here's the recent earnings...conference call this morning too...
PROVO, Utah, Aug. 14 /PRNewswire/ -- Larson-Davis Incorporated
(Nasdaq: LDII) announced today that net sales for the quarter ended June 30,
1997 were $2,147,647 compared to $1,785,904 for the corresponding quarter of
1996. This represents an overall increase of $361,743, or approximately 20%,
compared to the prior year. The increase was due to higher unit sales for
both the core acoustical and newer chemical analysis products. Introductory
shipments of new instruments in the Acoustics and Vibration Division during
the quarter included the System 814, a multifunctional state-of-the-art
handheld sound level meter, and the Model 2210, a battery powered 10-channel
microphone signal conditioner/multiplexer. These instruments provide
increased functionality while maintaining competitive pricing. In the Sensar
Division, beta shipments of CrossCheck were reported for applications
monitoring the curing of polymers in the petroleum industry. The Company has
targeted the development of the Petro Fraction Analyzer as an initial
application of the previously announced supercritical fluid chromatography
(SFC) instrumentation geared towards the petrochemical market. A vital
strategic alliance with Lucent Technologies-Bell Labs for the development of a
particle analysis mass spectrometer was also announced in the second quarter.
Continuing increases in operating costs and related losses from operations
are primarily a result of the Company's planned commitment for the development
of new products and processes, the pursuit of strategic alliances associated
with the development and marketing of the new products, the establishment of
infrastructure to support future product demand, and certain other corporate
objectives. A key component of the increased operating costs is the research
and development costs, which increased to 44% of net sales, compared to 41% in
the quarter ended June 30, 1996.
As announced in May, seven scientific, sales and engineering personnel
were added to the Sensar Division to assist in the commercialization of SFC
products. More recently, Hans Hellsund, BSME, MBA, was recruited and
appointed as the Director of Marketing for the Acoustics and Vibration
Division. In conjunction with this designation, an Advanced Development Group
was formed to explore new product development and market opportunities in
sound and vibration applications. According to Brian Larson, CEO and President
of Larson-Davis, "The Company's commitment to excellence is clearly
demonstrated by the caliber of personnel we recruit, representing the
brightest and most skilled in their respective industries. Investing in such
talent reflects our primary objective to significantly increase product sales
and market penetration in both the Sensar Division and the Acoustics and
Vibration Division."
The Company will host a conference call at 9:00 A.M. Eastern Time August
15, 1997 to discuss its operating results for the second quarter. To
participate in the conference call, please call (800) 263-9156. Recorded
playback of the conference call will be available from approximately one hour
after the completion of the call until 12:00 midnight Eastern Time, Monday
August 18, 1997. The playback may be accessed by calling (800) 633-8284, and
entering the reservation number 3058895 at the prompt.
The following is selected financial data as of June 30, 1997 and
December 31, 1996; and for the three months and six months ended June 30,
1997, and for the corresponding periods of 1996. This selected financial data
should be read in conjunction with the Company's reports on Forms 10-K and
10-Q, which are available upon request.
Statement of Operations Data
For the three months ended June 30,
1997 1996
(unaudited) (unaudited)
Net sales $2,147,647 $1,785,904
Cost of sales 1,158,085 1,186,457
Research and development 953,541 739,187
Selling, general, and
administrative 1,500,499 1,201,906
Net loss (1,479,468) (1,535,332)
Loss per common share (0.13) (0.17)
Weighted average common shares 11,418,781 9,257,953
For the six months ended June 30,
1997 1996
(unaudited) (unaudited)
Net sales $4,352,345 $4,103,334
Cost of sales 2,366,452 2,292,048
Research and development 1,900,752 1,320,794
Selling, general, and
administrative 2,862,524 2,109,078
Net loss (2,822,547) (1,926,179)
Loss per common share (0.25) (0.23)
Weighted average common shares 11,267,295 8,649,572
Balance Sheet Data
As of
June 30, 1997 December 31, 1996
(unaudited)
Cash and cash equivalents $3,191,467 $2,696,542
Total current assets 9,833,073 9,521,665
Total assets 20,725,918 19,906,521
Total current liabilities 2,232,161 2,951,754
Total liabilities 3,676,216 4,234,648
Total stockholders' equity 17,049,702 15,671,873
Larson-Davis Incorporated, headquartered in Provo, Utah, develops,
manufactures, and markets leading edge, ultra-sensitive measuring
instrumentation equipment and software for the chemical, gas, acoustics and
vibration markets. Its customers are major industrial companies as well as
government and military agencies.
This press release contains certain forward-looking statements that are
subject to risks and uncertainties that could cause actual results to differ
materially from those statements. These risks include, but are not limited
to, the Company's ability to secure necessary funding, the completion of
commercial products within projected time frames, market acceptance of
resulting products, technological change, the Company's ability to defend its
intellectual property rights, dependence on independent market
representatives, competitive pressures, and the Company's ability to enter
into strategic alliances. These factors and other risks are discussed in
detail in the Company's filings with the Securities and Exchange Commission. |
