Pacer Technology Announces 1999 Fourth Quarter
and Year End Results
Annual Revenue Increased 44% Returns to Profitability in the Fourth
Quarter
RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--Sept. 22, 1999--Pacer
Technology, (NASDAQ: PTCH), today announced net income of $299,576, or 2 cents per
share, for the fourth quarter ended June 30, 1999 compared to net income of $386,312, or 2
cents per share for the corresponding quarter last year.
Revenues for the fourth quarter of 1999 were $10.6 million, an increase of 6% over the $10.0
million reported for the fourth quarter last year.
For the year ended June 30, 1999, the company reported record sales of $46.1 million, a
44% increase over the $31.9 million reported in fiscal 1998. The company reported net
income of $1.3 million, or 8 cents per share compared to net income of $1.5 million, or 9
cents per share earned in fiscal 1998.
Laurence R. Huff, Chief Financial Officer, stated: "We are pleased that we returned to
profitability during the fourth quarter. Net income remained fairly constant for the fiscal year in
spite of higher operating and financing costs associated with acquiring Cook Bates and
marketing a new product line."
W. Thomas Nightingale, President and CEO, stated: "We are very excited about the record
sales achieved for 1999. During the last quarter of 1999 the company made significant
investments to enhance its market position including building a strong management team that is
creating efficiencies.
"We have strong consumer brand names and our current opportunity is to identify new areas
for growth with exciting new products and expansion within our existing customer base that
will deliver value to our shareholders." Nightingale said, "We are also actively looking for
market niches in which we can deploy our core capabilities of product development,
manufacturing, packaging and distribution."
Pacer Technology is a world-class manufacturer, packaging and distribution company
engaged in marketing advanced technology adhesives, sealants, and related products, as well
as manicure implements for consumer markets on a worldwide basis. It is the provider of
SUPER GLUE, ZAP(R), PRO SEAL(R), Cook Bates(R), Diamond Deb(R)/Kurlash(R) and
Gem(R), and other well known branded products.
For more information about Pacer Technology via facsimile simply call 1-800-PRO-INFO
and dial client code "PTCH."
Forward-Looking Statements
Statements contained in the news release, which are not historical facts, are forward-looking
statements. Such forward-looking statements are necessary estimates regarding the best
judgement of the party making such statements based upon current information and involve a
number of risks and uncertainties. Forward-looking statements contained in this news release
or in other public statements of the parties should be considered in light of those factors. There
can be no assurance that such factors or other factors will affect the accuracy of such
forward-looking statements.
Pacer Technology Summary Results:
Pacer Technology and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands except per share data)
(unaudited)
Three Months Ended Fiscal Year Ended
June 30, June 30,
1999 1998 1999 1998
Net Sales $ 10,556 $ 9,969 $ 46,048 $ 31,939
Cost of Sales 7,479 6,603 30,791 20,593
Gross Profit on Sales 3,077 3,366 15,257 11,346
Selling, General and
Administrative Expenses 2,542 2,801 12,218 8,374
Operating Income 535 565 3,039 2,972
Interest Expense
And Other 173 (38) 802 309
Income Before Taxes 362 603 2,237 2,663
Income Taxes 62 217 951 1,122
Net Income $ 300 $ 386 $ 1,286 $ 1,541
Weighted Average Shares 16,790 15,860 16,171 15,852
Basic Earnings Per
Share $ 0.02 $ 0.02 $ 0.08 $ 0.10
Adjusted Weighted
Average Shares
Outstanding 17,074 18,068 16,923 17,554
Diluted Earnings
Per Share $ 0.02 $ 0.02 $ 0.08 $ 0.09
Contact:
Pacer Technology, Rancho Cucamonga
Laurence R. Huff, 909/987-0550
or
The Financial Relations Board, 310/442-0599
Karen Taylor (general information)
Moira Conlon (investors/analysts) |
