HTEK Nasdaq 1.65/1.70...solid numbers...deserves to be higher..3.2m outstanding...52wh 3.75:
B: Hytek Reports Second Quarter Results; Revenues and Earnings
B: Hytek Reports Second Quarter Results; Revenues and Earnings Both Up Over
Prior Year Quarter
CARSON CITY, Nev., Aug 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- Hytek
Microsystems, Inc. (Nasdaq: HTEK) announced today unaudited results for the
fiscal second quarter and six months ended June 29, 2002.
The Company recorded a net profit of $122,000, or $0.04 per diluted share, for
the quarter ended June 29, 2002, on revenues of $3.2 million, compared to a net
profit of $11,000, or $0.00 per share, on revenues of $2.8 million, for the
prior year second quarter. This represents a significant increase in net income
and a 14% rise in revenues for the second quarter.
For the six months ended June 29, 2002, net profit was $318,000 on revenues of
$6.8 million as compared to a net loss of $652,000 on revenues of $4.1 million
for the prior year six-month period. This represents a turnaround in net income
and a 66% increase in revenues for the six-month period just ended.
"We are happy to have continuing strength in revenues and positive operating
results in the recent quarter," said Chuck Byrne, Hytek Chairman and CEO. "In
comparison to the prior year, we have improved gross margin and effectively
controlled operating costs for the first six months of 2002. Further, we have
increased working capital by $357,000 during the six-month period," said Byrne.
At June 29, 2002, the company's total backlog was approximately $7.2 million, of
which approximately $6.2 million was scheduled to ship during the remainder of
2002. Total backlog was also $7.2 million at 2001 fiscal year-end. The company
currently has 132 employees on payroll, up from 120 at fiscal 2001 year-end.
"Our major business in the first six months of 2002 has been a combination of
military-aerospace, geophysical exploration and medical applications. We have
on-going backlog in these markets and expect to have continuing opportunities
for additional business in these markets in the future," noted Byrne.
During the second quarter, the Company renegotiated its line of credit with Bank
of the West to reduce the amount available from $1,000,000 to $500,000 and to
revise the financial covenants. The amount outstanding at June 29, 2002 was
$425,000, down from $850,000 at December 29, 2001. The Company is in compliance
with all the current loan covenants as of June 29, 2002. The auditor's opinion
on the Company's financial statements for fiscal 2001 contained a "going
concern" qualification, which was in part attributable to non-compliance with
loan covenants at that time.
Founded in 1974, Hytek, headquartered in Carson City, Nevada, specializes in
hybrid microelectronic circuits that are used in medical applications, oil
exploration, military applications, satellite systems, industrial electronics,
opto-electronics and other OEM applications.
This release contains forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially. Investors are warned that
forward-looking statements involve risks and uncertainties due to certain
factors, including, but not limited to, customer rescheduling or cancellation of
orders, changes in the nature of or demand in the Company's markets, inability
to develop new products or increase market share in new or existing markets,
downturns in general economic conditions and shortages of raw materials.
Note: News releases and other information regarding Hytek Microsystems can be
accessed on the Internet at hytek.com , or ctapr.com
For further information, please contact Chuck Byrne, Chairman & CEO of Hytek
Microsystems, Inc., +1-775-883-0820; or Bevo Beaven, Vice-President, or Greg
Powell, Sr. V.P. -- General Manager, both of CTA Public Relations,
+1-303-665-4200, for Hytek Microsystems, Inc.
HYTEK MICROSYSTEMS, Inc.
FINANCIAL SUMMARY
(In thousands except per share data)
INCOME STATEMENT DATA Quarter Ended Six Months Ended
6/29/02 6/30/01 6/29/02 6/30/01
Net revenues $3,206 $2,771 $6,780 $4,084
Net income $122 $11 $318 $(652)
Basic & diluted
earnings per share $0.04 $0.00 $0.10 $(0.20)
BALANCE SHEET DATA 6/29/02 12/29/01
Assets
Current assets $6,123 $6,955
Net property, plant
and equipment 1,144 1,179
Total assets $7,267 $8,134
Liabilities and equity
Current liabilities $1,993 $3,182
Shareholders' equity 5,274 4,952
Total liabilities
and equity $7,267 $8,134
SOURCE Hytek Microsystems, Inc. |
