HATH has 4.43m outstanding...here is 1st qtr and last year:
Hathaway Reports Significant Improvement in First Quarter Results and Restructuring of a Business Unit
DENVER--(BUSINESS WIRE)--Oct. 26, 2000--Hathaway Corporation (Nasdaq: HATH - news) today
announced net income before a restructuring charge for the first fiscal quarter ended September 30, 2000,
was $250,000 or $.05 per fully diluted share, compared to a net loss of $721,000, or $.17 loss per fully
diluted share for the first quarter of last year, a $971,000 improvement. Net income for the first quarter after
the restructuring charge was $9,000 or $.00 per share. The current quarter's results include a pretax charge
of $328,000 for the restructuring of the Company's process instrumentation business.
Revenues increased 27% in the first quarter to $11,333,000 compared to $8,905,000 in the first quarter of
fiscal 2000. The increase in revenues was due to a 39% increase in revenues from the Company's motion
control products and a 17% increase in revenues from the Company's power and process systems and
instrumentation products. Sales order backlog at September 30, 2000, was $23,083,000 compared to
$19,495,000 at the same time last year, an increase of 18%.
The Motion Control segment realized pretax profit of $1,152,000 on revenues of $5,669,000 for the first
quarter of fiscal year 2001 compared with a pretax profit of $626,000 on revenues of $4,067,000 for the
same period last year. At September 30, 2000, backlog for Motion Control orders was $10,977,000, 55%
higher than order backlog at the end of the first quarter last year of $7,092,000.
The Power and Process segment, comprised of power instrumentation, systems and process
instrumentation businesses, reported revenues of $5,664,000 and a pretax loss of $1,259,000 for the first
quarter of fiscal year 2001 compared with revenues of $4,838,000 and a pretax loss of $1,363,000 for the
first quarter last year. The segment's first-quarter results for this year include a pretax loss of $680,000
incurred by the process instrumentation business which includes a restructuring charge of $328,000,
compared to a loss of $181,000 last year. The power instrumentation and systems businesses, excluding the
operating results of the process instrumentation business, achieved a 42% increase in revenues this quarter
compared to the first quarter of last year and incurred a loss of $579,000 compared to a loss of $1,182,000
for the first quarter last year, a $603,000 improvement for the quarter over last year.
At September 30, 2000, backlog for Power and Process orders was $12,106,000 which is 2% lower than at
this time last year. This reflects backlogs for power instrumentation and systems products at the same levels
they were at this time last year offset by a decreased backlog for process instrumentation products.
As a result of changing business conditions in the process instrumentation business, the Company began
restructuring its process instrumentation operations in Dallas. The restructuring will consist of retaining a
portion of the business in Dallas, moving the manufacturing of two product lines to its power instrumentation
manufacturing facilities in Seattle and selling the remaining two product lines. Revenues for this business
were down 32% for the first quarter compared to the first quarter of last year. This operation incurred a pretax
loss of $918,000 for the fiscal year ended June 30, 2000, compared to a profit of $743,000 for fiscal 1999.
``We are quite pleased with the improvements in our motion control and power instrumentation and systems
businesses during the first quarter as compared to the first quarter of last year,'' commented Dick Smith,
president and CEO. ``Our motion control segment continues to achieve success by being able to meet the
technically challenging needs of both our OEM and end-user customers. The achievements in our power
instrumentation and systems automation businesses are primarily a reflection of successful installations of
our systems automation products and the success achieved by some of our new power instrumentation
products.''
``We began the restructuring of our process instrumentation business during the quarter,'' stated Smith. ``Our
goal is to eliminate the losses being incurred by this business when the restructuring is substantially
completed by the end of the second fiscal quarter ending December 31, 2000.''
Headquartered in Denver, Colorado, Hathaway designs, manufactures and sells advanced systems and
instrumentation to the worldwide power and process industries, as well as motion control products to a broad
spectrum of customers throughout the world. With subsidiaries in the United States and United Kingdom and
joint venture investments in China, Hathaway is a leading supplier of systems automation and integration
solutions to the world power industry and a leader in process calibration technology and motion control
products.
(COMTEX) B: Hathaway Reports Fourth Quarter and Fiscal 2000 Results
B: Hathaway Reports Fourth Quarter and Fiscal 2000 Results
DENVER, Aug 21, 2000 (BUSINESS WIRE) -- Hathaway Corporation (Nasdaq:HATH)
today announced it recognized net income of $1,354,000, or $.28 per fully
diluted share, for the fourth fiscal quarter ended June 30, 2000, compared to a
net income of $507,000, or $.12 per fully diluted share, for the fourth quarter
of last year. Revenues increased 16% in the fourth quarter from $11,484,000 last
year to $13,310,000 this year.
Hathaway recognized a net profit of $1,475,000 or $.31 per fully diluted share,
for the year ended June 30, 2000, compared to a net loss of $1,525,000 or $.36
per fully diluted share, for the year ended June 30, 1999. Revenues for the year
increased 8% from $41,691,000 in fiscal 1999 to $45,133,000 in fiscal 2000. The
increase in revenues was due to a 43.2% increase in revenues from the Company's
motion control products partially offset by a 7.6% decrease in revenues from the
Company's power and process systems and instrumentation products.
"Fiscal year 2000 was a year of significant progress for the Company. We have
returned the Company to profitability, reporting a $3,000,000 improvement from
last year," commented Dick Smith, President and CEO. "The improvement is a
result of substantial growth in our Motion Control business and the continuing
recovery in our Power and Process business."
