Earnings look super!
Even beats whisper number in
earningswhispers.com
see
biz.yahoo.com
Monday May 1, 12:03 pm Eastern Time
Company Press Release
SOURCE: SEMX Corporation
SEMX Corporation Announces First Quarter Net Income From Operations Increase of 237%
ARMONK, N.Y., May 1 /PRNewswire/ -- SEMX Corporation (the ``Corporation'') (Nasdaq: SEMX - news), reported Net Income of $843,000 and Basic Earnings per Share of $.14 for the three month period ended March 31, 2000. This compares with Net Income of $250,000 and Basic Earnings per Share of $.04 for the three month period ended March 31, 1999, a 237.0% increase excluding the gain on the sale of the Corporation's connector business in February 1999.
Total Revenue increased 28.8% to $16,443,000, excluding $2,122,000 of connector business revenue, which was recognized in the first quarter of 1999. The comparative increase of Net Sales of the Materials Group, excluding the connector business revenue in 1999, was 36.5%.
Operating Income, after interest expense and excluding the gain on the sale of the connector business, increased 251.3%, from $372,000 in the first quarter of 1999 to $1,307,000 in the first quarter of 2000.
Gilbert D. Raker, Chairman of the Board, said, ``SEMX's management is pleased with the continued improvement in the first quarter. Each of the Corporation's operating units recorded improved results in Total Revenue and Net Income compared to last year's first quarter. The Materials Group increased its contribution to Net Income by 93.3% and the Services Group decreased its net loss by 57.6%.''
Frank J. Polese, Vice Chairman of SEMX and President of SEMX's Materials Group, said, ``While Polese Company continues to be the major contributor to the Materials Group's growth, the SPM operating unit grew significantly during this quarter. The integration of the Polese Company and SPM operating units is proceeding well and the benefits to our customers are recognizable. With the completion of the recent acquisition of ceramic packaging technology, SEMX's Materials Group has strengthened its assembled products capability. This will enable a broader participation in the growth of thermal management products to the wireless and Internet infrastructure markets.''
The Corporation wishes to invite its shareholders and other interested parties to attend its conference call at 5:00 p.m. (EDT) on Monday, May 1, 2000 in which SEMX's management will review its first quarter 2000 performance in more detail. You may participate in the conference call by calling 1-800-603-2480 and asking for the SEMX Corporation conference call with Gilbert Raker and Frank Polese, Chairman and Vice Chairman, respectively. If you are unable to attend the conference call, you may listen to a taped recording of the conference (from 2 hours after the call until May 15, 2000) by calling 1-800-642-1687 ID#216102. In addition, an Internet replay of the call will be available at audioinvestor.com commencing on Wednesday, May 3, 2000.
This release contains forward-looking statements. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, the status of the United States and worldwide economies, the status of the semiconductor and microelectronic industries, the continuation of the demand for Polese Company's heat dissipation products, the ability of Polese Company to integrate the recent acquisition of ceramic packaging technology and the status of the silicon wafer reclaim market.
SEMX Corporation's Materials Group manufactures specialty materials and value-added assemblies incorporating its heat dissipation materials, primarily for the wireless and Internet infrastructure industries. Its products are key components in diverse industries and applications, including: wireless base stations, high bandwidth wireless and fiber optic voice and data communication systems, Internet and Intranet servers and routers, automotive, medical and other microelectronic devices and systems. Through its Services Group, SEMX reclaims silicon test wafers for the semiconductor industry. For further information, please contact the Corporation's Investor Relations Manager, Richard Graves, at 914-273-5500 or visit the Company's web site at semx.com.
SEMX Corporation and Subsidiaries
Consolidated Statement of Operations
(In thousands, except per share amounts)
For the Three Months
Ended March 31,
2000 1999
Net Sales $12,016 $10,925
Service Revenue 4,427 $3,968
Total Revenue 16,443 14,893
Cost of Goods Sold 7,694 $7,351
Cost of Services Performed 3,518 $3,123
Cost of Goods Sold and Services Performed 11,212 10,474
Gross Profit 5,231 4,419
Selling, General and Administrative Expenses 3,543 $3,347
Restructuring Charge -- --
Operating Income 1,688 1,072
Interest Expense 381 700
Income Before Gain on Sale of Retconn,
Income Taxes and
Minority Interest in Consolidated Subsidiary 1,307 372
Gain on Sale of Connector Business -- 8,430
Provision for Income Taxes 442 4,657
Income Before Minority Interest in
Consolidated Subsidiary 865 4,145
Minority Interest in (Income) Loss of
Consolidated Subsidiary (22) 8
Net Income $843 $4,153
Basic Income per Common Share $0.14 $0.69
Diluted Income per Common Share $0.13 $0.69
Weighted Average Number of Common
Shares Outstanding:
Basic 6,079 6,041
Diluted 6,551 6,042
Depreciation and Amortization $1,457 $1,461 |
