blow out
Sensytech, Inc. Delivers Record Breaking Q2 Results
Wednesday May 14, 8:54 am ET
NEWINGTON, Va.--(BUSINESS WIRE)--May 14, 2003--Sensytech, Inc. (NASDAQ: STST - News), today announced record breaking revenues and earnings for its second quarter ended March 31, 2003.
Revenues for the three months ended March 31, 2003 increased $5,784,000 or 81.8% to $12,853,000 compared to $7,069,000 for the prior year quarter. Revenue for the six months ended March 31, 2003 increased $13,098,000 or 114.1% to $24,576,000, compared to $11,478,000 for the prior year period.
Net income for the three months ended March 31, 2003 was $1,087,000, or $0.16 per diluted share, an increase of 111.5% compared to $514,000 or $0.12 per diluted share for the prior year quarter. For the six months ended March 31, 2003 net income increased to $1,891,000, or $0.32 per diluted share, an increase of 104.0% compared to the prior year period of $927,000, or $.22 per diluted share.
"We are pleased with our revenue growth for the quarter of 81.8%. This growth is attributable to the marketing efforts in all three business segments. Demand for our products and engineered solutions continues to be high from existing domestic customers and continues to gain exposure with new international customers. Our earnings are in line with our expectations given the mix of contracts currently being delivered," noted S. Kent Rockwell, CEO of Sensytech.
Mr. Rockwell further stated, "We anticipated a quick and decisive conclusion to the armed conflict in Iraq. Now that the war has essentially come to conclusion, we expect a more orderly flow of newly funded business from government offices where order processing has been interrupted by other priorities. Our book to bill ratio in the trailing twelve months was 1.18 which favors an increasing flow of revenues. We anticipate holding or increasing this rate."
Financial Highlights
Revenue for the second quarter increased 81.8% over the prior year quarter to $12,853,000
Revenue for the six month period increased 114.1% over the prior year period to $24,576,000
Net Income for the second quarter of $1,087,000, or $0.16 per diluted share, up $0.04 per diluted share, from the prior year quarter
Net Income for the six months period of $1,891,000, or $0.32 per diluted share, up $0.10 per diluted share, from the prior year period |
