richard...BANG BANG BANG !!!!!!!!!...that is me POUNDING THE TABLE...trading at 1 3/16...this today:
(COMTEX) National Manufacturing Technologies Inc. Second Quarter Earn
National Manufacturing Technologies Inc. Second Quarter Earnings Increase 286%
On Record Revenues
CARLSBAD, Calif., Nov 7, 2000 (BUSINESS WIRE) -- National Manufacturing
Technologies Inc. ("NMT") (OTCBB:NMFG), a value-added, vertically integrated
manufacturer of enclosed electronic systems and their various sub-assembly
components, announced today its revenue and earnings results for the quarter and
six months ended Sept. 30, 2000.
NMT continued its strong growth in revenues and earnings in its second fiscal
quarter. Revenues increased by 136%, to $5.9 million, up from $2.5 million for
the same quarter a year ago. This also represented the third consecutive quarter
of strong double digit revenue growth, which was across the board in all
reporting divisions.
Operating Income increased by 188% to $447,000, compared to an operating loss of
$508,000 for the same quarter the prior year. Operating Income also reflected a
52% increase over that reported for the immediately prior quarter of the current
year.
Income from continuing operations of $430,000, $0.04 per share, increased 198%
over the prior year's second quarter ended Sept. 30, 1999, which had recorded a
loss from continuing operations of $441,000, ($0.04) per share in the prior
year. Income from continuing operations also reflected an increase of 93% over
that of the immediately prior quarter.
For six months ending Sept. 30, 2000 total revenues were $10.9 million, a 157%
increase over the total revenues of $4.2 million for the first six months of the
prior fiscal year.
Total income for the six months ended Sept. 30, 2000, was $1,129,000, $0.11 per
share, up 286% over the loss of $607,000, $0.06 per share, recorded for the same
period last year.
The Enclosure and Metal Fabrication Manufacturing Services Group ("EMF") revenue
increased $978,000 or 145% to $1,651,000 from $673,000 for the quarter ended
Sept. 30, 1999 as a result of the addition of the sheet metal and enclosure
operation and expanded shipments for the metal stamping facility. The
Electronics Interconnect Manufacturing Services Group ("EI") revenue increased
$2,418,000 to $4,236,000 from $1,818,000 for the quarter ended Sept. 30, 1999,
due to an expanding customer base and increased demand from existing customers,
which is expected to continue.
"We are very pleased with our continuing and exceptionally strong growth in both
revenues and operating profits," stated Patrick W. Moore, chairman and chief
executive officer. "We expect this momentum to not only continue, but to
increase during our third fiscal quarter. We believe the Company will exceed its
previous projections for revenues and earning for the fiscal year."
"The higher than industry operating profit margins we are demonstrating
validates our vertically integrated capabilities strategy. It allows NMT to both
gain increased value-added revenues as well as to realize higher profit margins
on those revenues," stated Moore. "Particularly important is the fact that we
still have very substantial amounts of unused capacity. The economical fashion
in which we have added to capacity over the past year will allow us to further
increase margins as we move further up our capacity curve," added Moore.
"With the range of capabilities we now possess, there is no EMS company anywhere
near our size that rivals NMT's internal capacity to serve the enclosed
electronics industry. We will continue to see the benefits of our business
strategy reflected in a continuation of strong growth and profitability in the
balance of the current fiscal year," added Moore.
"Our business plan goals during the first six months of this fiscal year were
focused on growing revenues and improving earnings through expansion of our
customer base. We will continue this plan over the next six months. This will
allow us to build cash and reduce our short-term liabilities," stated NMT's
Controller, Larry Naritelli.
National Manufacturing Technologies Inc. (NMT) is a value-added, vertically
integrated manufacturer of enclosed electronic systems and their various
sub-assembly components. Complete capabilities information can be found at the
company's Web site, which is located at www.NatManTech.com.
This press release contains forward-looking statements that involve risk and
uncertainties. These statements include, without limitation, statements relating
to the company's future economic performance, management's opinions about the
ability of the company to compete successfully and other non-historical
information. The company's actual results could differ materially from those
discussed herein. Factors that could cause or contribute to such differences
include, without limitation, those risks discussed in item 6 under the heading
"additional risk factors" as well as those discussed elsewhere in the company's
annual report on Form 10-KSB.
Selected Financial Data
Quarter ended
Sept. 30,
2000 1999
Revenue $ 5,887,000 $ 2,491,000
Gross profit $ 2,016,000 $ 687,000
Net income (loss) $ 430,000 $ (70,000)
Basic net income (loss) per share: $ 0.04 $ (.01)
Diluted net income (loss) per share: $ 0.03 $ (.01)
Six months ended
Sept. 30,
2000 1999
Revenue $10,901,000 $ 4,244,000
Gross profit $ 3,654,000 $ 1,294,000
Net income (loss) $ 1,129,000 $ (607,000)
Basic net income (loss) per share: $ 0.11 $ (.06)
Diluted net income (loss) per share: $ 0.09 $ (.06)
CONTACT: National Manufacturing Technologies Inc.
Jennifer D. Brown, 760/431-4999 ext. 507
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
HARDWARE
MANUFACTURING
EARNINGS
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