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B: Sonics & Materials Reports Fiscal Year End 2002 Results
B: Sonics & Materials Reports Fiscal Year End 2002 Results
NEWTOWN, Conn., Oct 1, 2002 (BUSINESS WIRE) -- Sonics & Materials, Inc.
("Sonics") (OTCBB:SIMA) today reported that the Company had net income of
$485,921 or $.14 per basic and diluted share for fiscal year 2002.
For fiscal year 2001 the Company had a net loss of $2,078,215, or $.59 per basic
and diluted share. Revenues for fiscal year 2002 were $9,274,227, as compared to
revenues of $11,347,937 for fiscal year 2001. The decline in revenues is a
result of the sale of 90% of the common stock of its wholly-owned subsidiary,
Tooltex, Inc. The sale was completed in the first quarter of fiscal year 2002,
at which time the consolidation of Tooltex operations ceased. During the first
quarter of fiscal year 2002 the Company also sold its Newtown, Connecticut
headquarters for $4,000,000 in a sale-leaseback transaction. The Company used
the proceeds from the sale-leaseback transaction to pay down most of its bank
debt and to increase working capital.
Sonics & Materials manufactures ultrasonic welding equipment, spin welding
equipment, and vibration welding equipment, all of which are used in the bonding
of plastics. The Company also manufactures ultrasonic liquid processors. The
Company's equipment is installed at locations around the world, serving such
diverse industries as automotive, electronics, textiles, medical device,
packaging, and a wide range of other manufacturing and research applications.
Its headquarters are in Newtown, Connecticut. The Company also has a division in
Pennsylvania, and a branch office in Gland, Switzerland. The Company's website
can be found at www.sonicsandmaterials.com. |
