G...ain' t it great!!! I could not get anybody interested in this one...put it out 4 or 5 times and nothing....hope you bot it...:
(COMTEX) B: SI Technologies Reports FY2002 Diluted EPS of $0.32 Vs. Prio
B: SI Technologies Reports FY2002 Diluted EPS of $0.32 Vs. Prior-Year Loss of
($2.00) Per Share Company Earns $0.12 Per Diluted Share in Fourth Quarter
(Excluding Income Tax Benefit)
TUSTIN, Calif., Nov 4, 2002 /PRNewswire-FirstCall via COMTEX/ -- SI
Technologies, Inc. (Nasdaq: SISI), which designs, manufactures and markets
high-performance industrial sensors, weighing and factory automation equipment
and systems, today announced an impressive earnings turnaround for the fiscal
year ended July 31, 2002.
For the three months ended July 31, 2002, the Company reported net income of
$365,000, or $0.10 per diluted share (excluding an income tax benefit of
$592,000), on net sales of $8.3 million. These results compared with a net loss
of ($1,598,000), or ($0.44) per share, on net sales of $8.4 million, in the
fourth quarter of FY2001. If an income tax benefit of $592,000, or $0.15 per
diluted share, is included, earnings totaled $957,000, or $0.27 per diluted
share, in the quarter ended July 31, 2002.
For the fiscal year ended July 31, 2002, the Company reported record net income
of $1,133,000, or $0.32 per diluted share (excluding an income tax benefit of
$540,000), on net sales of $32.6 million. These results compared with a net loss
of ($7,128,000), or ($2.00) per share, on net sales of $36.3 million, in the
corresponding period of the previous fiscal year. If an income tax benefit of
$540,000, or $0.15 per diluted share, is included, earnings totaled $1,673,000,
or $0.47 per diluted share, in the fiscal year ended July 31, 2002.
Operating results for the year ended July 31, 2001 included a restructuring
charge of approximately $3.8 million involving the consolidation of two of SI
Technologies' subsidiaries, Allegany Technology and Revere Transducers, as well
as a goodwill impairment loss of $2.0 million.
"We are very pleased to report an impressive earnings turnaround for Fiscal
2002," stated Rick Beets, President and Chief Executive Officer of SI
Technologies, Inc. "We are finally beginning to realize significant benefits
from the corporate restructuring that was announced over a year ago. The
restructuring program involved (1) a consolidation of our operating facilities
in the United States, (2) a strategic outsourcing program designed to
significantly lower manufacturing costs on high-volume products, and (3) the
downsizing and relocation of our Revere Transducers facility in California. The
first two steps in this program have been successfully implemented, while we are
awaiting an improvement in the Southern California real estate markets before
taking action on the third component of our restructuring strategy."
"Improved profits during Fiscal 2002 resulted solely from our ability to
eliminate redundant facilities, reduce costs, improve productivity and outsource
the production of high-volume products to offshore suppliers," continued Beets.
"As clearly illustrated by the 10% decline in our sales last year, we received
no help from the economy and our primary markets suffered for a third
consecutive year due to soft capital spending trends throughout the world.
However, we believe that our Company has maintained market share in its
principal markets and that sales should improve when global economies recover."
"Our outlook for Fiscal 2003 is 'guardedly optimistic,' in that we should
realize additional efficiencies from our production outsourcing program, and we
hope that an opportunity may arise to downsize our manufacturing operations in
Southern California into a more cost-effective location. If the global economy
does not weaken further, we are optimistic that a new earnings record can be
achieved in the fiscal year ending July 31, 2003. However, the long- term
benefits of our restructuring program cannot be fully realized until global
capital spending trends improve in such primary markets as forestry, waste
management, steel, aerospace, freight and general manufacturing," concluded
Beets.
In June 2002, the Company amended its principal credit agreement with its bank.
The terms provide for a revolving line of credit up to a maximum of $6,500,000
with interest at prime plus 2.75%. Monthly payments on the line are interest
only with principal due November 30, 2002. The new credit agreement provides a
new term note for $1,500,000 with interest at prime plus 3.25%. Monthly payments
on the new term note are $25,000 plus interest with principal due November 30,
2002. Monthly payments on the existing note payable are reduced to $56,058 plus
interest at prime plus 1.75%, with the remaining terms of the existing note
unchanged. The line and both notes are secured by substantially all of the
Company's assets and are cross- collateralized and cross-defaulted. The Company
is required to maintain certain levels of earnings before interest, taxes,
depreciation and amortization, tangible net worth and fixed charge coverage and
may not pay any cash dividends under terms of the agreement.
