[news]
Here are the earnings. Looks like earnings = 0.23/share, vs.
$0.01 last year same quarter, and $0.60 for 12 months ended
31 Oct, vs. $0.41 for same period a year ago.
biz.yahoo.com
Wednesday December 17, 4:04 pm Eastern Time
Company Press Release
SOURCE: Optical Coating Laboratory, Inc.
Optical Coating Laboratory, Inc. Reports Fourth Quarter
Results
SANTA ROSA, Calif., Dec. 17 /PRNewswire/ -- Optical Coating Laboratory, Inc. (''OCLI'')
(Nasdaq: OCLI - news) today announced results for its fiscal year 1997 ending October 31, 1997.
Revenue for 1997 totaled a record $217.8 million, an increase of 15% over revenue in 1996 of
$189.2 million. Income from operations for fiscal 1997 totaled $15.9 million which represents an
increase of 29% over $12.4 million reported for fiscal 1996. Income from operations includes a
one-time charge of $600,000 taken to restructure the administrative support for Flex Products,
Inc. (''Flex'') in accordance with the settlement agreement with SICPA Holding S.A. (''SICPA'')
reached in November 1997. Flex is a 60% owned joint venture with SICPA. Net income
applicable to common stock in 1997 totaled $6.4 million, or $.60 per share compared to $4.2
million or $.41 per share in 1996. This represents a 46% increase in earnings per share in 1997
compared to 1996.
For the fourth quarter ended October 31, 1997, revenue totaled $58.6 million, a 22% increase
over revenue of $48.1 million reported in the fourth quarter of 1996. Income from operations
which includes the aforementioned one-time restructuring charge at Flex, totaled $5.0 million in
the fourth quarter compared to $871,000 reported in the fourth quarter of 1996. Net income
applicable to common stock, totaled $2.6 million or $.23 per share in the fourth quarter of 1997
compared to $112,000, or $.01 per share, in the same period of 1996.
As of October 31, 1997, OCLI's order backlog, including orders for Flex, totaled $62.2 million
compared to $51.6 million at the end of fiscal 1996.
Commenting on the Company's operating results, Herb Dwight, OCLI's Chairman and CEO
stated,
''Fiscal 1997 revenue growth was driven by increasing demand in the
telecommunications, satellite solar power and office automation markets
and by increased sales at Flex of optically variable pigment. In 1997,
telecommunications and solar revenue increased by $25.0 million to
$35.1 million, Flex Products' revenues increased $9.2 million to
$39.8 million and office automation revenues increased $6.2 million to
$39.6 million. Revenues in our display markets decreased by $4.6 million
to $59.8 million, primarily due to a decline in Glare/Guard(R)
aftermarket products; and revenues in our other markets decreased by
$7.2 million to $43.5 million in 1997, primarily due to a decrease in our
defense business and one-time revenues from license and technology
transfers recorded in 1996.
''Overall improvement in operating profit is attributed to increases
in volume and improvement in factory productivity.
''Revenues and profits from demand for WDM products in the
telecommunications market continued to be a key element of OCLI's overall
improvement in 1997.
''During 1998, we expect consistent improvement in revenue growth and
net income compared with 1997.''
Except for historical information contained herein, the matters discussed in this news release are
forward-looking statements that involve risks and uncertainties. Actual results may vary
significantly based on a number of factors including, but not limited to: product development,
commercialization and technological difficulties; manufacturing cost, yield and throughput
issues associated with initiating production at new facilities; the impact of competitive products
and pricing; changing customer requirements and buying patterns; timely availability and
acceptance of new products; and the change in economic conditions of the various markets the
Company serves.
OCLI is the world's largest independent manufacturer of optical thin film coated components
used to manage light. OCLI's products are found in many applications including computer
monitors, flat panel displays, telecommunication systems, photocopiers, fax machines,
medical/analytical equipment and instruments, projection imaging systems, satellite power
systems and aerospace and defense systems. Flex Products, Inc., designs and manufactures thin
film coatings on flexible substrates using high vacuum roll-to-roll processes. Flex supplies
critical pigments for use in anti-counterfeiting applications, energy conserving window film for
residential, commercial, and automotive applications, photoreceptor components for copiers and
ChromaFlair(R) interference pigments for commercial paints.
OPTICAL COATING LABORATORY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Twelve Months
Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1997 1996 1997 1996
Revenues $58,596 $48,061 $217,829 $189,195
Cost of sales 37,959 33,269 143,207 126,769
Gross profit 20,637 14,792 74,622 62,426
Operating Expenses:
Research and development 4,447 3,789 14,903 11,733
Selling and administrative 11,014 9,835 42,836 37,145
Amortization of intangible assets 224 297 936 1,146
Total operating expenses 15,685 13,921 58,675 50,024
Income from operations 4,952 871 15,947 12,402
Other income (expense):
Interest income 126 188 461 379
Interest expense (944) (972) (4,030) (3,524)
Income before provision
for income taxes
and minority interest 4,134 87 12,378 9,257
Provision for income taxes 1,321 (151) 4,622 3,425
Minority interest 102 (114) 631 636
Net income 2,711 352 7,125 5,196
Dividend on convertible
redeemable preferred stock 125 240 693 960
Net income applicable
to common stock $2,586 $112 $6,432 $4,236
Net income per common
and common equivalent share $0.23 $0.01 $0.60 $0.41
Weighted average number
of common and common
equivalent shares (in thousands) 11,148 10,358 10,358 10,673
Orders booked $51,133 $41,150 $228,414 $192,890
Backlog of orders $62,211 $51,627 $62,211 $51,627
OPTICAL COATING LABORATORY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(Unaudited)
October 31, October 31,
1997 1996
ASSETS
Current Assets:
Cash and short-term
investments $15,217 $16,027
Accounts receivable, net 34,923 27,700
Inventories 22,829 18,701
Deferred income tax assets 5,966 5,165
Other current assets 2,211 2,478
Total Current Assets 81,146 70,071
Other Assets and Investments 9,033 15,131
Property, Plant and
Equipment 182,411 168,669
Less accumulated
depreciation (89,194) (81,100)
Property, Plant and
Equipment -- Net 93,217 87,569
Total Assets $183,396 $172,771
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $14,301 $7,199
Accrued expenses 6,854 6,566
Accrued compensation expenses 8,752 7,057
Current maturities on
long-term debt 7,888 4,981
Notes payable 381 3,112
Income taxes payable 339 1,823
Deferred revenue 900 1,246
Total Current Liabilities 39,415 31,984
Accrued postretirement health
benefits and pension
liabilities 2,040 2,308
Deferred income tax
liabilities 688 1,804
Long-term debt 40,975 45,788
Minority interest 13,315 11,328
Convertible redeemable
preferred stock 5,559 11,309
Common stockholders' equity 81,404 68,250
Total Liabilities and
Stockholders' Equity $183,396 $172,771
SOURCE: Optical Coating Laboratory, Inc. |
