I think this stock will be north of $10 within a couple years.
(PR NEWSWIRE) Analex Announces 3rd Quarter 2002 Earnings; Earnings Conference
Analex Announces 3rd Quarter 2002 Earnings; Earnings Conference Call will be
Webcast Today
ALEXANDRIA, Va., Oct. 17 /PRNewswire-FirstCall/ -- Analex Corporation
(OTC Electronic Bulletin Board: ANLX) today reported revenues of $16.3 million
for the third quarter of 2002 compared to revenues of $4.1 million for the
prior year quarter, and revenues of $42.3 million for the nine months ended
September 30, 2002 versus revenues of $12.7 million for the comparable nine
month period of 2001.
For the third quarter, Analex reported net income of $914,000 and earnings
before interest and taxes (EBIT) of $1,193,300 compared to net income of
$54,100 and EBIT of $79,300 for the quarter ended September 30, 2001. For
the nine months ended September 30 2002, Analex reported net income of
$1,513,600 and EBIT of $2,316,400 compared to net income of $147,800 and EBIT
of $245,000 for the first nine months of the prior year.
Third quarter earnings were $0.05 per share based on 17 million fully
diluted shares outstanding compared to $0.01 per share for the third quarter
last year with only eight million shares outstanding. For the nine months
ended September 30, 2002, earnings per share increased to $0.09, based on 17
million shares outstanding versus $0.02 per share for the nine months ended
September 30, 2001, based on eight million shares.
The increases in revenues and profitability are primarily due to
significant gains in new business generated by the business units acquired
from the former Analex Corporation, increased revenues from existing
intelligence and biodefense customers and control of overhead costs. The
Company acquired the former Analex in November 2001, subsequently merged into
it and changed the Company's name from Hadron, Inc. to Analex Corporation
effective July 1, 2002. The Company has reported consolidated financial
results since November 2001. If Analex had been acquired on January 1, 2001,
a pro forma comparison of revenues and earnings before interest, taxes
depreciation and amortization (EBITDA) for the three months and nine months
ended September 30, 2002 and 2001 would be as follows: Third quarter revenues
of $16.3 million for 2002 compared to $11.9 million for 2001, and EBITDA of
$1,302,800 in 2002 compared to $550,500 in 2001. The increase in the nine-
month EBITDA figures was primarily due to revenue generated by the NASA ELVIS
contract, under which work commenced during the third quarter. Nine month
revenues of $42.3 million for 2002 compare to $36.8 million in 2001, and 2002
EBITDA of $2,622,300 compares to $1,723,700 for 2001. EBITDA margins for the
first nine months of 2002 were 6.2% compared to EBITDA margins on a pro-forma
basis for the first nine months of 2001 of 4.7%. This increase in
profitability was a reflection of the Company's focus on achieving greater
project profitability while controlling administrative and overhead expenses.
"The last nine months have been busy and productive for Analex. We have
achieved significant top-line growth while continuing to streamline the
company," said Sterling Phillips, Analex President and CEO. "While our
financial results have steadily improved, the most recent quarter clearly
demonstrates the progress we have made and the returns we are now able to
generate. We intend to use our improved financial resources and
competitiveness to continue to grow both the top and bottom lines," he
concluded. Ron Alexander, Analex Senior Vice President and Chief Financial
Officer, added, "The combined effect of growing revenues, controlling costs,
and managing projects and programs to increase profitability has led to the
quadrupling of earnings per share for the past nine months when compared to
last year."
The Company has scheduled a Webcast of its earnings conference call for
11:00 a.m. (ET), today, during which management will make a brief presentation
of third quarter results and operating trends. A question-and-answer session
will follow to further discuss the results. Interested parties can listen to
the conference call over the Internet by logging on to Analex's Website at
analex.com at the scheduled time and following instructions to sign
in for the call. A replay will be available over the Internet and can be
accessed through Analex's homepage. A recorded replay of the conference call
and question / answer session will also be available after 1:00 p.m. (ET)
today. The replay will be available through October 31, 2002 via telephone at
888-286-8010 (replay Pass Code: 63335).
Analex specializes in developing intelligence, systems engineering and
biodefense solutions in support of our nation's security. Analex focuses on
developing innovative technical solutions for the intelligence community,
analyzing and supporting defense systems, designing, developing and testing
aerospace systems and developing medical defenses and treatments for
infectious agents used in biological warfare and terrorism. The Company's
stock trades on the OTC Electronic Bulletin Board under the symbol ANLX. The
Company can be found on the Internet at analex.com. Analex
investor relations can be contacted at (703) 329-9400 or via email at
amber.gordon@analex.com.
PLEASE NOTE: Except for the historical information contained herein, this
press release contains forward-looking statements within the meaning of
Section 21E of the Securities 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 medical research, pharmaceutical 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 scientific,
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. Analex undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
FINANCIAL TABLES FOLLOW
Analex Corporation
Selected Financial Data
(unaudited)
Operating Data:
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Revenues $ 16,318,600 $ 4,137,300 $42,282,300 $12,724,800
EBIT 1,193,300 79,300 2,316,400 245,000
Net Income 914,000 54,100 1,513,600 147,800
Net Income
Per Share:
Basic $0.06 $0.01 $0.11 $0.02
Diluted $0.05 $0.01 $0.09 $0.02
Weighted avg.
# shares:
Basic 14,238,707 6,536,276 14,408,181 6,520,040
Diluted 17,013,845 8,186,996 16,981,384 7,971,382
Actual / Pro-forma
Comparison:
Three Months Ended
September 30,
2002 2001 2001
(actual) (actual) (pro-forma)
Revenues $16,318,600 $4,137,300 $11,927,300
EBITDA 1,302,800 195,000 550,500
Nine Months Ended
September 30,
2002 2001 2001
(actual) (actual) (pro-forma)
Revenues $42,282,300 $12,724,800 $36,847,000
EBITDA 2,622,300 598,000 1,723,700
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SOURCE Analex Corporation
-0- 10/17/2002
/CONTACT: Amber Gordon or Ron Alexander of Analex Corporation,
+1-703-329-9400/
/Web site: analex.com
(ANLX)
CO: Analex Corporation
ST: Virginia
IN: CPR
SU: ERN CCA
*** end of story ***
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