They seem to be spending a lot of money on development, but since
they mentioned in the quarterly report that they are
working on the Teledesic project, this is to be expected. It seemed
to me that they thought things would start to heat
up on Teledisic at the end of the year. This will be a big boost to
their commercial revenues. The project should be five times bigger
than any before, perhaps more, as I'm sure that controlling five
times as many satellites is probably geometrically more problematic.
Dave
Exigent Announces Second Quarter Results; Posts Record Investment in
new Product Development
MELBOURNE, Fla., Sept. 18 /PRNewswire/ -- Exigent International, Inc.
(OTC Bulletin Board: XGNT; Chicago: XNT) on September 14 released
the Company's financial results for the quarter ending July 31, 1998.
Overall, revenues for the corporation were approximately level with
the equivalent period in the previous Fiscal Year, while earnings
were somewhat down.
Management attributes this situation to a temporary lull in
commercial contract activity as the market for communication
satellite support experiences a growth-related adjustment. Meanwhile,
government work by the Company's STI subsidiary increased for the
second consecutive quarter, gaining 34% over the previous quarter.
In a continued commitment to future market opportunities, Exigent
invested approximately $2.1M (year-to-date) in the development of new
commercial products, nearly triple the amount spent in the same
period a year ago.
The exercise of convertible securities, including warrants and
employee stock options, produced an infusion of capital in excess of
$350,000 in the six-month period ending July 31, 1998.
For the six months For the three months
ending July 31 ending July 31
(unaudited) (unaudited)
1998 1997 1998 1997
Revenues from
services $16,496,571 $16,771,603 $8,811,196 $8,657.569
Cost of sales 12,741,584 12,971,878 6,686,789 6,642,376
Gross profit 3,754,987 3,799,752 2,124,407 2,015,193
General &
administrative
expenses 3,121,248 2,691,207 1,708,040 1,420,416
Research and
development costs 56,636 0 8,370 0
Operating income 577,103 1,108,518 407,997 594,777
Other income
(expense)
Interest income 23,096 2,346 14,487 2,207
Interest expense (64,680) (46,631) (48,716) (18,163)
Gain on disposal
of fixed assets -- (1,732) 0 (1,732)
Other, net 6,966 0 6,966 0
Total other income
(expense) (34,618) (45,631) (27,263) (17,688)
Income before
income taxes 542,485 1,062,887 380,734 577,089
Income tax expense 216,918 415,130 152,785 217,880
Net income 325,567 647,757 227,949 359,209
Earnings per
share - basic 0.07 0.14 0.05 0.08
Weighted average
common shares
outstanding -
basic 4,625,890 4,483,847 4,661,198 4,483,847
Earnings per
share - diluted 0.06 0.14 0.04 0.08
Weighted average
common shares
outstanding -
diluted 5,127,344 4,483,847 5,294,890 4,483,847
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