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Wednesday July 26, 7:58 am Eastern Time
Company Press Release
SOURCE: Tidel Technologies, Inc.
Tidel Reports Record Quarterly Earnings Quarterly Revenues Exceed $20 Million for First Time
HOUSTON, July 26 /PRNewswire/ -- Tidel Technologies, Inc. (Nasdaq: ATMS - news) today announced record revenues and earnings for its third fiscal quarter ended June 30, 2000. Condensed results, together with the comparable amounts for the same period in fiscal 1999, are as follows:
Three Months Nine Months
Ended June 30, Ended June 30,
(In thousands, except per
share data) 2000 1999 2000 1999
Revenues $20,264 $12,380 $52,709 $29,727
Gross profit 7,807 4,062 19,927 9,783
Net income 2,796 959 6,775 1,837
Basic earnings per share $0.17 $0.06 $0.41 $0.11
Diluted earnings per share $0.15 $0.06 $0.37 $0.11
Net income jumped $1,837,000, or 192%, to $2,796,000 in the quarter ended June 30, 2000 from $959,000 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 $.17 per share for the quarter ended June 30, 2000 compared to $.06 per share for the same quarter in 1999. Diluted earnings per share was $.15 versus $.06 a year ago.
Similar increases were posted for the nine months ended June 30, 2000, with net income up 269% to $6,775,000 from $1,837,000 for the same period in 1999. Basic earnings per share was $.41 per share for the nine months ended June 30, 2000 compared to $.11 per share for the year-to-date period in 1999. Diluted earnings per share for the nine-month period was $.37 versus $.11 a year ago.
Total revenues increased 64% to a record $20,264,000 for the quarter ended June 30, 2000 from $12,380,000 in the same quarter a year ago. For the first nine months of fiscal 2000, revenues increased 77% to $52,709,000 from $29,727,000 for the same nine-month period in 1999.
As previously reported, the company set a record with 3,419 new ATMs shipped during the three-month period ended June 30, 2000 -- a 77% increase from the 1,937 units shipped in the same quarter of 1999. At June 30, 2000, the company's trailing twelve-month ATM shipments were an impressive 11,429 units, placing it as one of the largest manufacturers in the U.S.
Notably, Tidel's net income margin improved to 13.8% of sales for the quarter ended June 30, 2000 compared to 7.8% in the comparable quarter of 1999, primarily as a result of better gross profit margins.
James T. Rash, CEO, said, ``We are proud of our success in the domestic ATM market with new records established in the third quarter for sales and earnings. Product shipments thus far in July show this trend continuing.''
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, in May 2000, the company was selected by BusinessWeek as one of its top 100 hot growth companies for 2000. The company's common stock is traded on the Nasdaq Stock Market® under the symbol ``ATMS'' and its website is located at www.tidel.com .
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 Nine Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
Revenues $20,264 $12,380 $52,709 $29,727
Cost of sales 12,457 8,318 32,782 19,944
Gross profit 7,807 4,062 19,927 9,783
Gross profit as % of
revenue 38.5% 32.8% 37.8% 32.9%
Selling, general and
administrative 3,069 2,375 8,311 6,117
Depreciation and amortization 345 199 980 540
Operating income 4,393 1,488 10,636 3,126
Operating income as % of
revenue 21.7% 12.0% 20.2% 10.5%
Interest expense, net 127 104 318 304
Income before taxes 4,266 1,384 10,318 2,822
Income before taxes as % of
revenue 21.1% 11.2% 19.6% 9.5%
Income tax expense 1,470 425 3,543 985
Effective tax rate 34.5% 30.7% 34.3% 34.9%
Net income $2,796 $959 $6,775 $1,837
Net income as % of revenue 13.8% 7.8% 12.9% 6.2%
Basic earnings per share $0.17 $0.06 $0.41 $0.11
Diluted earnings per share $0.15 $0.06 $0.37 $0.11
Basic shares outstanding 16,823 16,062 16,403 15,989
Diluted shares outstanding 18,767 17,109 18,380 17,004
SELECTED BALANCE SHEET INFORMATION (Unaudited)
(In thousands, except per share data)
Jun. 30, Sep. 30, Jun. 30,
2000 1999 1999
Current assets $37,722 $25,551 $22,721
Current liabilities 10,166 7,528 10,687
Working capital 27,556 18,023 12,034
Total assets 40,751 28,696 26,113
Long-term debt 6,456 5,247 384
Shareholders' equity 24,129 15,922 15,042
Book value per share $1.41 $.99 $.94
SOURCE: Tidel Technologies, Inc. |
