Barringer Technologies Inc. Announces Third Quarter Results
October 25, 2000 06:45:00 AM ET
WARREN, N.J.--(BUSINESS WIRE)--Oct. 25, 2000-- --Revenue Increases 36.2%-- --Quarterly Operating Income Increases 101%-- --Net Income Increases 82.1%--
Barringer Technologies Inc. BARR, the world's leading provider of trace drug and explosive detection equipment, today announced results for its third quarter and nine months ended September 30, 2000.
For the third quarter of 2000, revenue increased 36.2% to $7.2 million, compared with revenue of $5.3 million for the prior year's third quarter. Operating income for the quarter increased 101% to $1.6 million, compared with $776,000 in the year-ago quarter. Net income for the current quarter increased 82.1% to $1.3 million, or $0.18 per diluted share, compared with $720,000, or $0.10 per diluted share, in last year's third quarter. The weighted average diluted shares outstanding in the current quarter was 7,271,000 versus 7,518,000 in the third quarter of last year.
For the nine months ended September 30, 2000, revenue increased 32.6% to $20.7 million, compared with $15.6 million for the same period last year. Operating income for the nine months increased 82.1% to $4.3 million, compared with $2.4 million during the comparable period last year. Income from continuing operations for the nine months was $3.7 million or $0.50 per diluted share compared with $2.3 million or $0.29 per diluted share during the same period last year. Net income increased to $3.7 million, or $0.50 per diluted share for the nine months, compared with $1.0 million, or $0.13 per diluted share reported for the prior year's period, an earnings per share increase of 285%.
Included in net income for the nine months ended September 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 nine-month period was 7,413,000 compared with 7,859,000 in the same period last year.
Mr. Stanley Binder, Chairman and Chief Executive Officer, said, "During the third quarter, the Company focused its attention on the growth of our core IONSCAN(R) and Sabre 2000(R) business as well as on the further development of new products and applications. In addition to the successes of our core products, we also made significant progress on a number of important fronts, as highlighted below: - The FAA funded the last phase of our new automated baggage trace
detection system which should enable this product to be
commercially available by the end of the first quarter of 2001; - Entered into a strategic alliance with Cadrai, LLC to expand our
technology into the pharmaceutical and specialty chemical
industries; - Filed a bacteria detection concept patent application that
provides for a technique that, if successful, will significantly
reduce or totally eliminate incubation times in microbiological
organism detection and identification, thus enabling the Company
to expand its applications to the pathogen and biological warfare
detection market; - Successfully introduced the Sentinel walk-through detection
portal system, and received our first order only four weeks after
the introduction. We expect the Sentinel to contribute
significantly to the Company's growth next year, and anticipate
orders from both domestic and international customers; - Achieved initial sales of Sabre 2000(R)s for chemical warfare
agent detection.
Mr. Binder added, "We are very pleased with the Company's performance this quarter and believe that the investments we have made in our new products will significantly add to the Company's growth in the years ahead. We have introduced new applications and new products that have enabled us to expand into new markets and begin to capitalize on many opportunities."
Mr. Binder continued, "During the third quarter we benefited financially from continued economies of scale. The efficiency of our operations has enabled us to keep our selling, general, and administrative costs down as a percentage of sales, therefore achieving strong bottom-line results. We believe this trend will continue."
Mr. Binder concluded, "Momentum is strong and we remain on track to achieve record performance for the full year. We remain confident that full-year revenue growth will exceed 30% and operating income will double compared with 1999. Based on that level of growth, we expect earnings per diluted share for the full year to range between $0.62 and $0.68" |
