Kimberly. PVAT does look solid; .41 EPS; stock price = 2-1/2, manufacturers rugged portable computers for military and medical community (i.e for Lockheed Martin, others) and other communication devices.
Announced stock buyback and very solid earnings recently. Strong balance sheet; looking for acquisitions.
Worth a look; agree with recommendation on this thread earlier. Two PR's below.
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(COMTEX) B: PARAVANT INC. REPORTS FINANCIAL RESULTS FOR FOURTH QUARTE
B: PARAVANT INC. REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FY 1999 * FOR
FULL YEAR: REVENUES UP 173%; NET UP 303%; EPS UP FROM $0.14 TO $0.41; * For
Quarter: Revenue Up 213%; Net Up 333%; EPS Up From $0.03 to $0.07
MELBOURNE, Fla., Nov 15, 1999 /PRNewswire via COMTEX/ -- Paravant
Inc. (Nasdaq: PVAT) today reported financial results for its year and
quarter ended September 30, 1999. Significant improvements were
obtained in virtually every item of the P&L and balance sheet.
* Revenues for the quarter increased by 213 percent, from $3.7 million to
$11.5 million. For the year, revenues increased 173 percent, from
$15.5 million to $42.3 million.
* Net Income for the quarter and year increased 341 percent and 314
percent, respectively. In the fourth quarter of the current year the
company obtained net income of $ 1,340,671, as compared to $309,711 in
the same quarter last year. For the year, net income grew to
$5,885,642, up from $1,459,597 last year.
* Earnings Per Share increased from $0.027 in the fourth quarter of last
year to $0.074 in the final quarter of the current year. For the full
year, EPS grew from $0.140 to $0.409.
* Stockholders' Equity increased from $10.2 million at the end of fiscal
year 1998 to $32.3 million at the end of fiscal year 1999, representing
a 216 percent gain between years.
"This was a successful year by every standard of measurement," said
Chairman and CEO Kris Joshi. "But beyond the financial results and the
specific operating achievements of the past year, the most significant
achievement was the fact that we have begun to transition the company.
We are changing from a company serving diverse markets with small
orders, to a company that will be increasingly focused in one market
where we can compete for large orders."
Joshi said the company has decided to become a major player in certain
segments of signal intelligence and related "digital battlefield"
initiatives. "Our acquisitions in October 1998 of EDL and, more
significantly, STL gave us vital technical expertise in digital signal
processing systems plus a product development team experienced in
supporting the intelligence community. We believe these attributes are
especially synergistic with the market presence, technical expertise,
and products of our Paravant Computer Systems. During the course of the
year, we trained our entire company in large proposal preparation,
reorganized engineering around product teams, and formed a team to do
prototypes in house as part of our effort to win large contracts, which
proved beneficial when we won the Global Broadcast System (GBS)
program.
"We are seeking acquisition candidates that will allow us to become a
more serious participant in this market," Joshi said. "Our increased
profitability, improved positive cash flow, and the June 1999
redemption of warrants have produced a balance sheet that allows us to
acquire a sizable company. We are positioned well enough so that at the
same time as we seek acquisition candidates we can use cash to buy back
up to one million shares of our common stock, as authorized earlier
this month by our Board of Directors."
About Paravant Paravant is a defense electronics and communications
company. Paravant manufactures rugged, customized, portable computers
and communication interfaces utilized in outdoor military settings and
the medical marketplace. The Company also produces signal and
processing equipment for the intelligence community and offers upgrade
design and installation services for select special operations
aircraft. Paravant's products are sold to the military and other
governmental agencies, as well as to the medical products marketplace
because of their reliability, complete configuration control and
ability to meet stringent design specifications (including FDA
requirements).
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MELBOURNE, Fla., Nov. 3 /PRNewswire/ -- Paravant Inc. (Nasdaq: PVAT)
announced today that its board of directors has authorized a repurchase of up
to one million shares of the company's common stock. The Company said shares
acquired in this authorization would be made in open market purchases from
time to time over the next year.
"Our balance sheet is strong and we feel our stock is undervalued," said
Chairman and CEO Krish Joshi. "We will exercise this board authorization in
concert with our desire of making a good investment balanced against the
benefits of maintaining a high enough float that will allow our shares to
trade with appropriate liquidity," he said. He noted that the company
currently has 17,544,208 shares outstanding (primary, as of September 30,
1999), of which insiders and key employees own 40.2%.
Joshi also said "Our cash position is strong, as we focus on opportunities
related to Army Battlefield Digitization and Signal Intelligence. Based on
these strengths, as well as our recent financial performance, we believe our
shares are undervalued and represent an attractive investment without
undermining our ability to make appropriate strategic acquisitions."
Joshi said that the Company has asked First Union Securities, which it
recently retained for investment banking services, to execute any orders that
may be made under this authorization.
Paravant is a defense electronics and communications company. Paravant
manufactures rugged, customized, portable computers and communication
interfaces utilized in outdoor military settings and the medical marketplace.
The Company also produces signal and processing equipment for the intelligence
community and offers upgrade design and installation services for select
special operations aircraft. Paravant's products are sold to the military and
other governmental agencies, as well as to the medical product marketplace
because of their reliability, complete configuration control and ability to
meet stringent design specifications (including FDA requirements). |
