Sensytech, Inc. Delivers Record Breaking Q1 Results
BUSINESS WIRE - February 13, 2003 08:34
NEWINGTON, Va., Feb 13, 2003 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ: STST), today announced record breaking revenues and earnings for its first quarter ended December 31, 2002.
Revenue for the first quarter ended December 31, 2002, increased $7,314,000 to $11,723,000, up 166%, compared to $4,409,000 for the prior year quarter.
Net income for the first quarter ended December 31, 2002, was $804,000, or $0.16 per diluted share, an increase of 95% compared to $413,000, or $0.10 per diluted share for the prior year quarter.
"The activity in all three business segments continues to be high in terms of new business development and current order delivery. As a result, we were able to meet our expectations for quarterly performance. Funded backlog increased to approximately $34,980,000 as we entered the second quarter, driven by a book to bill ratio in the first quarter of 1.4. This should permit a continuing improvement of revenues and EPS in the next quarter," noted S. Kent Rockwell, CEO of Sensytech.
Mr. Rockwell further stated, "In addition, we completed a successful offering in the first quarter. The support we received from both institutional and retail investors afforded us the ability to raise the capital to credibly pursue acquisitive growth in our markets. As noted in our press release of February 11, 2003, we have signed a letter of intent to purchase the shares of common stock of Codem Systems, Inc., which will expand our presence and product offerings in the intelligence community and select international markets."
Financial Highlights
-- Revenue for the first quarter increased 166% over the prior year quarter to $11,723,000 -- Net Income for the first quarter of $804,000, or $0.16 per diluted share, up $0.06 per diluted share from the prior year quarter -- Funded Backlog for the first quarter was $34,980,000, up 336% from the prior year quarter funded backlog of $8,020,000 |
