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Sensytech, Inc. Delivers Record Breaking Q1 Results
NEWINGTON, Va., Feb 13, 2003 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ: STST),
today announced record breaking revenues and earnings for its first quarter
ended December 31, 2002.
Revenue for the first quarter ended December 31, 2002, increased $7,314,000 to
$11,723,000, up 166%, compared to $4,409,000 for the prior year quarter.
Net income for the first quarter ended December 31, 2002, was $804,000, or $0.16
per diluted share, an increase of 95% compared to $413,000, or $0.10 per diluted
share for the prior year quarter.
"The activity in all three business segments continues to be high in terms of
new business development and current order delivery. As a result, we were able
to meet our expectations for quarterly performance. Funded backlog increased to
approximately $34,980,000 as we entered the second quarter, driven by a book to
bill ratio in the first quarter of 1.4. This should permit a continuing
improvement of revenues and EPS in the next quarter," noted S. Kent Rockwell,
CEO of Sensytech.
Mr. Rockwell further stated, "In addition, we completed a successful offering in
the first quarter. The support we received from both institutional and retail
investors afforded us the ability to raise the capital to credibly pursue
acquisitive growth in our markets. As noted in our press release of February 11,
2003, we have signed a letter of intent to purchase the shares of common stock
of Codem Systems, Inc., which will expand our presence and product offerings in
the intelligence community and select international markets."
Financial Highlights
-- Revenue for the first quarter increased 166% over the prior year quarter to
$11,723,000 -- Net Income for the first quarter of $804,000, or $0.16 per
diluted share, up $0.06 per diluted share from the prior year quarter -- Funded
Backlog for the first quarter was $34,980,000, up 336% from the prior year
quarter funded backlog of $8,020,000
About Sensytech, Inc.
Sensytech, Inc. designs, develops and manufactures electronic support measures
(ESM), electronic intelligence (ELINT), and threat warning systems, active
electronic warfare (EW) systems, airborne imaging systems, communications
reconnaissance systems, shipboard support systems, and other special purpose
communications equipment serving worldwide markets. Sensytech, through its
predecessor companies, has been providing cutting edge technology applications
and cost-effective systems solutions for three decades.
Statements in this press release which are not historical facts are
forward-looking statements under the provisions of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements involve risks and
uncertainties. The Company wishes to caution readers that certain factors can
cause the Company's actual results to differ materially from those expressed in
any forward-looking statements made by, or on behalf of, the Company. The
Company undertakes no obligation and does not intend to update, revise or
otherwise publicly release the results of any revisions to these forward-looking
statements that may be made to reflect future events or circumstances. |
