Sensytech, Inc. Delivers Record Breaking Q4 and Fiscal Year Results
BUSINESS WIRE - December 19, 2002 12:24
NEWINGTON, Va., Dec 19, 2002 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ:STST), today announced record breaking revenues and earnings for its fourth quarter and fiscal year ended September 30, 2002.
Driven by increased domestic and international order activity in all three business segments, revenues for the fourth quarter ended September 30, 2002 increased $7,983,000 or 210% to $11,781,000 compared to $3,798,000 for the prior year quarter. Revenue for the fiscal year ended September 30, 2002 increased $15,899,000 or 97% to $32,290,000, compared to $16,391,000 for the prior fiscal year.
Net income for the fourth quarter ended September 30, 2002 was $592,000, or $0.14 per diluted share, an increase of 42% compared to $417,000 or $0.10 per diluted share for the fourth quarter of the prior year. For the fiscal year ended September 30, 2002 net income increased to $2,189,000, or $0.52 per diluted share, an increase of 79% compared to the prior year of $1,224,000, or $.30 per share on a diluted basis.
"We are pleased with our 97% top line growth for the year. This growth was achieved with record volume increases in order activity for both the Communications Group and Imaging Group, as well as through acquisitive growth, with the asset purchase of the FEL business in our Defense Systems Group. We are reporting respectable earnings for the year given the start up inefficiencies associated with reconstituting the production capabilities of the FEL asset purchase," noted S. Kent Rockwell, CEO of Sensytech.
Financial Highlights -- Revenue for the fourth quarter increased 210% over the prior year quarter to $11,781,000 -- Revenue for the fiscal year increased 97% over the prior year to $32,290,000 -- Net Income for the fourth quarter of $592,000, or $0.14 per diluted share, up $0.04 per diluted share, from the prior year quarter -- Net Income for the year of $2,189,000, or $0.52 per diluted share, up $0.22 per diluted share, from the prior year -- Funded Backlog for the fiscal year end of $29,571,000, up 433% from the prior year funded backlog of $5,547,000 About SenSyTech Inc.
Sensytech, Inc. designs, develops and manufactures electronic support measures (ESM), electronic intelligence (ELINT), and threat warning systems, active electronic warfare (EW) systems, airborne imaging systems, communications reconnaissance systems and other special purpose communications equipment serving worldwide markets. Sensytech, through its predecessor companies, has been providing cutting edge technology applications and cost-effective systems solutions for three decades. |
