ATMS reports blowout earnings, far exceeding estimates-
(PR NEWSWIRE) Tidel Second Quarter Net Up 302% to $2.5 Million
Tidel Second Quarter Net Up 302% to $2.5 Million
HOUSTON, April 19 /PRNewswire/ -- Tidel Technologies, Inc. (Nasdaq: ATMS)
today announced record revenues and earnings for its second fiscal quarter
ended March 31, 2000 -- its best quarter ever. Condensed results, together
with the comparable amounts for the same period in fiscal 1999, are as
follows:
Three Months Six Months
Ended March 31, Ended March 31,
2000 1999 2000 1999
(In thousands, except per
share data)
Revenues $18,663 $10,286 $32,445 $17,347
Gross profit 7,098 3,379 12,120 5,721
Net income 2,519 626 4,000 878
Basic earnings per share $0.15 $0.04 $0.25 $0.06
Diluted earnings per share $0.14 $0.04 $0.22 $0.05
Net income jumped $1,893,000, or 302%, to $2,519,000 in the quarter ended
March 31, 2000 from $626,000 in the same quarter a year ago due to continued
strong domestic demand for the company's Ignition series focus-function ATM
products.
Basic earnings per share was $.15 per share for the quarter ended
March 31, 2000 compared to $.04 per share for the same quarter in 1999.
Diluted earnings per share was $.14 versus $.04 a year ago. Earnings per
share topped Wall Street expectations for the quarter by 27%. According to
First Call/Thomson Financial, the published estimate was $.11 per diluted
share.
Similar increases were posted for the six months ended March 31, 2000,
with net income up 356% to $4,000,000 from $878,000 for the same period in
1999. Basic earnings per share was $.25 per share for the six months ended
March 31, 2000 compared to $.06 per share for the year-to-date period in 1999.
Diluted earnings per share for the six-month period was $.22 versus $.05 a
year ago.
Total revenues increased 81% to a record $18,663,000 for the quarter ended
March 31, 2000 from the $10,286,000 in the same quarter a year ago and 35%
from the $13,782,000 in the previous quarter ended December 31, 1999. For the
first six months of fiscal 2000, revenues increased 87% to $32,445,000 from
$17,347,000 for the same six-month period in 1999.
As previously reported, the company set a record with 3,055 new ATMs
shipped during the three-month period ended March 31, 2000 -- a 102% increase
from the 1,511 units shipped in the same quarter of 1999. At March 31, 2000,
the company's trailing twelve-month ATM shipments were an impressive 9,947
units, placing it as one of the largest manufacturers in the U.S. and at a
pace to be the top deployer of off-premises ATMs in the U.S. for calendar
2000.
Notably, Tidel's net income margin improved for the second consecutive
quarter to 13.5% of sales for the quarter ended March 31, 2000 compared to
6.1% in the comparable quarter of 1999 and 10.8% in the previous quarter ended
December 31, 1999. The improvement was largely a result of increased gross
margins, lower effective tax rates and ongoing cost control efforts.
ATM product sales were $15,104,000 in the quarter ended March 31, 2000, a
94% increase from the $7,771,000 in the same quarter in 1999, due to the
record shipments. TACC sales were $1,988,000 for the quarter ended March 31,
2000, up 22% from the same quarter a year ago and 19% from the previous
quarter ended December 31, 1999, due in part to increased sales of the new
TACC IV product.
James T. Rash, Chairman and Chief Executive Officer, stated, "This quarter
marks Tidel's eighteenth consecutive profitable quarter and the best
performance in the company's 25-year history. Fueled by strong domestic
demand for retail ATMs, sales have been at record pace thus far this fiscal
year and we expect this trend to continue. In addition, we anticipate
increased sales activity in the international ATM markets."
Rash added, "We are presently working with numerous companies, including
several major U.S. corporations, to develop self-service kiosk applications
using our new Chameleon platform. We are encouraged by the excitement
generated for this product to date and believe our efforts will result in
significant Chameleon orders later this year."
Tidel is a Texas-based manufacturer of automated teller machines and cash
security equipment designed for specialty retail marketers. Tidel pioneered
the dial-up ATM in 1992 and is the fourth-largest U.S. ATM manufacturer.
Tidel's common stock is traded on the Nasdaq Stock Market(R) under the symbol
"ATMS".
This press release contains forward-looking statements, including
statements as to anticipated or expected results, beliefs, opinions and future
financial performance. The forward-looking statements are based on current
expectations and assumptions and involve risks and uncertainties that may
cause the company's actual experience to differ materially from that
anticipated. Estimates are based on reliable information and past experience.
However, operating results are affected by a wide variety of factors, many of
which are beyond the control of the company. Factors include, but are not
limited to, the levels of orders which are received and can be shipped in a
quarter; customer order patterns and seasonality; costs of labor, raw
materials, supplies and equipment; technological changes; competition and
competitive pressures on pricing; and economic conditions in the United States
and worldwide. Additionally, factors and risks affecting operating results
include those described in the company's registration statements and periodic
reports filed with the U.S. Securities and Exchange Commission.
TIDEL TECHNOLOGIES, INC.
SELECTED INCOME STATEMENT INFORMATION (Unaudited)
(In thousands, except per share data)
Three Months Six Months
Ended March 31, Ended March 31,
2000 1999 2000 1999
Revenues $18,663 $10,286 $32,445 $17,347
Cost of sales 11,565 6,907 20,325 11,626
Gross profit 7,098 3,379 12,120 5,721
Gross profit as %
of revenue 38.0% 32.9% 37.4% 33.0%
Operating income 3,916 1,134 6,265 1,638
Operating income as
% of revenue 21.0% 11.0% 19.3% 9.4%
Interest expense, net 89 96 192 200
Income before taxes 3,827 1,038 6,073 1,438
Income before taxes
as % of revenue 20.5% 10.1% 18.7% 8.3%
Income tax expense 1,308 412 2,073 560
Effective tax rate 34.2% 39.7% 34.1% 38.9%
Net income $2,519 $626 $4,000 $878
Net income as %
of revenue 13.5% 6.1% 12.3% 5.1%
Basic earnings per share $0.15 $0.04 $0.25 $0.06
Diluted earnings per
share $0.14 $0.04 $0.22 $0.05
Basic shares outstanding 16,291 16,007 16,193 15,952
Diluted shares
outstanding 18,320 17,364 17,888 17,097
SELECTED BALANCE SHEET INFORMATION (Unaudited)
(In thousands, except per share data)
Mar. 31, Sep. 30, Mar. 31,
2000 1999 1999
Current assets $30,993 $25,551 $21,373
Current liabilities 9,197 7,528 4,491
Working capital 21,796 18,023 16,882
Total assets 33,880 28,696 24,399
Long-term debt 4,416 5,555 5,839
Shareholders' equity 20,395 15,922 14,197
Book value per share $1.24 $.99 $.89
SOURCE Tidel Technologies, Inc.
-0- 04/19/2000
/CONTACT: Leonard Carr, Senior Vice President of Tidel Technologies,
713-783-8200, lcarr@tidelmail.com/
(ATMS)
CO: Tidel Technologies, Inc.
ST: Texas
IN: FIN
SU: ERN
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