Q2 forecast included in this press release. For those previously burned by BARR, this may be a good opportunity to get even.
Friday July 21, 7:11 am Eastern Time
Company Press Release
Barringer Technologies Inc. Receives FAA Contract
for Up to $15 Million
Company Also Anticipates Record Second Quarter Revenues and
Earnings
WARREN, N.J.--(BUSINESS WIRE)--July 21, 2000--Barringer Technologies Inc. (Nasdaq: BARR - news) announced
today that it has received a significant new order from the Federal Aviation Administration for additional IONSCAN(r) trace
detectors. Together with associated supplies, the new FAA contract has a value of approximately $10 million. The FAA also
has the right to obtain certain services from Barringer over a three- year period which, if fully utilized, would add an additional
$5 million to the value of the contract. While equipment deliveries are expected to commence during the third quarter of 2000,
the Company expects that the bulk of the revenues from the sale of this equipment to the FAA will be recognized in the fourth
quarter of 2000 and into the first half of 2001.
Mr. Kenneth Wood, President of Barringer Technologies, indicated, ``As the leading supplier to the FAA for trace detection
equipment, we are very pleased with this award. To date, Barringer has delivered and installed in excess of 425 of its
IONSCAN(r) detectors at major airports throughout the country. Our IONSCAN(r) detectors have now examined over 40
million individual items at U.S. airports.''
Separately, Mr. Stanley Binder, Chairman and Chief Executive Officer said, ``Based on our initial financial review for the
quarter ended June 30, 2000, we anticipate reporting record revenue and earnings. We expect to report revenue of
approximately $8.5 million, and earnings per diluted share of between $0.21 and $0.24, significantly above last year's revenue
of $5.5 million and earnings per share of $0.12. Additionally, we expect full-year earnings per diluted share to range between
$0.45 and $0.50. The Company's growth is the result of several factors, most notably the recent shipment of the majority of an
order to the Israeli government.
The Company's momentum continues to build as we anticipate marketing our technology for the detection of food pathogens
and chemical warfare.`` |
