Press Release Source: Analex Corporation
Analex Announces 86% Increase in 1st Quarter Earnings; 28% Increase in Revenues
Tuesday April 22, 8:11 am ET
Earnings Conference Call Will Be Webcast Today
ALEXANDRIA, Va., April 22 /PRNewswire-FirstCall/ -- Analex Corporation (Amex: NLX - News) today reported first quarter 2003 revenue of $16.6 million, a 28% increase over the prior year. For the quarter ended March 31, 2003, Analex's net income of $735,400 represents an 86% increase compared to the prior year. The growth in revenue resulted primarily from the company's Expendable Launch Vehicle Integrated Support (ELVIS) contract with NASA and the general growth of revenues in its Homeland Security Group.
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Operating profit for the first quarter as measured by earnings before interest and taxes (EBIT), was $1.1 million, an increase of more than 69% over 2002 first quarter EBIT of $673,100. This represents EBIT margins of 6.9% compared to 5.2% a year earlier. The EBIT increases were attributable to increased operating margins at each of Analex's three operating units. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 65%, from $768,000 in first quarter 2002 to $1.3 million this year, with EBITDA margins rising from 5.9% to 7.6%.
First quarter 2003 net income of $735,400 increased 86% compared to $395,200 reported for the first quarter of the prior year. The company's net margin increased from 3.0% in the first quarter of 2002 to 4.4% this year. Earnings per share (EPS) for first quarter 2003 were $0.04 based on approximately 17.1 million fully-diluted shares outstanding compared to $0.02 per share for the first quarter last year, an increase of 100%. The improvement in net income resulted from the increase in operating profit and a reduction in interest expense, offset by an increased provision for income taxes.
"The significant growth of earnings and revenue reported by Analex in the first quarter of 2003 reflects the contributions of the NASA ELVIS contract awarded last summer, steady growth in our homeland security business and continued focus on control of indirect expenses," said Sterling Phillips, Analex President and CEO.
The company has scheduled a Webcast of its earnings conference call for 11:00 a.m. (ET), today, during which management will make a brief presentation of first quarter results and operating trends.
A question-and-answer session will follow to further discuss the results. Interested parties can listen to the conference call over the Internet by logging on to Analex's Website at www.analex.com at the scheduled time and following instructions to sign in for the call. A replay will be available over the Internet and can be accessed through Analex's homepage. A recorded replay of the conference call and question / answer session will also be available after 1:00 p.m. (ET) today. The replay will be available through May 23, 2003 via telephone at 888-286-8010 (replay Pass Code: 3588551).
Analex specializes in providing intelligence, systems engineering and biodefense services in support of our nation's security. Analex focuses on developing innovative technical approaches for the intelligence community, analyzing and supporting defense systems, designing, developing and testing aerospace systems and developing medical defenses and treatments for infectious agents used in biological warfare and terrorism. The company's stock trades on the American Stock Exchange under the symbol NLX. The company can be found on the Internet at www.analex.com. Analex investor relations can be contacted at (703) 329-9400 or via email at amber.gordon@analex.com.
PLEASE NOTE: Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. These forward-looking statements may be identified by reference to a future period by use of forward-looking terminology such as "anticipate," "expect," "could," "intend," "may" and other words of a similar nature. There are certain important factors and risks that could cause results to differ materially from those anticipated by the statements contained herein. Such factors and risks include business conditions and growth in the medical research, pharmaceutical and government contracting arenas and in the economy in general. Competitive factors include the pressures toward consolidation of small government contracts into larger contracts awarded to major, multi-national corporations; and the Company's ability to continue to recruit and retain highly skilled scientific, technical, managerial and sales/marketing personnel. Other risks may be detailed from time to time in the Company's filings with the Securities and Exchange Commission. Analex undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FINANCIAL TABLE FOLLOWS
Analex Corporation
Selected Financial Data
Three Months Ended
March 31,
(unaudited)
2003 2002 % Increase
Revenues $ 16,631,200 $ 13,035,500 28%
EBIT 1,139,900 673,100 69%
Net Income 735,400 395,200 86%
Net Income Per Share:
Basic $0.05 $0.03
Diluted $0.04 $0.02 100%
Weighted avg. # shares:
Basic 14,445,356 14,385,725
Diluted 17,112,705 16,796,764
EBITDA $ 1,264,400 $ 768,400 65%
- Amortization (100,200) (65,500)
- Depreciation (24,300) (29,800)
EBIT $ 1,139,900 $ 673,100 69%
Margins
EBIT 6.9% 5.2%
Net Income 4.4% 3.0%
EBITDA 7.6% 5.9%
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