IEIB nasadq 3.25..a stock to own for the next couple years...great earnings...solid forward growth:
(COMTEX) B: International Electronics, Inc. Reports Profitable 4th Quart
B: International Electronics, Inc. Reports Profitable 4th Quarter and Fiscal
2002 Results
CANTON, Mass., Oct 30, 2002 (BUSINESS WIRE) -- International Electronics, Inc.
(NASDAQ: IEIB) today reported unaudited profitable operating results for the
fourth quarter and fiscal year ended August 31, 2002, its seventh consecutive
year of profitability.
Net sales for the three months ended August 31, 2002 were $2,875,803, an
increase of 2% compared with net sales of $2,807,199 for the same period of the
prior year. Operating income for the fourth quarter of 2002 was $236,917
compared with operating income of $169,211 for the fourth quarter of fiscal
2001. Net income for the fourth quarter of fiscal 2002 was $212,204 or $0.12 per
diluted share, an increase from $143,525 or $0.09 per diluted share for the same
prior year period.
Net sales for the fiscal year ended August 31, 2002 were $11,795,255 compared
with $10,584,081 for fiscal year 2001, which was an increase of 11%. Operating
income for fiscal year 2002 was $767,506 compared with $128,413 for fiscal year
2001. Income before taxes for fiscal 2002 was $775,001 compared with $173,200
for the prior year. Net income for fiscal 2002 was $701,001 or $0.40 per diluted
share compared with net income of $136,200 or $0.08 per diluted share for fiscal
2001.
IEI President John Waldstein commented, "I am pleased to report an increase in
both sales and earnings for IEI's fiscal year ended August 31, 2002. It was our
seventh consecutive year of profitable operations and we had record net income
for the fiscal year. Net sales for the year rose 11% over the previous year
while operating in a very difficult overall economic environment. Accompanying
our sales growth for fiscal year 2002 was a substantial increase in net income
as IEI posted a gain of 415% compared to the previous year. Operations benefited
from a number of factors including growth of our core security business,
significant OEM orders for electronic access control products which generated a
favorable product mix, and reduction in selling, general and administrative
expenses as a percentage of sales."
Mr. Waldstein continued, "As a result of our continued profitability, our
financial position remains healthy. Generating the positive results we did in
such difficult times is a tribute to the organization's focus on improving
operational discipline. We would expect, even in continued difficult economic
conditions, that employers and building management organizations will remain
concerned about security issues and that demand for security-related products,
such as those provided by IEI, will be maintained for the foreseeable future."
Mr. Waldstein stated, "As we move into Fiscal 2003, we have developed an
aggressive product development plan for both our LS and Secured Series access
control product lines. We are also working to add a biometric fingerprint reader
to our product line. We also expect during this next fiscal year to begin taking
greater advantage of the significant investment we made during fiscal 2002 in
our automated manufacturing equipment. During these difficult times, we wish to
thank our employees for their dedication and especially our customers who
continue to support International Electronics with their business."
International Electronics, Inc., designs, manufactures and markets electronic
security equipment used in residential, industrial and commercial security
systems. IEI's products include its Door-Gard(TM) and Secured Series(TM) access
control products, its LS line of integrated battery operated Door Locks, its
PowerKey(TM) industrial access control products and its VoiceKey(TM) voice
verification access control technology. IEI markets these products to the
leading distribution and installation companies serving the electronic security
industry in the U.S. as well as in Europe, Eastern Europe, Asia, Canada, South
America, and New Zealand. IEI's web site address is ieib.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
(the "Act"): This news release contains forward-looking information within the
meaning of the Act and the Securities Act of 1933, as amended and the Securities
Exchange Act of 1934, as amended including statements that include the words
"believes", "expects", or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of International Electronics,
Inc. to differ materially from those expressed or implied by such
forward-looking statements. Except for the historical information contained
herein, the matters discussed in this press release are forward-looking
statements that involve risks and uncertainties including the successful
completion of IEI's current development projects. These risk factors are
identified in our Form 10-QSB for the quarter ended May 31, 2002, which is on
file with the Securities and Exchange Commission.
INTERNATIONAL ELECTRONICS, INC.
Consolidated Financial Highlights
STATEMENTS OF OPERATIONS DATA
For the Three For the
Months Ended Year Ended
8/31/02 8/31/01 8/31/02 8/31/01
(Unaudited) (Unaudited)
Net sales $2,875,803 $2,807,199 $11,795,255 $10,584,081
Gross profit 1,375,493 1,263,162 5,501,517 4,699,281
Income from operations 236,917 169,211 767,506 128,413
Income before income
taxes 238,204 173,525 775,001 173,200
Net income $212,204 $143,525 $701,001 $136,200
Net income per share:
Basic $ 0.13 $ 0.09 $ 0.45 $ 0.09
Diluted $ 0.12 $ 0.09 $ 0.40 $ 0.08
Shares used in computing
net income per share:
Basic 1,595,743 1,540,100 1,575,262 1,539,145
Diluted 1,821,510 1,612,465 1,742,728 1,647,282
CONDENSED BALANCE SHEETS
8/31/02 8/31/01
ASSETS (Unaudited)
Cash and cash equivalents $2,916,461 $1,549,954
Accounts receivable, net 716,204 1,211,884
Inventories 778,398 848,742
Other current assets 660,912 569,486
Total current assets 5,071,975 4,180,066
Net property and equipment 810,414 476,359
Other assets 77,711 124,711
$5,960,100 $4,781,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities $1,813,010 $1,566,999
Long-term obligations, less current portion 303,901 201,488
Total shareholders' equity 3,843,189 3,012,649
$5,960,100 $4,781,136
CONTACT: International Electronics, Inc.
John Waldstein, 781/821-5566
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Copyright (C) 2002 Business Wire. All rights reserved.
-0-
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: BANKING
COMPUTERS/ELECTRONICS
HARDWARE
MANUFACTURING
NETWORKING
EARNINGS
SOURCE:
International
Electronics,
Inc.
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