How about that JMAR? They make the inspection stations that IBM uses to make their
GMR (Giant Magneto Resistive) disk drive heads....very positive news release on Friday:
biz.yahoo.com
JMAR Technologies to Buy Back Its Own Shares
SAN DIEGO--(BUSINESS WIRE)--Sept. 10, 1998--JMAR Technologies Inc.
(Nasdaq/NM:JMAR - news), a growing provider of precision microtechnology systems
and products, Thursday announced that its
board of directors has authorized the repurchase, from time to time, of up to $2 million of
its own shares of common stock in the
open market, or in negotiated transactions, when they are available at prices the company
considers attractive.
The company further stated that it believed the current weakness in small-cap market
valuations has created an extremely
attractive buying opportunity for JMAR stock. Accordingly, it plans to promptly
initiate repurchase transactions, as appropriate, to
take advantage of the current low purchase prices.
Dr. John S. Martinez, JMAR's chairman and chief executive officer, said: ''This
share-repurchase program is one aspect of our
commitment to improving shareholder value. I would also like to note that in spite of the
market uncertainties caused by the
current worldwide financial crisis, JMAR today is in the strongest financial position
in its history, with a low-debt balance sheet, a
new expanded bank line of credit at the prime rate, and operations that I believe
are performing well in this difficult environment.
''For example, the company recently reported its ninth consecutive profitable quarter, its
sales from continuing operations have
grown at an annual compounded rate in excess of 130 percent since we went public in
1990, and net profits have grown at a
compounded annual rate of more than 150 percent since we restructured in 1994.
''And that performance completely ignores the contributions we are receiving and
anticipate from our high-potential
development-stage programs,'' Martinez continued.
''Last month, we were awarded a $13 million contract by the U.S. government -- the
single largest order of any kind in our history
-- to build a prototype X-ray lithography source that we believe will enable the
semiconductor industry to economically
manufacture the smaller microcircuits necessary for future high-performance electronic
products and systems.
''We further believe that this program could open the door for us to compete for new sales
opportunities that could grow to more
than a billion dollars per year as the market matures.
''In addition to the advances we are seeing in our X-ray lithography program, we are
extremely close to commercial rollout with
our new Britelight laser micromachining systems, and also anticipate being able
to shortly announce a series of substantial new
orders at our recently reorganized JMAR Semiconductor subsidiary,'' Martinez
noted.
He concluded, ''Yet in spite of all of these positive events and trends and the company's
strong condition, JMAR's stock is
currently trading at a two-year low, making the case for repurchasing our securities an
overwhelming one.''
JMAR Technologies develops, manufactures and markets precision measurement,
process-control and laser-manufacturing
systems, provides custom semiconductor products for the microelectronics industry, and is
a leading developer of advanced
lithography point sources for production of future higher-performance semiconductors.
Pursuant to the Private Securities Litigation Reform Act of 1995: The statements
regarding JMAR's future sales or profit growth,
size of potential markets, competitive position or products, projects or processes currently
under development and the ability of the
company to successfully introduce those products into the commercial marketplace or to
apply or otherwise transfer those
products, projects or processes to alternate applications are forward-looking statements
based on current expectations that involve
risks and uncertainties that could cause actual results to differ materially from those set
forth in the forward-looking statements,
including delays in shipment or cancellation of orders, failure of expected orders to
materialize, concentration of sales to certain
markets and customers, timing of future orders, customer reorganizations, failure of
advanced technology to perform as predicted,
uncertainties associated with the timing of the funding of government contracts,
fluctuations in demand, delays in development,
introduction and acceptance of new products, changing business and economic conditions
in various geographic regions, natural
events such as earthquakes, flood and fire, and the other risks detailed from time to time in
the company's reports that are filed
with the Securities and Exchange Commission.
Contact:
JMAR Technologies Inc., San Diego
Dennis E. Valentine, 619/535-1706
jmar.com
or
The Financial Relations Board Inc., Los Angeles
Eileen Morcos, 310/442-0599
See the JMAR thread at Subject 2377 |