"This year we experienced considerable improvement over the prior year in our
Motion Control business," stated Mr. Smith. "Revenues for Motion Control were
$18.6 million, a 43% increase over last year. Pretax income for the year from
Motion Control was $3,139,000 compared to $487,000 in 1999. At June 30, 2000,
backlog for Motion Control orders was in excess of $12 million, 68% higher than
at the end of last year. This is a reflection of rapidly growing requirements
from customers in new and existing markets. The increased order rate and backlog
should allow Motion Control to continue to achieve growth in sales and
profitability in fiscal year 2001.
"In addition to the success in Motion Control, the Power and Process business
segment experienced improvement in its financial results over the prior year.
The Power and Process Segment achieved a pretax loss of $1,643,000 for the year
ended June 30, 2000 compared to a pretax loss of $1,932,000 last year. The power
instrumentation and systems automation part of this segment achieved significant
improvement in results this year over last year with profitability achieved in
the fourth quarter. The investment the Company has made in the systems
automation business since its acquisition in October 1996 has resulted in a
number of significant contracts. The successful acceptance of our automation
technology into the deregulated power market further positions the Company to be
a major supplier of information systems to this evolving market. Our three
Chinese joint ventures continue to be profitable contributing $824,000 of pretax
profits to the Company in fiscal 2000 compared to pretax profits of $378,000 in
fiscal 1999. The operating results of the process instrumentation part of this
segment was significantly down in fiscal 2000 from 1999 as a result of a 27%
decline in revenues resulting in part from the delay in releasing our new
calibrator product line which has now been completed and shipments started in
May 2000."
Headquartered in Denver, Colorado, Hathaway designs, manufactures and sells
advanced systems and instrumentation to the worldwide power and process
industries, as well as motion control products to a broad spectrum of customers
throughout the world. With subsidiaries in the United States and United Kingdom
and joint venture investments in China, Hathaway is a leading supplier of
systems automation and integration solutions to the world power industry and a
leader in process calibration technology and motion control products.
The statements in this press release that relate to future plans, events or
performance are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties, including risks associated with general business and
economic conditions in the Company's domestic and international motion control
and power utilities markets, introduction of new technologies and competitors,
uncertainties about the impact of changes in the regulatory environment, the
ability to attract and retain qualified personnel and other risks identified in
the Company's SEC filings. Actual results, events and performance may differ
materially. Readers are cautioned not to place undue reliance on these
forward-looking statements as a prediction of actual results. The Company has no
obligation or intent to release publicly any revisions to any forward-looking
statements whether as a result of new information, future events, or otherwise.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER SHARE DATA)
For the Three For the Year
Months Ended Ended June 30,
June 30,
HIGHLIGHTS OF
OPERATING RESULTS 2000 1999 2000 1999
------------------ ---------- -------- ------- --------
Revenues $13,310 $11,484 $ 45,133 $ 41,691
========= ======= ======== =======
Income (loss)
before income taxes $ 1,476 $ 719 $ 1,604 $(1,317)
Benefit (provision)
for income taxes (122) (212) (129) (208)
------------ ----- -------- --------
Net income (loss) $ 1,354 $ 507 $ 1,475 $ (1,525)
======== ======= ======== ========
PER SHARE AMOUNTS:
Basic net income
(loss) per share $ 0.30 $ 0.12 $ 0.34 $ (0.36)
======== ======= ======== ========
Diluted net income
(loss) per share $ 0.28 $ 0.12 $ 0.31 $ (0.36)
======== ======= ======== ========
Basic weighted
average common shares 4,459 4,283 4,341 4,283
======== ======= ======== ========
Diluted weighted 4,834 4,301 4,785 4,283
average common shares
CONDENSED BALANCE SHEETS June 30, June 30,
2000 1999
ASSETS
Cash $ 2,928 $ 2,416
Restricted cash 269 646
Trade receivables, inventories,
and other current assets 13,488 10,951
Property and equipment, net 1,707 1,720
Other 1,545 665
------- -------
TOTAL ASSETS $19,937 $16,398
======= =======
LIABILITIES AND
STOCKHOLDERS' INVESTMENT
LIABILITIES
Accounts payable and
other liabilities $ 7,084 $ 5,774
Line of Credit classified
as current 1,546 1,308
------- -------
TOTAL LIABILITIES 8,630 7,082
STOCKHOLDERS' INVESTMENT 11,307 9,316
------- -------
TOTAL LIABILITIES
AND STOCKHOLDERS' INVESTMENT $19,937 $16,398
======= =======
For the Year Ended
June 30,
CONDENSED STATEMENTS
OF CASH FLOWS 2000 1999
Cash flows from
operating activities:
Net (income) loss $ 1,475 $(1,525)
Depreciation and amortization 874 1,220
Changes in working capital
balances and other (1,736) 224
------- -------
Net cash from operating activities 613 (81)
Net cash from investing activities (970) (987)
Net cash from financing activities 874 63
Effect of foreign exchange rate
changes on cash (5) (22)
------- -------
Net INCREASE (decrease)
in cash and cash equivalents 512 (1,027)
Unrestricted cash and cash
equivalents at beginning of year 2,416 3,443
------- -------
UNRESTRICTED CASH AND CASH
EQUIVALENTS AT JUNE 30 $ 2,928 $ 2,416 |