SI Technologies, Inc. is a leading designer, manufacturer and marketer of
high-performance industrial sensors/controls, weighing and factory automation
systems and related products. Its proprietary products enjoy leading positions
in their respective markets, while sharing common technologies, manufacturing
processes, and customers. The Company is positioned as an integrator of
technologies, products and companies that are involved in the handling,
measurement and inspection of goods and materials. SI Technologies' products are
used throughout the world in a variety of industries, including aerospace,
aviation, food processing and packaging, forestry, manufacturing, mining,
transportation, warehousing/distribution, and waste management. The Company is
headquartered in Tustin, California, and its common stock is traded on Nasdaq
under the symbol "SISI".
This press release includes statements which may constitute "forward- looking"
statements, usually containing the words "believe," "estimate," "project,"
"expect" or similar expressions. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but are not
limited to, continued acceptance of the Company's products in the marketplace,
competitive factors, dependence upon third-party vendors, and other risks
detailed in the Company's periodic report filings with the Securities and
Exchange Commission. By making these forward- looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
For further information, please contact:
Rick Beets, President and CEO of SI Technologies at 714-505-6483
Or
RJ Falkner & Company, Inc., Investor Relations Counsel at 800-377-9893
or via email at info@rjfalkner.com
SI TECHNOLOGIES, INC.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(In Thousands Except Share Data)
Three Months Ended July 31
2002 2001
Net Sales $8,304 $8,399
Cost of Sales 5,037 5,737
Gross Profit 3,267 2,662
Selling, General & Admin. Expenses 2,260 2,064
Research, Develop. & Engineering Expenses 377 396
Amortization of Intangibles 91 88
Restructuring Charge -- 364
2,728 2,912
Earnings (Loss) from Operations 539 (250)
Interest Expense (214) (315)
Other Income (Expense), net 40 (16)
Earnings (Loss) Before Income Tax Expense 365 (581)
Income Tax (Expense) Benefit 592 (1,017)
Net Income (Loss) $957 $(1,598)
Net Earnings Per Common Share:
Basic $0.27 $(0.44)
Diluted $0.27 $(0.44)
Weighted Average Shares Outstanding:
Basic 3,579,935 3,563,529
Diluted 3,584,571 3,563,529
SI TECHNOLOGIES, INC.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(In Thousands Except Share Data)
Twelve Months Ended July 31
2002 2001
Net Sales $32,613 $36,291
Cost of Sales 20,894 24,342
Gross Profit 11,719 11,949
Selling, General & Admin. Expenses 8,023 8,971
Research, Develop. & Engineering Expenses 1,388 1,621
Amortization of Intangibles 365 426
Restructuring Charge -- 3,844
Goodwill Impairment Loss -- 2,000
9,776 16,862
Earnings (Loss) from Operations 1,943 (4,913)
Interest Expense (904) (1,564)
Other Income, net 94 11
Earnings (Loss) Before Income Tax Expense 1,133 (6,466)
Income Tax (Expense) Benefit 540 (662)
Net Income (Loss) $1,673 $(7,128)
Net Earnings (Loss) Per Common Share:
Basic $0.47 $(2.00)
Diluted $0.47 $(2.00)
Weighted Average Shares Outstanding:
Basic 3,579,935 3,563,529
Diluted 3,584,571 3,563,529
SI TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Data)
July 31, July 31,
2002 2001
Current Assets:
Cash $238 $380
Trade Accounts Receivable, net 5,570 5,980
Inventories, net 9,665 8,584
Other Current Assets 842 899
Total Current Assets 16,315 15,843
Property and Equipment, net 1,968 2,655
Deferred Income Taxes 446 --
Goodwill, net 6,885 7,175
Other Assets 168 237
TOTAL ASSETS $25,782 $25,910
Current Liabilities:
Revolving lines of credit $7,300 $8,542
Current Maturities of Long-term Debt 2,148 5,972
Accounts Payable 3,307 3,249
Accrued Liabilities 2,435 3,257
Total Current Liabilities 15,190 21,020
Long-term Debt, less current maturities 4,039 --
Other Liabilities 360 569
Stockholders' Equity:
Common Stock ($.01 par value, authorized
10,000,000 shares, 3,579,935
shares issued and outstanding) 36 36
Additional Paid-in Capital 10,377 10,377
Retained Earnings (Accumulated Deficit) (3,995) (5,668)
Accumulated other comprehensive loss (225) (424)
Total Stockholders' Equity 6,193 4,321
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $25,782 $25,910
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SOURCE SI Technologies, Inc.
CONTACT: Rick Beets, President and CEO of SI Technologies, Inc.,
+1-714-505-6483; or RJ Falkner & Company, Inc., +1-800-377-98
3,
info@rjfalkner.com, Investor Relations Counsel for SI Technol
gies, Inc.
URL: sitechnologies.com
prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
-0-
KEYWORD: California
INDUSTRY KEYWORD: CPR
CSE
OTC
SUBJECT CODE: ERN
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