3Qtr 02 results (17 Oct). Also, SBL is discussed at SI Stock Talk: Transportation: Symbol Technologies--A Supply Chain Play. That thread has a bit more discussion than this one.
Harry J.
PS - I've held SBL off and on, mostly on, since the late '80s but have no other relationship to the company.
PR from SBL's website --
SYMBOL TECHNOLOGIES REPORTS THIRD--QUARTER RESULTS
HOLTSVILLE, N.Y., October 17, 2002 Symbol Technologies, Inc. (NYSE:SBL ), a global leader in mobile information management systems, today announced its results for the third quarter ended September 30, 2002.
Revenue for the third quarter ended September 30, 2002, was $339.5 million, compared to $331.2 million in the corresponding year-earlier period. Net earnings, presented in accordance with generally accepted accounting principles (GAAP), were $13.1 million, or $0.06 diluted earnings per share, compared to a net loss of $35.7 million, or $0.16 per share, in the corresponding year-earlier period. Excluding a nonrecurring charge of $2.5 million, after tax, related to the hiring of the Company's president and chief operating officer, net earnings for the third quarter of 2002 were $15.6 million, or $0.07 diluted earnings per share. Excluding a nonrecurring charge associated with the reorganization of the Company's manufacturing facilities of $48.3 million, after tax, net earnings for the third quarter of 2001 were $12.6 million, or $0.06 diluted earnings per share.
As previously disclosed, the Securities and Exchange Commission has initiated an investigation with respect to certain accounting matters, principally concerning the timing and amount of revenue recognized by the Company during the period from Jan. 1, 2000, to Dec. 31, 2001. More recently, the Company has learned that the United States Attorney's Office for the Eastern District of New York has commenced a related investigation. The Company has been informed that it is not currently a target of that investigation. The Company is cooperating with both investigations.
In addition, the Company has commenced, as previously disclosed, its own investigation of these matters with the assistance of an outside law firm and independent accounting firm. The Company expects to complete the internal investigation this quarter, and, based on preliminary findings of the internal investigation, the Company believes that it may well have to restate its revenue and income previously reported in financial statements principally issued with respect to 2000, 2001 and 2002. However, the amounts and time periods of any potential restatement have not been ascertained. In addition, prior to there being any restatement, the results of the internal investigation must be reviewed by the Company's independent auditors.
Based on preliminary findings, the Company currently believes that the revenue to be reversed or reversed and restated in later fiscal years or otherwise adjusted as a result of a restatement would amount to less than 10 percent of the revenue originally reported for the fiscal years 2000 and 2001. The Company further expects, based on the investigation to date, that the potential restatement would likely result in a net reduction of previously reported net income and revenue in 2000 and a net increase in previously reported net income and revenue in 2001 and 2002. Such a restatement is not expected to have a material impact on the Company's balance sheet as of Sept. 30, 2002. Because the initial investigation is not yet complete, any actual restatement may vary from the foregoing estimates, may involve other issues, and would likely affect comparisons between currently reported amounts and amounts reported for previous periods.
[Richard Bravman, Vice Chairman and Chief Executive Officer] "We are confident in Symbol's fundamentals and have already made numerous changes in operating procedures and systems to address the issues that have come to light in the review process. I can assure our investors, partners, customers and Associates that we are determined to facilitate the earliest possible and most complete closure of outstanding legal and accounting issues so that Symbol is in a position to realize its full potential for the benefit of all of our constituencies," said Richard Bravman, Vice Chairman and Chief Executive Officer.
[William Nuti, President and Chief Operating Officer] "Symbol is pleased to report sequential quarterly and year-over-year improvement in revenue, profit and balance sheet performance. Although these are challenging times, we have reason to be confident ? albeit cautiously so ? that we can continue to grow and drive steady improvements in financial results, in spite of the continuing depressed state of IT capital spending and uncertainties in the broader macroeconomic and geopolitical environment," said William Nuti, President and Chief Operating Officer.
A conference call has been scheduled for today beginning at 4:45 pm ET and may be accessed through the Symbol website at www.symbol.com/investors or by using the telephone dial-in number which is: 719-457-2653 . A telephonic replay will be available today beginning at 7:45 pm ET through October 24th on a 24-hour non-stop basis. The dial-in number to access this replay is: 719-457-0820 Pass Code: 646918. Also, an audio taped replay will be available indefinitely through the Symbol website.
Symbol Technologies, founded in 1975, is a global leader in secure mobile information systems that integrate application-specific hand-held computers with wireless networks for data and voice and bar code data capture. Symbol products and services increase productivity and reduce costs for the world's leading retailers, logistics and transportation companies, government agencies, manufacturers and providers of healthcare, hospitality and security. More information is available at www.symbol.com and 1-800-722-6234 or 631-738-2400.
[snip safe harbor & business decription in the PR.] |
