Sensytech, Inc. Announces Record-Breaking Earnings for Third Quarter
BUSINESS WIRE - August 14, 2002 18:55
NEWINGTON, Va., Aug 14, 2002 (BUSINESS WIRE) -- Sensytech, Inc. (Nasdaq:STST), today announced earnings of $.16 per share on revenue of $9.0 million for the quarter ended June 30, 2002, compared to $.08 per share on revenue of $4.1 million for the quarter ended June 30, 2001. The quarterly EPS increase of 100% over the same prior year period was driven primarily by revenue increases of 118% over the prior year period. Year-to-date earnings for the nine months ended June 30, 2002 were $.38 per share on revenue of $20.5 million, compared to $.20 per share on revenue of $12.6 million for the nine months ended June 30, 2001. The year-to-date increase in revenues of 63% has fueled the higher year-to-date EPS growth of 90%.
Mr. S. Kent Rockwell, CEO of Sensytech, Inc., stated, "The current trend in revenue growth is expected to be maintained in the next few quarters as we continue to experience increased demand for our products and applied engineering development efforts. Our present development efforts should afford us the opportunity to capture significant follow-on production work in the coming quarters as the order process is completed. We are now focusing on the hiring of additional personnel to enable us to meet increased order activity with higher production capacity. Our funded and firm backlog has increased 635% when compared to the same nine month period last year.
"Demand for Homeland Security equipment and military defense applications continues to run at a substantially higher pace than the prior year. Our international marketing strategy implemented three years ago is now demonstrating some positive responses which, if concluded successfully, could lead to sizeable increases in backlog over the next six months. We have experienced some delays in the international markets as U.S. security requirements are being more rigorously scrutinized in the post September 11th environment.
"Management believes the opportunities for the future appear to be quite positive and is focusing on operating structures and capitalization issues to assure that the Company is in a proper position to best benefit from the currently enhanced market environment for our products and services." |
