CARROLLTON, Texas, Feb. 27 /PRNewswire/ -- Lasertechnics Inc said consolidated revenue for the year ended December 31, 1996 increased to $17.6 million from $13.4 million a year ago.
Revenue from the company's Sandia Imaging Systems unit increased to $8.2 million, or over two and a half times 1995 revenue of $3.1 million. This rapid rate of growth is the result of an increase in world-wide demand for the company's systems and consumables used in the encoding of fraud-resistant wallet-sized plastic cards used for drivers' licenses, identity, border crossing, financial transactions and healthcare services.
Revenue in the fourth quarter was below the trend line established during the year's first three quarters due to the timing of contract awards and completions. Sandia entered 1997 with an increased backlog and expects the robust growth in revenue to continue.
Revenue in the company's Lasertechnics Marking Corporation unit was slightly below that of 1995 due to delays in the shipment of new products.
Consolidated net losses for the year just ended totaled $11.7 million compared to $9.2 million for the year ended December 31, 1995.
Lasertechnics said $2 million of the increased losses for 1996 were mainly due to a one-time charge for the loss on contract settlement of $1 million in the second quarter and an increase in non-cash interest expense and preferred dividends of approximately $1 million associated with financing during 1995 and 1996.
Excluding the $2 million included above, operating expenses increased approximately 10% over 1995 as a result of expanded world wide operations for both operating units. During the third quarter the company implemented a cost reduction program which resulted in almost 8% lower operating expenses in the fourth quarter than the peak level reached in the second quarter of 1996. Operating losses in the Sandia unit narrowed significantly to $1.8 million in the fourth quarter from $2.7 million in the second quarter of 1996. Operating losses have shown an improving trend throughout 1996 and are expected to narrow further in the current quarter.
Operating losses in the Lasertechnics Marking Unit were $982,000 for the year 1996, resulting primarily from delays in the shipment of new products. The business unit recorded two quarters of profits and two of losses.
Lasertechnics, Inc. founded in 1981, consists of two operating subsidiaries: (1) Sandia imaging Systems Corporation of Carrollton, Texas (majority-owned) which provides imaging software and hardware systems for encoding wallet-sized cards with images and other digitized information, turning the cards into portable personal databases; and (2) Lasertechnics Marking Corporation of Albuquerque, N.M. (wholly owned) which provides laser marking systems and related technologies for a diverse range of industrial and commercial markets.
Except for the historical information contained herein, this news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations will prove to be correct. Certain important factors that could cause actual results to differ materially from the company's expectations ("Cautionary Statements") are disclosed in the company's Form 10QSB or the third quarter ended September 30, 1996 and qualify the forward-looking statements included in this news release.
LASERTECHNICS, INC. & SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
December 31, December 31,
1996 1995
Assets
Current assets:
Cash and cash equivalents $1,598,744 $1,892,357
Accounts receivable, net 3,196,943 4,040,247
Inventory 6,600,007 4,580,980
Other current assets 998,445 258,318
Total current assets 12,394,139 10,771,902
Property, plant & equipment, net 3,334,277 3,000,241
Other noncurrent assets 1,933,441 870,459
Total assets $17,661,857 $14,642,602
Liabilities and Stockholders' Equity
Current liabilities:
Convertible notes payable
to stockholders $ -- $200,000
Notes payable 775,292 402,945
Accounts payable 1,369,818 3,485,328
Current portion of capital
lease obligation 225,676 1,142,712
Other 2,957,525 1,858,562
Total current liabilities 5,328,311 7,089,547
Convertible debentures 1,768,965 4,405,095
Capital lease obligations 927,411 35,328
Notes payable - long term 1,400,000 --
Other 149,387 183,046
Total liabilities $9,574,074 $11,713,016
Stockholders' equity:
Convertible preferred stock 10,119,194 4,016,668
Common stock 371,335 282,808
Non-voting convertible common stock 22,499 22,499
Paid-in capital 47,753,080 37,339,799
Accumulated deficit (50,178,325) (38,482,188)
Total 8,087,783 3,179,586
Less treasury stock
(retired on 1/1/96) -- (250,000)
Total stockholders' equity 8,087,783 2,929,586
Total liabilities and
stockholders' equity $17,661,857 $14,642,602
LASERTECHNICS, INC. & SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
Twelve Months Twelve Months
Ended Ended
Dec. 31, 1996 Dec. 31, 1995
Sales $17,581,440 $13,429,731
Cost of sales 12,158,111 9,159,393
Gross profit 5,423,329 4,270,338
Expenses:
Research and development 2,848,767 3,040,830
General and administrative 5,288,502 4,460,724
Selling and marketing 5,560,056 4,898,997
Loss on contract settlement,
restructuring charge, and other 1,350,000 --
Operating expenses 15,047,325 12,400,551
Loss from operations (9,623,996) (8,130,213)
Other income (expense):
Interest income 110,007 32,182
Interest expense (1,541,001) (968,790)
Other 25,913 (27,682)
Net other income (expense) (1,405,081) (964,290)
Net loss (11,029,077) (9,094,503)
Preferred stock dividend
requirements (667,060) (73,234)
Net loss applicable
to common stock $(11,696,137) $(9,167,737)
Net loss per share $(0.34) $(0.33)
Shares of common stock
used in computing
net loss per share 34,339,313 27,511,489
SOURCE Lasertechnics, Inc. |
