Barringer Technologies Inc. Announces Record
Revenue and Operating Income for Its Second
Quarter
WARREN, N.J.--(BUSINESS WIRE)--Aug. 2, 2000--Barringer Technologies Inc. (Nasdaq: BARR - news)
Revenue Increases 60.5% For the Second Quarter-- --Second Quarter Operating Income Increases 120%--
Income From Continuing Operations Doubles--
Barringer Technologies Inc. (Nasdaq: BARR - news), the world's leading developer, manufacturer, and marketer of trace drug
and explosive detection equipment, today announced results for its second quarter ended June 30, 2000.
For the second quarter of 2000, revenue increased 60.5% to a record $8.7 million, compared with revenue of $5.4 million for
the prior year's second quarter. Operating income for the quarter increased 120% to a record $2.4 million, compared with
$1.1 million in the year-ago quarter. Income from continuing operations for the current quarter doubled to $1.9 million or $0.24
per diluted share, compared with $930,000, or $0.12 per diluted share in last year's second quarter. Net income for the
quarter was $1.9 million, or $0.24 per diluted share, compared with a net loss of $181,000 or $0.03 per diluted share in the
year-ago period. Included in the net loss figure for the year-ago period was a loss of $0.15 per diluted share from the
Company's discontinued operation. The weighted average diluted shares outstanding in the current quarter was 7,578,000
versus 7,673,000 in the second quarter of last year.
For the six months ended June 30, 2000, revenue increased 30.8% to a record $13.5 million, compared with $10.3 million for
the first half of last year. Operating income for the current six months increased 73.0% to a record $2.7 million compared with
$1.6 million during last year's comparable period. Income from continuing operations for the current six months was $2.4
million or $0.32 per diluted share compared with $1.6 million or $0.20 per diluted share during the same period last year. Net
income increased to $2.4 million, or $0.32 per diluted share for the current six months, compared with $319,000, or $0.04 per
diluted share reported during the prior year's period. Included in net income for the six months ended June 30, 1999 was a loss
of $0.16 per diluted share from the Company's discontinued operation. The weighted average diluted shares outstanding for the
current six-month period was 7,404,000 compared with 8,038,000 in the same period last year.
Mr. Stanley Binder, Chairman and Chief Executive Officer, said, ``The second quarter proved to be one of many
accomplishments for the Company, as evidenced by our record results. Most notably, we recognized nearly $4.2 million in
revenue from the shipment of the Israeli order for our IONSCAN® trace explosive detectors that was announced in March,
which confirmed the technological superiority of our products. While this order contributed substantially to our record results,
we also shipped orders to various aviation security, anti-terrorist and drug interdiction agencies around the world. Demand
remains strong, with backlog at the end of the second quarter of approximately $2 million.''
Mr. Binder added, ``We are extremely excited about the future of Barringer as we continue to make strides in new markets
where demand for fast and reliable equipment for the detection of chemical warfare agents and pathogenic bacteria is
increasing. We also anticipate increased spending for anti-terrorism activities by the U.S. Government. During the third quarter
the Company plans to introduce its detectors into the chemical warfare agents marketplace. We have also begun work with a
few major pharmaceutical companies to apply our technology to a variety of new applications, and look forward to building
relationships with other companies in this market area. Also in the third quarter, we will launch our walk-through detection
portal, which has been under development for the past year. This will be the third new product introduced by Barringer over
the last 14 months.''
``The Federal Aviation Administration also approved the final phase of development of Barringer's automated baggage trace
detection system. We expect the system to be commercially available by the end of the first quarter of 2001 and will sell for
approximately $225,000 per unit. In addition, Barringer's recent receipt of an FAA contract for up to $15 million for additional
IONSCAN® trace detectors and services will help propel the Company's momentum, said Mr. Binder.''
Mr. Binder concluded, ``We are on track to achieve record performance for the full year with revenue growth of approximately
30% and a doubling of operating income over 1999. Should we achieve these objectives our earnings per diluted share for the
full year would range between $0.55 and $0.60.''
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