g...ppmd...they merged two corporate branches a couple months ago and are getting together some data for a phase 1 that is presently on hold pending requested information. i talked to them this morning and for a low cost play in the cell area i am taking a gamble.
for that person who paid the 4.19 on hath (we are almost back there now) here is the 2nd qtr...nice...this is a blue chip micro:
Hathaway Reports Improved Profits for Second Quarter
DENVER--(BUSINESS WIRE)--Feb. 7, 2001--Hathaway Corporation (Nasdaq: HATH - news) today announced it achieved net income before a restructuring charge for the second fiscal quarter ended December 31, 2000, of $862,000, or $.18 per fully diluted share, compared to $617,000, or $.14 per fully diluted share, for the second quarter last year, a 40% improvement in net income.
Net income for the second quarter after the restructuring charge was $771,000, or $.16 per fully diluted share. The current quarter's results include a pretax charge of $113,000 for the restructuring of the Company's process instrumentation business. Revenues for the second quarter increased 18% to $13,166,000 this year from $11,151,000 last year.
For the first six months of fiscal year 2001, the Company recognized a net profit before restructuring charges of $1,112,000, or $.23 per fully diluted share, compared to a net loss of $104,000, or $.02 per share, for the first six months of last year. Net income for the first six months after the restructuring charge was $780,000, or $.16 per fully diluted share. This year's six months net income includes a pretax restructuring charge of $441,000. Revenues for the first six months increased 22% to $24,499,000 in fiscal 2001 from $20,056,000 in fiscal 2000.
Revenues from the Motion Control segment for the second quarter ended December 31, 2000, increased 25% to $5,635,000 from $4,511,000 for the second quarter last year. Revenues for the six months ended December 31, 2000, increased 32% to $11,304,000 from $8,578,000 for the six months last year. Pretax profit for Motion Control for the second quarter was $1,008,000, compared to $721,000 last year and, for the six months, pretax profit was $2,160,000, compared to $1,346,000 last year, a 60% increase. At December 31, 2000, backlog for Motion Control orders was $11,739,000, 76% higher than order backlog at the end of the second quarter last year of $6,666,000.
The Power and Process segment, comprised of power instrumentation, systems and process instrumentation businesses, reported revenues of $7,531,000 for the second quarter of fiscal year 2001, compared with revenues of $6,640,000 for the same period last year, a 13% increase. The segment incurred a pretax loss for the quarter of $246,000, compared with a profit of $35,000 last year. For the first six months of fiscal 2001, Power and Process reported revenues of $13,195,000, compared to revenues of $11,478,000 last year, a 15% increase, and a pretax loss of $1,505,000, compared to a pretax loss of $1,327,000 last year. The segment's six months results ended December 31, 2000, contain a pretax charge of $441,000 for restructuring the process instrumentation business. Excluding the restructuring charge, the pretax loss for Power and Process for the first six months was $1,064,000, a 20% improvement over the same period last year. Sales order backlog for Power and Process orders was $11,500,000 at December 31, 2000, which is down 5.6% from the same time last year.
As a result of changing business conditions in the process instrumentation business, the Company restructured the process instrumentation portion of its Power and Process segment. The process instrumentation business incurred a pretax loss of $1,225,000 for the six months, including the $441,000 restructuring charge, compared to a loss of $260,000 for the same period last year. Revenues declined by 35% for this year's first half compared to last year. The restructuring, which was substantially completed by December 31, 2000, consisted of retaining a portion of the business in Dallas, moving the manufacturing of two product lines to its power instrumentation manufacturing facilities in Seattle and selling the remaining two product lines.
``I am pleased to report that the Company achieved improvement in our second-quarter results and significant improvement in results for the first half,'' commented Dick Smith, president and CEO. ``Our Motion Control segment continues to achieve success by being able to meet the technically challenging needs of both our OEM and end-user customers. We are also pleased with the continued improvement in the results realized by our power instrumentation and systems automation businesses. This improvement in the second quarter and six months is primarily due to our successful development of new products to help power companies achieve lower costs, improve the reliability of their power and increase their systems automation and control.
``As of December 31, 2000, we have substantially completed the restructuring of our process instrumentation business,'' stated Smith. ``Our goal with the restructuring was to eliminate the losses being incurred by the process instrumentation business and we believe this will be accomplished for future periods starting with our third quarter.''
Headquartered in Denver, Colorado, Hathaway designs, manufactures and sells advanced systems and instrumentation to the worldwide power and process industries, as well as motion control products to a broad spectrum of customers throughout the world. With subsidiaries in the United States and United Kingdom and joint venture investments in China, Hathaway is a leading supplier of systems automation and integration solutions to the world power industry and a leader in process calibration technology and motion control products.
The Board of Directors of the Company has under consideration a loan to Mr. Richard Smith, president of the Company, for up to $415,313 for the purpose of exercising stock options to purchase Hathaway Corporation common stock. The loan will be payable on demand but no later than five years from the date of the loan and will bear interest at the applicable short-term Federal interest rate (currently 5.11%). |
