Here you go then.......................................
Firetector Inc. Announces Second Quarter and Six Month Results
PR Newswire - May 13, 1997 16:10
HICKSVILLE, N.Y., May 13 /PRNewswire/ -- Firetector Inc. (Nasdaq: FTEC)
has announced that during its second fiscal quarter and six month period ended
March 31, 1997, revenues increased 17% and 38% to $4,207,118 and $9,031,066,
respectively, up from $3,595,278 and $6,537,394 respectively in the comparable
1996 periods. The increase in revenues derived primarily from shipping of
several large life safety and communications projects in Texas and New York
which had both been subject to previous delays. A large portion of the
increased revenues were generated from a single transit project which involved
a lower than typical margin on products purchased from a third party for
resale.
Income from operating activities (excluding special items) increased to
$213,946 and $501,399, respectively, during the three and six month periods
ended March 31, 1997 compared to $122,247 and $174,003, respectively during
the comparable 1996 periods. During the three and six month periods ended
March 31, 1996 (last year), Firetector realized additional pre-tax income from
special items aggregating $664,571 from the initial settlement of litigation,
sale of service contracts and statutory insurance refunds. Results in 1997
have been impacted by approximately $100,000 of non-recurring expenses
relating to payment of unemployment insurance from prior periods, final
royalties due on the 1996 sales of service contracts and installation and
training costs for a new management information system.
Net income after tax was $186,946 ($0.03 per share) during the three
months and $443,399 ($0.06 per share) during the six month periods ended
March 31, 1997 compared with $863,818 ($0.13 per share) and $933,574 ($0.14
per share) during the comparable 1996 periods. Net income during the three
and six month periods ended March 31, 1997 was impacted by an income tax
provision of $27,000 and $58,000 respectively while 1996 results were
positively impacted by the special items discussed above as well as
utilization of tax loss carryforwards as a benefit in the amount of $77,000
and $95,000 respectively during the three and six month periods ended
March 31, 1996. Per share data reflects the weighted average shares
outstanding including shares issuable upon exercise of convertible securities
at various exercise prices.
Three Month Period Ended Six Month Period Ended
March 31, March 31,
1997 1996 1997 1996
Revenues $4,207,118 $3,595,278 $9,031,066 $6,537,394
Operating Income
Before Special Items 213,946 122,247 501,399 174,003
Special Items N/A 664,571 N/A 664,571
Operating Income Before
Provision (Credit) for
Tax 213,946 786,818 501,399 838,574
Provision (Credit)
For Tax 27,000 (77,000) 58,000 (95,000)
Net Income 186,946 863,818 443,399 933,574
Per Share $0.03 $0.13 $0.06 $0.14
Weighted Average Shares
Outstanding 6,958,430 6,859,666 6,968,475 6,859,666
Management reports that Firetector is on track with its 1997 business plan
and has intensified its project bidding and hired an additional experienced
life safety salesman and an experienced sound communication salesman, both in
New York, as part of its program to expand revenues in future periods.
Firetector also noted that its credit facility with its bank had been
renewed and revised to provide an expanded revolving line of credit of
$2.3 million ($1.6 million outstanding) through March 31, 1998 and a $315,477
term loan through September 1, 1999. The interest rate for both credit lines
were reduced to prime plus 1-1/2%.
Firetector is engaged in the design, manufacture, marketing and service of
a variety of data communication products and systems with applications in the
fire alarm, life safety, transit, security and communication industries.
SOURCE Firetector Inc.
CONTACT: John Poserina, Chief Financial Officer of Firetector,
516-433-4700; or John McGill or Mark Marsella of Judson Enterprises, Ltd.,
860-739-8967 |
