Excel Reports Increase of 34% in Revenue and 61% in Earnings for the Third Quarter of 1999
NEW YORK--(BUSINESS WIRE)--Oct. 6, 1999--Excel Technology, Inc.
(NASDAQ: XLTC) today announced the results for the quarter ended
September 30, 1999. Revenues for the period were $23.55 million, an
increase of 34.4% from the $17.51 million from the same period in
1998. After-tax profits were $3.32 million, an increase of 66.2%, from
$1.99 million for the third quarter of last year. Net profits per
share on a fully diluted basis for the quarter were $0.29 per share,
up 61.1% from $0.18 for the same period in 1998.
J. Donald Hill, Chairman and CEO commented, "The record results
for the period reflect growth in virtually all our operating
activities plus the inclusion of three months of Synrad as compared
with two months in the third quarter of 1998. Operating profit margins
improved to 20.7% from 17.9% in the first half. Hill continued, "Our
increased and focused research and development efforts over the past
three years have resulted in the introduction of a wide range of new
products during 1999. These products include a series of diode pumped
solid state lasers, other advanced lasers, green and UV marking
systems (Insignia), a series of multi-wavelength scan heads, a new low
cost CO2 laser marking system (Fenix), a series of multi-wavelength
Nd:YAG and Nd:YLF marking systems (Q-mark), the new DRS 855 photo mask
repair system, reflectant testers for display terminals, color
balancing measurement instruments for micro-displays; a low cost
spectroradiometer for the Asian market; a series of new galvos that
enables new levels of scanning sizes and speed and advanced micro
machining systems. We have introduced the same level of commitment and
effort at Synrad and expect a series of new products beginning next
year. Our commitment to new product development will remain strong and
focused throughout all our divisions as we believe it is the lifeline
in our ability to increase our market share. In addition, we are
expanding our sales and service efforts worldwide which has resulted
in new offices in Munich, Germany; Milan, Italy and Penang, Malaysia.
Our goal is to become the leading global provider of laser based
solutions that include critical components, subsystems, systems and
workstations for industry and science. We are pleased with our
progress." Hill concluded, "Our cash flow remains strongly positive,
our acquisition efforts are unabated and we continue to be optimistic
as regards our prospects for future growth." |
