HSR Amex 2.15..this has been picking up a little steam since the earn release last week...they are looking for a strong year and we are going to need a lot of missiles:
(COMTEX) B: Hi-Shear Reports 2002 Year-End Results
B: Hi-Shear Reports 2002 Year-End Results
TORRANCE, Calif., Aug 29, 2002 (BUSINESS WIRE) -- Hi-Shear Technology
Corporation, Torrance, CA (AMEX:HSR) today announced results for its fiscal year
ending May 31, 2002. Net Income of $1,121,000 or $0.17 per share was reported as
compared to net loss of $988,000 or $0.15 per share reported for fiscal year
2001. Revenue for the year was $15,372,000 as compared to $12,065,000 for the
same period last year.
A consistent quarterly revenue flow during the year supported by increased
customer requirements for Hi-Shear military, satellite and launch vehicle
components resulted in a 27% revenue growth over fiscal 2001. Productivity
improvements and production efficiencies also contributed to both the increase
in revenues and lower costs. Gross Margin increased to $4,034,000 or 26% of
revenues as compared to $2,672,000 or 22% of revenues in fiscal year 2001. Net
Income of $1,121,000 reflected the higher volume of product revenue, lower
interest costs and the write off of unamortized negative goodwill.
Mr. George W. Trahan, President & CEO, commented, "We are pleased to note that
space and defense activity has increased during the year and a resurgence of
demand was evident through growing orders received. The strength of our
aerospace and defense related business, bolstered by the nation's renewed focus
on defense and homeland security, remains the nucleus for future growth in
revenues and profits."
Hi-Shear Technology Corporation provides aerospace and defense products in
applications where safety, performance and high reliability are essential. It
develops and produces advanced systems and products that are primarily used
worldwide in space satellites, launch vehicles, and government programs.
This release, as it relates to product announcements and other Company matters,
contains forward-looking statements, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, risks related to market acceptance
of and demand for the Company's new products, dependence on the uncertainty of
government budgetary issues, primary government contracts, and intellectual
property rights.
The Company's Form 10-KSB will be filed with the Securities and Exchange
Commission on or about August 29, 2002. After filing, it will be available
through Edgar and for download through Hi-Shear's website, www.hstc.com. For
further information regarding this release, please contact Ms. Linda A. Nespole
at (310) 784-7821.
BALANCE SHEET
May 31, 2002
ASSETS
Current Assets
Cash and cash equivalents $ 113,000
Accounts receivable 7,862,000
Claims receivable 364,000
Inventories 2,647,000
Deferred income taxes 700,000
Prepaid expenses and other current assets 177,000
-----------
Total current assets 11,863,000
Land 846,000
Equipment, net 2,174,000
Deferred income taxes 901,000
Intangible assets, net 66,000
-----------
$15,850,000
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank line of credit $ 3,371,000
Current portion of long-term notes payable 430,000
Trade accounts payable 1,353,000
Accrued payroll and related costs 638,000
Deferred revenue 89,000
Other accrued liabilities 434,000
-----------
Total current liabilities 6,315,000
Long-Term Notes Payable, less current portion 69,000
-----------
Total liabilities 6,384,000
Stockholders' Equity
Preferred stock $1.00 par value; 500,000 shares
authorized; no shares issued --
Common stock, $.001 par value; 25,000,000 shares
authorized; 6,670,000 shares issued and outstanding 7,000
Additional paid-in capital 7,193,000
Retained earnings 2,266,000
-----------
Total stockholders' equity 9,466,000
-----------
$15,850,000
===========
STATEMENTS OF OPERATIONS
Year Ended May 31
2002 2001
Revenues $15,372,000 $12,065,000
Cost of Revenues 11,338,000 9,393,000
----------- -----------
Gross Margin 4,034,000 2,672,000
Selling, General and Administrative Expenses 2,830,000 2,793,000
----------- -----------
Operating Income (Loss) 1,204,000 (121,000)
Interest Expense 359,000 617,000
----------- -----------
Income (Loss) before Income Tax Expense and
Cumulative Effect of Accounting Change 845,000 (738,000)
Income Tax Expense (Benefit) 0 250,000
----------- -----------
Income (Loss) before Cumulative Effect of
Accounting Change 845,000 (988,000)
Cumulative Effect of Accounting Change 276,000 0
----------- -----------
Net Income (Loss) $ 1,121,000 $ (988,000)
=========== ===========
Basic Earnings (Loss) per Common Share and
Per Common Share Assuming Dilution:
Income (Loss) before Cumulative Effect of
Accounting Change $ 0.13 $ (0.15)
Cumulative Effect of Accounting Change 0.04 --
----------- -----------
Net Income (Loss) $ 0.17 $ (0.15)
=========== ===========
Weighted Number of Common Shares Outstanding:
Basic 6,670,000 6,670,000
=========== ===========
Diluted 6,673,000 6,670,000
=========== ===========
CONTACT: Hi-Shear Technology Corporation, Torrance
Linda A. Nespole, 310/784-7821
URL: businesswire.com
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Copyright (C) 2002 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: AEROSPACE/DEFENSE
EARNINGS
SOURCE:
Hi-Shear
Technology
Corporation
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