Barringer Technologies Inc. Announces 1999 Third
Quarter Results; Revenues Up 72.5%; Pretax Income from Continuing Operations Rose 244%
Business Editors
WARREN, N.J.--(BUSINESS WIRE)--Oct. 22, 1999--Barringer Technologies Inc. (Nasdaq: BARR), the world's leading
developer, manufacturer, and marketer of trace drug and explosive detection equipment, today announced results for its third
quarter and nine months ended September 30, 1999.
For the third quarter of 1999, revenues increased 72.5% to $5.3 million compared to $3.1 million in the third quarter of
1998. On a pretax basis, earnings from continuing operations rose 244% to $1.2 million in the 1999 third quarter from
$338,000 in the comparable 1998 quarter. Income from continuing operations of $720,000 or $0.10 per diluted share in the
third quarter of 1999 is not comparable to income from continuing operations of $533,000 or $0.06 per diluted share in the
same quarter in 1998, because in the third quarter of 1999 the Company recorded tax expense of $442,000 whereas in the
1998 third quarter the Company recorded a tax benefit of $195,000. Net income in the third quarter of 1999 rose 69.4% to
$720,000, or $0.10 per diluted share compared to net income of $425,000 or $0.05 per diluted share in the third quarter of
the prior year period. The results for the third quarter of 1998 include a loss from the Company's discontinued DigiVision
operation of $108,000, or $0.01 per diluted share.
For the first nine months of 1999, revenues increased 13.3% to $15.7 million from $13.9 million in the year-ago period. On a
pre-tax basis, earnings from continuing operations rose 18.5% to $3.7 million in the first nine months of 1999 from $3.1 million
in the comparable 1998 period. Income from continuing operations in the first nine months of 1999 of $2.3 million or $0.29 per
diluted share is not comparable to income from continuing operations of $3.7 million, or $0.48 per diluted share in the same
period of 1998 because in the first nine months of 1999 the Company's tax expense was $1.4 million, whereas the Company
recorded a tax benefit of $545,000 in the first nine months of 1998. Net income, including a $1.2 million, or $0.16 per diluted
share loss from discontinued operation, was $1.0 million or $0.13 per diluted share in the first nine months of 1999. This
compared to net income of $3.0 million or $0.40 per diluted share, including a $619,000, or $0.08 per diluted share loss from
discontinued operations in the comparable 1998 period.
Mr. Stanley Binder, Chairman and Chief Executive Officer, said, "I am particularly pleased with the increases in revenue
resulting from a doubling of unit sales of our core IONSCAN product accompanied by an 80% increase in the sale of
consumables for the third quarter. Mr. Binder continued, "The development of new products continues on schedule. Yesterday
in Washington D.C., we introduced our new handheld detector, the IONSCAN SABRE 2000. This detector achieves the
highest performance in the industry for a handheld product while providing our customers with the desired portability. The
SABRE can detect narcotics, explosives and chemical warfare agents, and is priced at a level that makes it affordable to a much
wider target customer base. This is our second new product offering in 1999."
Headquartered in Warren, New Jersey, Barringer Technologies Inc. is principally engaged in developing, manufacturing, and
marketing of high technology products for drug and explosive detection and other security and industrial applications. The
IONSCAN(R) is the Company's proprietary trace particle drug and explosive detection unit. |
