TVIN just shot up to .45, up 27% today. That's the all-time high. Here's yesterday's earnings...
GLENN DALE, Md., Aug 8, 2002 (BUSINESS WIRE) -- TVI Corporation today reported
increased sales, net income, and earnings per share for the second quarter and
first half ending June 30, 2002.
On a year to year comparative basis for the period, revenues increased 98% for
the 2nd quarter to $2,046,542 and 68% for the first half to $3,400,360. The
revenue increase was primarily attributable to federal, state, and municipal
government agency awards to TVI for decontamination equipment.
The first orders for 14 Decontamination Systems from Fisher Safety with
Massachusetts Emergency Management Agency (MEMA) as the ultimate end user,
valued at more than $750,000, were received and invoiced in the second quarter.
TVI recently delivered to the CIA Langley a new innovative protective system
designed and fabricated by TVI engineers.
The contract was awarded early this year and totaled $239,000. TVI is currently
working on a $256,000 contract for the Nashville Office of Emergency Management.
This contract is for decontamination systems designed for the local Nashville
hospitals.
In addition to the decontamination systems TVI is providing larger triage and
logistics shelters that come housed in the new TVI designed Heavy Duty
Para-military (HDPM) utilities trailer.
This trailer is designed to be substantially more rugged than the typical
commercial trailers (car trailers) that are now in use and will provide air
conditioning, heating and electricity to the logistics shelters or to a remote
fixed operation center.
Net income increased 86% for the 2nd quarter to $304,263and 48% for the first
half to $515,394. Revenue growth was experienced, and expenses as a percent of
sales declined, which allowed for comparable income increases.
Basic earnings per share for the quarter were $0.012 versus $0.006 a year ago.
Diluted earnings per share for the quarter were $0.011. Basic earnings per share
for the first half were $0.020 versus $0.014 a year ago. Diluted earnings per
share for the first half were $0.018.
Richard Priddy, Chief Executive Officer, said, "We're pleased with the positive
results of the second quarter, and believe it is a result of the wide acceptance
of our decontamination systems across a variety of state and government
agencies. The demand for our product continues to increase, as reflected by our
sales backlog increasing to over $1M."
TVI Corporation Prior Full
Income Statement First Quarter First Half Year
------------- ---------- -----------
For the Three
Months and Six
Months
Ending June 30,
2002 and 2001 2002 2001 2002 2001 2001
---- ---- ---- ---- ----
$ $ $ $ $
REVENUE 2,046,542 1,032,079 3,400,360 2,026,217 4,177,089
COST OF SALES 1,142,138 516,317 1,869,678 1,024,683 2,667,079
GROSS PROFIT 904,404 515,762 1,530,682 1,001,534 1,510,010
GENERAL &
ADMIN EXP 599,098 331,278 1,013,321 622,408 1,356,013
OPERATING
INCOME 305,306 184,484 517,361 379,126 153,997
OTHER INCOME
(EXPENSE) (1,043) (21,377) (1,967) (31,318) (49,248)
NET INCOME
BEFORE TAXES 304,263 163,107 515,394 347,808 104,749
INCOME TAXES - - - - -
NET INCOME 304,263 163,107 515,394 347,808 104,749
AVERAGE
SHARES
OUTSTANDING 26,068,708 25,246,035 25,855,244 25,246,035 25,327,023
BASIC
EARNINGS PER
SHARE 0.012 0.006 0.020 0.014 0.004
DILUTED
EARNINGS PER
SHARE 0.011 0.006 0.018 0.013
FULLY DILUTED
SHARES
OUTSTANDING 28,416,777 27,381,971 28,269,017 27,240,935
About TVI Corporation:
TVI Corporation, located in Glenn Dale, Maryland, is a leading supplier of rapid
deployment shelters and signage, chemical/biological decontamination systems for
the military, public health, and first response agencies. TVI additionally is a
primary source to the military for thermal targets and thermal decoys. Its stock
trades on the OTC Bulletin Board under the symbol "TVIN."
Information in this release involves expectations, beliefs, plans, intentions or
strategies regarding the future, and we assume no obligation to update any such
forward-looking statement. These forward-looking statements involve risks and
uncertainties and are not guarantees of future performance, as actual results
could differ materially from our current expectations.
Numerous factors could cause or contribute to such differences, including, but
not limited to, those set forth in the Company's Annual Report to Stockholders,
10-KSB, 10-QSB, and other SEC filings.
For more information concerning TVI, please visit us at: www.tvicorp.com.
CONTACT: TVI Corporation, Glenn Dale
Richard Priddy, 301/352-8800
URL: businesswire.com
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Copyright (C) 2002 Business Wire. All rights reserved.
-0-
KEYWORD: MARYLAND
INDUSTRY KEYWORD: AEROSPACE/DEFENSE
CHEMICALS/PLASTICS
GOVERNMENT
MEDICAL
EARNINGS
SOURCE:
TVI
Corporation
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