Here is a Homeland Security related stock. I have held this stock for more than ten years. Really a winner in my opinion.
Ken
( BW)(MD-TVI)(TVIN) TVI Posts Record Revenue & Net Income for 2002
Business Editors
GLENN DALE, Md.--(BUSINESS WIRE)--Feb. 25, 2003--TVI Corporation (OTCBB: TVIN) announces record revenue and net income for 2002 and the fourth quarter.
2002 Financial Highlights
-- For the year 2002, TVI Corporation reported record revenue of $11,128,000, a $6,951,000 and 166% increase over 2001.
-- Net income for the year significantly increased to a record of $3,072,000, a $2,967,000 increase over 2001. Return on sales (pretax income divided by revenues) for the full year improved to 28%, up from 3% for 2001.
-- Earnings per share for the year 2002 increased to $0.117 compared to $0.004 for 2001.
-- The Company's liquidity position has also increased substantially. Cash at December 31, 2002 was $1,600,000 vs. $337,000 at the prior year-end.
-- All long-term debt was retired during 2002.
Fourth Quarter Financial Highlights
-- For the fourth quarter of 2002, revenues increased by
$3,426,000 over the same period in 2001 to $4,666,000.
-- Net Income for the fourth quarter 2002 was at a record level
of $1,770,000 compared to a loss of $421,000 in the fourth
quarter 2001.
-- Fourth quarter 2002 earnings per share were $0.066 compared to
a loss of $0.017 for the fourth quarter 2001.
The record revenue levels achieved over the past year are a result of improved market presence and strong distribution coupled with increased federal, state and municipal spending on homeland defense equipment.
In the past year TVI's leadership in the decontamination market has resulted in state-wide awards from Massachusetts, Rhode Island, Delaware, Maine, Maryland and South Carolina. TVI enters 2003 with a backlog of unshipped orders in excess of $2,700,000, the largest January backlog in the Company's history.
Richard Priddy, Chief Executive Officer, said, "We are very pleased with the financial results we have achieved for our shareholders during 2002, and are gratified that our leadership position in the industry is being validated by the various state orders. We believe that we have made key investments in people, facilities, and technologies which have made us more efficient, and are necessary to build on our success."
"I am also encouraged to see our nation's progress in the Homeland Security arena as it relates to equipping our first responders with the tools required to effectively deal with acts of terror."
TVI Corporation
Income Statement
For the Three Months and Twelve Months Ending $ Thousands
December 31, 2002 and 2001
Three Months Twelve Months
Ending Ending
Unaudited December 31, December 31,
2002 2001 2002 2001
---------------- ----------------
$ $ $ $
REVENUE 4,666 1,240 11,128 4,177
COST OF SALES 1,858 1,160 5,239 2,667
---------------- ----------------
GROSS PROFIT 2,808 80 5,889 1,510
GENERAL & ADMINISTRATIVE EXPENSES 1,043 464 2,817 1,356
---------------- ----------------
OPERATING INCOME 1,765 (384) 3,072 154
OTHER INCOME (EXPENSE) 5 (37) - (49)
---------------- ----------------
NET INCOME BEFORE TAXES 1,770 (421) 3,072 105
INCOME TAXES - - - -
NET INCOME 1,770 (421) 3,072 105
================ ================
BASIC AVERAGE SHARES OUTSTANDING 26,929 25,343 26,321 25,327
BASIC EARNINGS PER SHARE 0.0657 (0.0166) 0.1167 0.0041
DILUTED AVERAGE SHARES OUTSTANDING 29,164 25,343 28,546 27,330
DILUTED EARNINGS PER SHARE 0.061 (0.0166) 0.108 0.004
Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "should", "expect", "might result", and others.
These forward-looking statements involve risks and uncertainties and are not guarantees of future performance, as actual results could differ materially from our current expectations.
Such risks and uncertainties include achieving order and sales levels to fulfill revenue expectations; our ability to respond to changes in the counter-terrorism, military, public safety, and first responder communities; adverse changes in governmental regulations; expected costs or charges, certain of which may be outside the control of the Company; the time and costs involved in the marketing and promotion for our products; general economic and business conditions; and competitive factors in our markets and industry generally.
Numerous other factors could cause or contribute to such differences, including, but not limited to, those set forth in the Company's Annual Report to Stockholders, 10-KSB, 10-QSB, and other SEC filings. We assume no obligation to update any such forward-looking statements.
About TVI Corporation:
TVI Corporation, located in Glenn Dale, Maryland, is a leading supplier of rapid deployment shelters and signage, chemical/biological decontamination systems for the military, public health, and first response agencies. TVI additionally is a primary source to the military for thermal targets and thermal decoys. Its stock trades on the OTC Bulletin Board under the symbol "TVIN."
The TVI designation is a service mark of TVI Corporation. All other company and product names mentioned above are trademarks of their respective owners.
Product Innovation and Leadership Since 1977
www.tvicorp.com
--30--DM/ph*
CONTACT: TVI Corporation, Glenn Dale
Richard Priddy, 301/352-8800
or
www.tvicorp.com
KEYWORD: MARYLAND
INDUSTRY KEYWORD: CHEMICALS/PLASTICS MEDICAL DEVICES GOVERNMENT
AEROSPACE/DEFENSE REAL ESTATE EARNINGS
SOURCE: TVI Corporation |
