improvement - well some is better than none...
Larson-Davis Incorporated Announces Second Quarter 1998 Results
PROVO, Utah--(BUSINESS WIRE)--Aug. 10, 1998--Larson-Davis Incorporated (NASDAQ symbol "LDII") announced today that it has filed its report on Form 10-Q for the quarter ended June 30, 1998. The following financial data for the three months ended June 30, 1998 and 1997, and as of June 30, 1998 and December 31, 1997 should be read in conjunction with the Company's reports on Form 10-Q and 10-K, which are available upon request. -0- *T
Statement of Operations Data For the three months ended June 30, ---------------------------- ----------------------------------- 1998 1997
(unaudited) (unaudited)
Net sales $ 2,421,203 $ 2,147,647 Cost of sales 1,358,581 1,1158,085 Research and development 739,036 953,541 Selling, general, and administrative 1,100,059 1,500,499 Net loss (749,883) (1,479,468) Loss per common share (0.06) (0.13) Weighted average common shares 12,546,044 11,418,781
Balance Sheet Data As of
March 31, 1998 December 31, 1997
(unaudited)
Cash and cash equivalents $1,764,043 $1,212,473 Total current assets 6,318,016 6,160,440 Total assets 11,772,569 12,195,430 Total current liabilities 2,439,546 4,066,915 Total liabilities 2,886,269 5,342,427 Total stockholders' equity 8,886,300 6,853,003 *T
"We are pleased with the improvement we have been able to achieve in our financial performance for this quarter. Our net loss for the second quarter has been reduced by just under 30% from the first quarter which itself was an improvement of nearly 50% over quarter four 1997. Our cost cutting measures have proven effective and we believe that with the revenue generation planned for the third quarter from our new product launches that we should see a continued trend of financial improvement for the rest of the year" said CEO Andrew Bebbington.
"Our acoustics business has turned around nicely and we were pleased to be awarded a three year contract with the Massport Authority for over $0.5 million for the maintenance of their Environmental Noise Monitoring System used to monitor airport noise" commented COO Jeff Cohen. "On the Sensar side, we will be shipping a Jaguar Mass Spectrometer in the next two weeks to Oak Ridge National Laboratories which, is one of the most prestigious laboratories in the world for micro LC applications and represents a real endorsement of our products. SFCs have been successfully placed at several locations and have received strong references to their performance. CrossCheck continues to find new end users and we continue to work with potential partners for larger projects."
The Company has entered into negotiations since the end of the quarter to terminate its agreement with Lucent Technology concerning the Particle Analysis technology and has also begun negotiations with its distributor of its TOF 2000 technology which may lead to the termination of its exclusive rights to distribute the product. Further details surrounding these matters are contained within the 10 Q statement.
"Overall we have had a successful first half of the year. We have cut our burn rate substantially, established internal structures and discipline to our organization, launched four major new products and are now competing in the market place and winning orders. We intend to continue to press ahead with this improvement program aggressively in the second half of this year" concluded Bebbington.
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 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: market acceptance of products, technological change, the Company's ability to protect and 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. |
