Barringer Technologies Inc. Announces First Quarter 2000 Results
April 28, 2000 07:02 AM Eastern Time
WARREN, N.J.--(BUSINESS WIRE)--April 28, 2000--Barringer Technologies Inc. BARR , the world's leading developer, manufacturer, and marketer of trace drug and explosive detection equipment, today announced results for its first quarter ended March 31, 2000.
For the first quarter of 2000, revenues were $4.8 million, compared to revenues of $4.9 million for the prior year's first quarter. Income from continuing operations in the 2000 first quarter was $509,000, or $0.07 per diluted share, compared to $630, 000, or $0.08 per diluted share, in the first quarter of 1999. Net income was $509,000, or $0.07 per diluted share in the 2000 first quarter, compared to net income of $500,000, or $0.06 per diluted share, in the year-ago period. There were 7,513,000 weighted average diluted shares outstanding in the 2000 first quarter versus 8,399,000 in the corresponding 1999 quarter.
Mr. Stanley Binder, Chairman and Chief Executive Officer, said, "Results in the first quarter exceeded our expectations as a result of stronger than expected demand. At the end of the quarter we had a backlog of approximately $8.5 million giving us a strong base of business for this year. As a result, Barringer believes it will be able to achieve top-line growth of approximately 30% this year with a doubling of operating income over 1999. We are extremely excited about the future of Barringer and the new opportunities that are before us. As we previously announced, we are working collaboratively with the University of Connecticut in developing applications for IONSCAN(R) technology for the detection of pathogens which threaten our food supply. Initial results have been very positive and we are extremely excited about these potential new markets. A number of large pharmaceutical and food processing companies have expressed interest in our capabilities which we anticipate offering commercially later this year."
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