Acquisition of Analex Corporation had been completed/Earnings out.
ALEXANDRIA, Va., Nov. 14 /PRNewswire/ -- Hadron, Inc. (OTC Bulletin Board: HDRN - news) today reported earnings for the third quarter and nine months ended September 30, 2001, and also announced that its acquisition of Analex Corporation had been completed.
The completed acquisition of Analex Corporation, announced last week, triples its number of employees and approximately doubles its revenue base. The consolidated company will have 450 employees and 2001 revenues of approximately $45 million. In connection with the acquisition, Hadron expanded its Board of Directors and named Mr. Peter Belford and Ms. Shawna Stout as members of the Board. Mr. Belford was President of Analex prior to the acquisition and will continue as President of Hadron's new Analex subsidiary. Ms. Stout is Managing Partner of S Co., LLC, an investment management firm, and was Director of Finance for DPC Technologies, prior to its sale to Northrop Grumman Corporation.
``We are pleased to have completed this transaction,'' said Sterling Phillips, Hadron's President and CEO. ``The end of the acquisition process marks the beginning of a larger, more efficient and competitive company, with significant strength in the arena of United States homeland security,'' he added.
Hadron reported revenues of $4.1 million for the third quarter of fiscal 2001 compared to revenues of $4.7 million for the prior year quarter, and revenues of $12.7 million for the nine months ended September 30, 2001 versus revenues of $14.3 million for the comparable nine-month period of the prior fiscal year.
For the nine months ended September 30, 2001, Hadron recorded operating income of $287,000 compared to $196,400 and net income of $147,800 versus a net loss of $51,200 for the comparable nine months of the previous year. For the third quarter, the Company reported operating income of $124,200 and net income of $54,100 ($0.01 net income per share) compared to operating income of $136,100 and net income of $62,600 ($0.01 net income per share) for the comparable quarter of fiscal 2000. In the three months ended September 30, 2001, Hadron recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of $195,000; and for the nine months year to date, EBITDA was $598,000.
``Hadron's steady financial performance provides a base from which the Company can grow -- both from internal new business development and from acquisitions such as Analex,'' said Ron Alexander, Hadron's newly appointed Chief Financial Officer.
Hadron specializes in developing intelligence and biodefense solutions in support of our Nation's security. Hadron focuses on developing innovative technical solutions for the intelligence community, analyzing and supporting defense systems and developing medical defenses and treatments for toxic agents used in biological warfare and terrorism. The Company's stock trades on the OTC Electronic Bulletin Board under the symbol HDRN. Hadron can be found on the Internet at hadron.com . Hadron investor relations can be contacted at 703-329-9400 or via email at agordon@hadron.com.
Hadron, Inc.
Selected Financial Data
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2001 2000 2001 2000
Revenues $4,137,300 $4,703,700 $12,724,800 $14,337,700
Operating Income 124,200 136,100 287,000 196,400
Net Income (Loss) 54,100 62,600 147,800 (51,200)
Net Income (Loss)
Per Share:
Basic $0.01 $0.01 $0.02 $(0.01)
Diluted $0.01 $0.01 $0.02 $(0.01)
Weighted avg.
# shares:
Basic 6,536,276 5,916,209 6,520,040 4,608,111
Diluted 8,186,996 6,605,045 7,971,382 4,608,111
Sept. 30, 2001 Dec. 31, 2000
(unaudited)
Total Shareholders'
Equity $2,224,700 $2,001,900
Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. These forward-looking statements may be identified by reference to a future period by use of forward-looking terminology such as ``anticipate,'' ``expect,'' ``could,'' ``intend,'' ``may'' and other words of a similar nature. There are certain important factors and risks that could cause results to differ materially from those anticipated by the statements contained herein. Such factors and risks include business conditions and growth in the information services, engineering services, software development and government contracting arenas and in the economy in general. Competitive factors include the pressures toward consolidation of small government contracts into larger contracts awarded to major, multi-national corporations; and the Company's ability to continue to recruit and retain highly skilled technical, managerial and sales/marketing personnel. Other risks may be detailed from time to time in the Company's filings with the Securities and Exchange Commission. Hadron undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Hadron, Inc. |
