Ya know this stock gives new meaning to the quote 'artificial intelligence'. Either these folks don't understand how to promote this company or maybe their just a mirage. Any how I told the folks on the JMAR thread to watch this one and I guess they did, since there hasn't been any buying. Well for all you disenchanted SSPIF people (myself included) here is one you can still get into before 1600hrs at a real decent price, but after today you may never see this price again.
JMAR Industries Fourth Quarter Net Income Exceeds $1 Million Net Income For 1996 Up 900%
SAN DIEGO--(BUSINESS WIRE)--February 26, 1997--JMAR Industries, Inc. (Nasdaq NM: JMAR) today announced record earnings and revenues for the year ended December 31, 1996. Net income for 1996 increased more than 900% to a record $779,569, or $0.05 per share, compared to $76,265, or $0.01 per share, for 1995. Revenues for 1996 increased by 34% to a record $16,331,090 compared with $12,210,490 for 1995.
Net income for the quarter ended December 31, 1996 was a record $1,031,211, or $0.06 per share, compared with a loss of $(31,623) for the same quarter of 1995. Included in that profit is a non-recurring gain of approximately $400,000 resulting from a non-operating transaction. Revenues for the quarter ended December 31, 1996 were $5,262,222, up 78%, compared with revenues of $2,956,419 for the quarter ended December 31, 1995.
JMAR attributed the revenue gains to higher demand for its disk drive manufacturing equipment, fueled by a continuing industry expansion of advanced hard disk drive manufacturing capacity. Those gains in sales were accompanied by the increasing demand for the Company's Mirage tabletop test and measurement systems which were introduced to the semiconductor and disk drive markets in early 1996. The Company credited the substantial improvements in operating profitability to higher revenue levels and tighter control of expenses.
JMAR Chairman and Chief Executive Officer John Martinez, Ph.D., commented, "We achieved record high revenues and profits in 1996 despite the substantial charges to earnings from the buildup of our specialty semiconductor business at Cal ASIC." He also stated, "Although our Cal ASIC division produced no sales revenues in 1996, our proprietary fab line is coming on stream and orders are now being processed. Our enthusiasm for the small volume, quick turn gate array market and JMAR's near-term prospects in that market remain high."
According to Dr. Martinez, during 1996 JMAR also made substantial progress in the development of its patented solid state Britelight laser technology. He stated, "This high intensity, short pulse technology provides us with strong product entries in both the material micromachining market, as well as x-ray lithography for the manufacture of high performance semiconductors requiring circuit feature sizes of 0.18 microns and below. We are also looking forward to market introduction of the first of our family of pocket, hand-held Light Knife products for human blood sampling within the year."
"In summary, 1996 was an outstanding year for JMAR. We look forward to more of the same in 1997 as sales of our Core Products continue to grow and our high potential Emerging Products based on JMAR's advanced light technology move toward the commercial marketplace," Dr. Martinez concluded.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements regarding future sales and earnings growth and the projects or processes currently under development are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including delays in technology or product developments, shipment or cancellation of orders, timing of future orders, customer reorganizations, fluctuations in demand and the other risks detailed from time-to-time in the Company's reports which are filed with the Securities and Exchange Commission.
JMAR Industries, Inc., develops, manufactures, and markets precision measurement and manufacturing systems and specialty semiconductor and laser products for the microelectronics and medical industries.
FINANCIAL DATA
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ending Year Ending
December 31 December 31
1996 1995 1996 1995
Net Sales 5,262,222 2,956,419 16,331,090 12,210,490
Gross Profit 2,412,061 1,071,096 6,692,136 4,879,420
Income (loss) from
Operations 500,414 (38,748) 503,967 185,187
Net Income (loss) 1,031,211 (31,623) 779,569 76,265
Net Income (loss)
Per Share 06 (0.00) .05 .01
SELECTED BALANCE SHEET DATA
Year Ended December 31
Item 1996 1995
Assets 15,395,518 9,248,995
Cash 2,629,286 1,837,647
Working Capital 5,743,747 4,655,087
Current Ratio 2.07 2.77
Long Term Debt 867,310 1,536,273
Shareholder Equity 9,368,905 5,085,202
Net Tangible Equity 8,257,015 4,800,670
CONTACT: JMAR Industries, Inc.
Dennis E. Valentine
Chief Financial Officer
619/535-1706
jmar.com
or
Silverman Heller Associates
Glenn Schoenfeld
310/208-2550 |
