Another Partner - Dense-Pac
Read the part about stockpiling certain memory chips please!
Dense-Pac Reports Doubling of Revenues and Record Profits for Fiscal Year
GARDEN GROVE, Calif., Apr 11, 2000 (BUSINESS WIRE) --
-- Company Reports Diluted EPS of $0.13 Compared With Loss of
($0.20) in Previous Year
-- Company's Net Revenue jumps to $27.5 million from $12.6 million
-- Fourth Quarter Profit margins Expand to 13.3 Percent
-- Fourth Quarter Revenue 55 Percent Greater than in Previous Year
Dense-Pac Microsystems, Inc. (Nasdaq:DPAC) Tuesday reported financial results
for the fourth quarter ended Feb. 29, 2000.
The company reported net revenue for its fiscal fourth quarter of $6.5 million,
a 55 percent increase over net revenue of $4.2 million reported for the same
period of the previous fiscal year. Fourth quarter net income was $865,000 or
$0.04 per fully diluted share, compared to a breakeven reported for the previous
year's quarter.
For the year ended February 29, 2000, Dense-Pac reported revenue of $27.5
million, an increase of $14.9 million or 118 percent over the previous fiscal
year. The company also reported net income for the fiscal year of $2.6 million
or $0.13 per diluted share compared to a loss for the previous fiscal year of
$(3.6) million or $(0.20) per diluted share.
Fourth Quarter
$ in 000's except per
share amounts Fiscal 2000 Fiscal 1999 % B/(W)
Net Revenue $ 6,519 $ 4,206 55%
Gross Profit $ 2,547 $ 1,218 107%
Income/(Loss) from
Operations $ 842 $ 24 --
Operating Margin 12.9% 0.6% --
Net Income/(Loss) $ 865 $ 14 --
EPS-diluted basis $ 0.04 -- --
Profit Margin 13.3% -- --
Weighted Avg.
Diluted Shares 20,702,000 17,860,000 --
Twelve Months
$ in 000's except per
share amounts Fiscal 2000 Fiscal 1999 % B/(W)
Net Revenue $27,460 $ 12,604 118%
Gross Profit $ 9,278 $ 1,286 621%
Income/(Loss) from
Operations $ 2,737 $ (3,548) --
Operating Margin 10.0% -- --
Net Income/(Loss) $ 2,565 $ (3,638) --
EPS-diluted basis $ 0.13 $ (0.20) --
Profit Margin 9.3% -- --
Weighted Avg.
Diluted Shares 19,662,000 17,802,000 --
*T
"We believe that we have firmly established the company's renewal during this past fiscal year, exceeding our goals in terms of revenue and EPS growth," stated Ted Bruce, Dense Pac's president and chief executive officer. "During the fourth quarter, the semiconductor industry experienced the psychological impact on OEM's of the greatly anticipated Y2K. "Consequently, inventory levels for certain memory chips were stockpiled in anticipation of a potential limited availability. As a result our growth momentum was affected." Ted Bruce added, "We believe the cost and performance benefits of Dense-Pac's technology are gaining recognition, which is demonstrated in our expansion into new vertical markets, as we have recently done in the medical instrumentation industry. "We have stepped up our research and development efforts to examine new applications for packaging technology in new fields, such
as telecommunications, medical, routers, switches and supercomputers. "We are in the process of filing new patent applications in new areas such as high-density package configuration, thermal high-density dissipation, chip scale packaging technology commonly used in Digital Signal Processors (DSP), Flash and RAMBUS(R) semiconductors, and we
hopeful that the patents will be granted." Bill Stowell, Dense-Pac's chief financial officer, added, "Dense-Pac has made tremendous strides in this last year, achieving
record revenues and profits. We are especially satisfied with the improvement in our profit margin to 13.3 percent in the fourth quarter from 3.4 percent in the first quarter, in light of the increased staff and product lines added during the last half of our fiscal year. "This increase in profit margin was primarily a result of increased royalty revenue and an increase in the efficiency in our operations. We hope that our success continues as we continue towards developing more advanced packaging technology." Dense-Pac will hold a conference call with the investment community, April 11, at 1:15 p.m. Pacific Time (4:15 p.m. EST). To participate in the call, dial 973/694-2225 or 800/388-8975 and request the Dense-Pac conference call. It is recommended you call 10 minutes before the conference is scheduled to begin. The conference call in its entirety will be available for replay approximately one hour after the completion of the call for 24 hours
by calling 402/220-0895 with the code No. 10475.
Dense-Pac Microsystems is a technology company that specializes in the design of proprietary and patented
three-dimensional high-density packaging. The products allow the company's commercial, industrial, defense and aerospace customers to pack large amounts of memory into small spaces. Its commercial products include applications such as network servers, computers storage devices and medical instrumentation. IDA can include airborne and space avionics and such diverse areas as space satellites and missiles and high performance servers. The company Web site is at www.dense-pac.com.
DENSE-PAC MICROSYSTEMS INC.
Statements of Condensed Consolidated Operations
(Unaudited)
Three Months Ended Twelve Months Ended
Feb. 29 and 28, Feb. 29 and 28,
2000 1999 2000 1999
Revenues $6,519,000 $ 4,206,000 $ 27,460,000 $12,604,000
Gross Profit $2,547,000 $ 1,218,000 $ 9,278,000 $ 1,285,000
Income/(Loss) from
Operations $ 842,000 $ 24,000 $ 2,737,000 $(3,548,000)
Net income (loss) $ 865,000 $ 14,000 $ 2,565,000 $(3,638,000)
Diluted net income
(loss) per share $ 0.04 -- $ 0.13 $ ( 0.20)
Weighted average
shares used to
calculate diluted
net income/(loss)
per share 20,702,000 17,860,000 19,662,000 17,802,000
Condensed Consolidated Balance Sheets
($ in 000's)
(Unaudited)
2/29/00 2/28/99
Cash and cash equivalents $ 2,950 $ 1,274
Other current assets $ 5,325 $ 5,620
Other Assets $ 5,849 $ 3,385
Total assets $ 14,124 $ 10,279
Current liabilities $ 3,409 $ 3,603
Other Liabilities $ 1,264 $ 2,169
Shareholders' equity $ 9,451 $ 4,507
Total Liabilities and Shareholders'
equity $ 14,124 $ 10,279
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
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CONTACT: Dense-Pac Microsystems
Yvonne Huff, 714/898-0007
E-mail: yvonneh@dense-pac.com
or
Wall Street Investor Relations Corp.
Joseph M. Zappulla, 301/907-4090
E-mail: JoeZ@WallStreetIR.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
EARNINGS
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