SEMX Corporation Reports Record Fourth Quarter and Fiscal Year 2000 Revenues
ARMONK, N.Y., Feb. 13 /PRNewswire/ -- SEMX Corporation (the ``Corporation'') (Nasdaq: SEMX - news), reported record fourth quarter revenue of $20.9 million, up 28.9% from the fourth quarter of 1999 and up 9.5% from third quarter 2000. For the year ending December 31, 2000, revenue was a record $74.1 million, up $12.7 million or 20.7%, over fiscal year 1999, excluding $2.1 million of sales from the Corporation's connector business that was sold early last year.
The Corporation reported fourth quarter net income of $631,000 with basic earnings per share of $0.10 as compared to $112,000 or $0.02 per share from the third quarter of 2000, and $1,073,000 or $0.18 per share from the fourth quarter last year. For the full year ended December 31, 2000, the Corporation reported net income of $2,141,000 and basic earnings per share of $0.34, down 40.4% from fiscal year 1999, excluding the gain on the sale of the Corporation's connector business.
The record revenues and increase in net income in the fourth quarter was primarily attributable to the Polese division's improved performance.
Gilbert D. Raker, Chairman of the Board, said, ``The fourth quarter improvement in revenues and earnings is derived from leveraging the Corporation's strengths in thermal management through vertical integration and reflects the investment that the Corporation has made during the year in people, technology and equipment.''
Frank J. Polese, Vice Chairman of the Corporation and President of the Materials Group said, ``The Polese division continues to focus on improving its management and engineering staff to support our assembled products, materials and packaging operations. This was evident in the fourth quarter's 49.2% increase in gross profit at the Polese division as compared to the third quarter of 2000. Revenue growth at the SPM division has had sequential increases since the third quarter of 1999 and is 33% higher for the year 2000 than 1999. This growth is an affirmation of our strategy to expand our overseas operations and become a global supplier to the wireless, Internet and fiber optic infrastructure industries.''
Mike Best, Chief Financial Officer, said, ``The financial results of the fourth quarter demonstrate an improving trend. The Polese division went from a 20.4% gross margin in the third quarter to 27.4% in the fourth quarter, a dramatic increase. The Corporation has now had sequential growth in revenues, quarter-to-quarter, since the fourth quarter of 1999. The record revenues of $20.9 million in the fourth quarter demonstrate an annualized run-rate of $84 million, highest in the Company's history. Customer backlog is at an all-time high, so our focus going forward is to continue improving our operating margins and expand further our reach into fiber optics, wireless and Internet infrastructure business, thereby increasing profit.'' |
