CENL is becoming a great stock after a checkered past. Old CEO is in jail and his cohorts are all out. Flash card business bought and paid for from Intel. Earnings are in an up trend along with their price. Please offer any TA advice. TIA
Centennial Technologies Announces Record Results for Its Second Quarter of Fiscal 2001
BOSTON, Oct 6, 2000 (BUSINESS WIRE) -- Centennial Technologies, Inc. (OTC
BB:CENL) announced today record financial results for its second fiscal quarter
ended September 23, 2000, achieving its tenth consecutive profitable quarter.
Total sales for the second quarter of fiscal 2001 were $23.4 million while net
income was $6.6 million or $1.44 in diluted earnings per share. Net sales of PC
cards and related products for the second quarter of fiscal 2001 increased 116
percent to $16.5 million from $7.6 million for the second quarter of fiscal
2000. There was also $6.9 million in sales of electronic components for the
second quarter of fiscal 2001. There were no sales of electronic components in
the prior year and none are currently expected in the future. Net income for the
quarter from the sales of PC cards and related products was $3.3 million or
$0.72 in diluted earnings per share, compared to $0.8 million or $0.26 during
the same period of fiscal 2000.
"We are very proud of these strong results," said Centennial President and Chief
Executive Officer L. Michael Hone. "The strength of these numbers, of course,
lies in the dramatic improvement in sales of PC cards and related products,
which increased 28 percent over our prior quarter. Two of the keys to our
success were the successful integration of Intel Corporation's flash memory card
business and our ability to obtain flash memory components in an environment of
short supply. We continue to be very excited about our prospects for the
future."
"Strong revenues fuel growth, and we have used ours in part to invest in new
Philips factory automation systems that can handle a broader spectrum of
applications. This additional equipment significantly increases our
manufacturing output capacity, allowing us to continue to deliver what our
customers see as our hallmark - top-flight customer service and delivery on
demand. We also paid off the $4.0 million owed to Intel Corporation one quarter
before its due date."
"Last week Centennial entered into an administrative agreement with the U.S.
Securities and Exchange Commission (SEC), fully resolving with the SEC all of
the issues arising from the conduct of former members of Centennial's senior
management. We believe that this step finally allows those reviewing our pending
application for listing on the NASDAQ National Market to complete their work.
Although no assurances can be given, we believe that we presently meet all of
the requirements for NASDAQ listing."
The statements contained herein that are not purely historical are forward
looking statements within the meaning of Section 21E of the Securities and
Exchange Act of 1934, including statements regarding the Company's expectations,
beliefs, hopes, intentions or strategies regarding the future. Forward-looking
statements include statements regarding future operating results, raw material
availability, NASDAQ approval and other information. All forward-looking
statements included in this document are based upon information available to the
Company as of the date hereof, and the Company assumes no obligation to update
any such forward-looking statement. Actual results could differ materially from
the Company's current expectations. Factors that could cause or contribute to
such differences are identified in filings made by Centennial Technologies, Inc.
with the Securities and Exchange Commission (the "Commission") in the item set
forth under the heading "Factors That May Affect Future Results" contained in
our filings with the Commission.
Centennial Technologies, Inc. provides custom and industry standard PC Cards for
original equipment manufacturers. Centennial is a global leader in the
integration of patented and proprietary technology into application-specific
cards for commercial, industrial and military markets. Centennial's headquarters
and ISO 9001 certified engineering and manufacturing facility are located in
Wilmington, Massachusetts, just north of Boston, with sales and services offices
in California, Florida, New York, North Carolina, Indiana, Pennsylvania and
Texas. Centennial's international sales and service operations are headquartered
in the United Kingdom. More information about Centennial is available at
cent-tech.com.
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Income Statements
Three and Six Months Ended September 23, 2000 and September 25, 1999
(in thousands, except per share information)
(unaudited)
Three Months Ended
Sept. 23, Sept. 25,
2000 1999
Sales:
PC cards and other $ 16,520 $ 7,633
Electronic components 6,927 --
Net sales 23,447 7,633
Cost of goods sold 13,431 5,137
Gross profit 10,016 2,496
Operating expenses:
Research and development 433 417
Selling, general and administrative 2,482 1,910
Operating income 7,101 169
Other income 53 596
Net interest income (expense) (38) 83
Income before income taxes 7,116 848
Income taxes 501 10
Net income $ 6,615 $ 838
Net income per share - basic $ 2.05 $ 0.26
Net income per share - diluted $ 1.44 $ 0.26
Weighted average shares outstanding - basic 3,233 3,172
Weighted average shares outstanding - diluted 4,589 3,221
Six Months Ended
Sept. 23, Sept. 25,
2000 1999
Sales:
PC cards and other $ 29,378 $ 14,314
Electronic components 7,983 --
Net sales 37,361 14,314
Cost of goods sold 22,079 9,693
Gross profit 15,282 4,621
Operating expenses:
Research and development 1,191 621
Selling, general and administrative 4,826 3,695
Operating income 9,265 305
Other income 53 634
Net interest income (expense) (71) 150
Income before income taxes 9,247 1,089
Income taxes 547 20
Net income $ 8,700 $ 1,069
Net income per share - basic $ 2.70 $ 0.34
Net income per share - diluted $ 1.96 $ 0.33
Weighted average shares outstanding - basic 3,225 3,170
Weighted average shares outstanding - diluted 4,428 3,248
CENTENNIAL TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
As of September 23, 2000 and March 25, 2000
(in thousands)
Sept. 23, March 25,
2000 2000
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,665 $ 5,780
Accounts receivable, net 7,941 3,838
Inventories 17,493 14,574
Other current assets 421 720
Total current assets 29,520 24,912
Equipment and leasehold improvements, net 2,356 2,690
Other assets 2,778 2,771
Total assets $34,654 $30,373
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Obligations under capital leases $ 215 $ 215
Accounts payable and accrued expenses 8,962 9,436
Note payable to related party -- 4,000
Total current liabilities 9,177 13,651
Long-term obligations under capital leases 709 827
Stockholders' equity 24,768 15,895
Total liabilities and stockholders' equity $34,654 $30,373
CONTACT: Centennial Technologies
Investor
Richard J. Pulsifer
(978) 805-2323
or
Media
Karen Schwartzman
(617) 437-9990
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
HARDWARE
NETWORKING
EARNINGS |
