trading around 1.00 on nasdaq...this just out:
(PR NEWSWIRE) Daw Technologies, Inc. Announces 2000 Third Quarter Results
Daw Technologies, Inc. Announces 2000 Third Quarter Results
SALT LAKE CITY, Nov. 13 /PRNewswire/ -- DAW TECHNOLOGIES, INC.
(Nasdaq: DAWK), reported today net earnings of approximately $658,000, or
$0.04 per share on sales of approximately $12.7 million for the quarter ended
September 30, 2000. This compared to a net loss of approximately $1.1 million
or $0.09 loss per share on sales of approximately $12.4 million for the
quarter ended September 30, 1999. The Company also reported net earnings of
approximately $1.2 million, or $0.08 per share on sales of approximately
$42.4 million for the nine months ended September 30, 2000. This compared to
a net loss of approximately $2.9 million or $0.23 loss per share on sales of
approximately $34.9 million for the nine months ended September 30, 1999.
"We are very pleased with the direction the Company is moving during the
first nine months of this year compared to the last three years of non-
profitability. Revenues and gross profit margins have improved, operating
expenses have decreased and we continue to take measures to improve
shareholder value. We continue to see strong growth in new fab construction
and expansion of existing fabs in North America and the European region. As
we see an increased number of bids for new cleanroom facilities in North
American and the European region, we believe that the Company will experience
increased growth in the next few years from these two regions," stated Ronald
W. Daw, President and Chief Executive Officer.
Mr. Daw went on to say, "During the nine months ended September 30, 2000,
actual cleanroom contract awards were approximately $40.5 million. The
Company's cleanroom contract backlog as of November 13, 2000 was $25.8 million
compared to $11.4 million at September 30, 1999. We believe this positive
trend is not only an indication of the improving strength of the semiconductor
industry, but also demonstrates the confidence our customers have in the
Company's ability to provide a world-class cleanroom product. We expect to
enter the year 2001 with the highest cleanroom contract backlog since the
beginning of the semiconductor downturn three years ago."
"The Company also continues to evaluate and explore opportunities for
manufacturing high precision sheet-metal components on a contract basis. We
believe there is significant opportunity for revenue and profit growth in this
market through our Advanced Manufacturing business unit. Intelligent
Enclosures, our cleanroom mini-environment division, continues to expand its
customer base, securing additional new customers during the last quarter. We
believe that the diversification efforts and initiatives the Company has
undertaken will continue to help improve the overall operations and
profitability of the Company," commented Mr. Daw.
Daw Technologies, Inc. provides ultra-clean manufacturing environments for
customers throughout the world and specializes in the design, engineering, and
installation of cleanroom systems that meet stringent semiconductor
manufacturing requirements. The Company also provides contract-manufacturing
services on an OEM basis for various customers. This includes but is not
limited to metal fabrication and assembly of a various range of products such
as air-entrance systems used in high-volume commercial retail establishments,
and the application of powder epoxy paint for a variety of products. For more
information, visit Daw on the Internet at www.dawtech.com.
This news release contains forward-looking statements that involve risks
and uncertainties. Actual results and outcomes may differ materially from
those discussed or anticipated. Factors that might affect the actual outcome
include, but are not limited to, the possible cancellation of existing or
future contracts, possible decrease in demand for our products during 2000 or
2001, the semiconductor industry, decreases in capital spending by
semiconductor manufacturers, increased competition in the cleanroom segment of
the industry, customer rejection of new products, a decline in demand for
semiconductors, and the effects of the Company's existing and proposed
diversification efforts. For a more detailed discussion of these and
associated risks, see the Company's most recent documents filed with the
Securities and Exchange Commission.
Daw Technologies, Inc.
Selected Consolidated Statements of Operations Data
(Unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues $12,734 $12,433 $42,420 $34,893
Cost of goods sold 10,580 11,659 35,934 32,495
Gross profit 2,154 774 6,486 2,398
Operating expenses
Sales, general and
administrative 1,236 1,685 4,261 5,369
Research and
development -- 5 -- 123
Depreciation and
amortization 83 102 291 334
Operating expenses 1,319 1,792 4,552 5,826
Earnings (loss) from
operations 835 (1,018) 1,934 (3,428)
Other expense, net 159 (111) (187) (491)
Earnings (loss)
before income taxes 994 (1,129) 1,747 (3,919)
Income taxes (benefit) 336 -- 588 (1,032)
NET EARNINGS (LOSS) $658 $(1,129) $1,159 $(2,887)
Earnings (loss) per
common share
Basic $0.04 $(0.09) $0.08 $(0.23)
Diluted $0.03 $(0.09) $0.06 $(0.23)
Weighted average
common and dilutive
common equivalent
shares outstanding
Basic 13,496,689 12,513,114 13,085,418 12,498,431
Diluted 18,919,139 12,513,114 18,539,062 12,498,431
Daw Technologies, Inc.
Selected Consolidated Balance Sheet Data
(Unaudited)
(in thousands)
June 30, December 31,
2000 1999
Current assets $24,535 $18,343
Property and equipment, net at cost 2,347 3,402
Other long-term assets 3,952 4,330
Total assets $30,834 $26,075
Current liabilities $14,086 $15,457
Long-term liabilities 48 110
Shareholders' equity 16,700 10,508
Total liabilities and shareholders' equity $30,834 $26,075
SOURCE Daw Technologies, Inc.
-0- 11/13/2000
/CONTACT: Kevan Blair, Investor Relations of Daw Technologies, Inc.,
801-977-3100/
/Web site: dawtech.com
(DAWK)
CO: Daw Technologies, Inc.
ST: Utah
IN: CPR
SU: ERN
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