vehicle types.
NDC AUTOMATION, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
May 31, May 31, May 31, May 31,
2001 2000 2001 2000
Net revenues $1,700,665 $1,580,364 $2,870,057 $2,557,762
Cost of goods sold 909,655 1,105,391 1,688,512 1,779,193
Gross profit $ 791,010 $ 474,973 $1,181,545 $ 778,569
Net gain from sale of
real property $ 581,023 $ -- $ 581,023 $ --
Operating expenses:
Selling $ 161,077 $ 219,596 $ 350,027 $ 363,091
General and
administrative 337,343 308,669 582,696 680,470
Research and
development 24,628 -- 73,612 --
$ 523,048 $528,265 $1,006,335 $1,043,561
Operating
income
(loss) $ 848,985 $(53,292) $ 756,233 $ (264,992)
Net interest income
(expense):
Interest income $ 2,521 $ -- $ 2,521 $ --
Interest expense (12,487) (49,022) (55,403) (103,264)
$ (9,966) $ (49,022) $ (52,882) $(103,264)
Income (loss) before
income taxes $ 839,019 $(102,314) $ 703,351 $(368,256)
Federal and state
income taxes -- -- -- --
Net Income
(loss) $ 839,019 $(102,314) $703,351 $(368,256)
Weighted average
number of common
shares
outstanding 3,586,451 3,586,451 3,586,451 3,586,451
Income (loss) per
common share - basic $0.23 $(0.03) $0.20 $(0.10)
Income (loss) per
common share -
diluted $0.23 $(0.03) $0.20 $(0.10)
Dividends per common
share $ -- $ -- $ -- $ --
SOURCE: NDC Automation, Inc.
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