Here is some background for recently purchased CENL an OTC-BB stock.
Centennial Technologies posts strong earnings, revenue growth
Jul 11, 2000 11:31 AM ET
By Keith Regan, dbusiness.com
WILMINGTON, Mass., July 11 (dbusiness.com) -- Shares of Centennial Technologies Inc. (OTC: CENL), a maker of memory cards for PCs and cell phones, were up more than 18 percent today after the company announced first-quarter earnings of $2.1 million, up from $200,000 a year ago.
Centennial said it earned 49 cents per share in the first quarter of fiscal 2001, compared to 7 cents per share a year ago. First-quarter net sales increased 108 percent to $13.9 million from $6.7 million in 1999.
Centennial's stock climbed as high as $10.13, up more than 22 percent from Monday's close, before slipping back to $9.75 by late morning.
As recently as late 1999, Centennial's stock traded for less than $1. But in December, the company announced that it had acquired the flash memory card business of Intel Corp. Centennial paid at least $10 million in cash and gave Intel a 16 percent stake in its business for the division, which recorded $20 million in sales the year before.
Chief Financial Officer Richard J. Pulsifer told dbusiness.com today that a sharp increase in the price of flash memory cards was a major factor in Centennial's strong earnings.
"Cell phone companies have been buying up all the flash memory cards, so it's a little bit scarce," Pulsifer said. "That segment of our business is growing by leaps and bounds."
Pulsifer said the company filed for listing with Nasdaq in July 1999. He said the company is awaiting resolution of a matter with the Securities and Exchange Commission. While Pulsifer would not elaborate, published reports show that former executives with the company were accused of falsifying financial results in 1995 and 1996.
"We feel we've met the qualifications for listing and once that's cleared up hopefully we can finish the process," Pulsifer said.
Based just north of Boston, Centennial has offices in California, Florida, New York, North Carolina, Indiana, Pennsylvania, Texas and the United Kingdom. |
