Good news
JMAR Reports Higher 3rd Quarter Sales and Earnings
SAN DIEGO--(BUSINESS WIRE)--Nov. 4, 1998--
Company Sets Quarterly Record With $23 Million in New Sales Orders;
Restructured Semiconductor Operation Achieves Profitability
JMAR Technologies Inc. (Nasdaq NM:JMAR), a growing provider of
precision micro-technology products, today announced increases in both
revenues and profits for the quarter ending Sept. 30, 1998.
For the three month period, income from operations rose 24% to
$324,387 compared with $261,063 for the prior year period. Pretax
income for the 1998 quarter was $301,937, an increase of 28% compared
with the $235,053 reported for the 1997 quarter.
Net income for the 1998 third quarter of $301,937, or $0.02 per
share, contains zero tax benefit, while the net income of $300,053 for
the comparable 1997 period included a tax benefit of $65,000.
For the first nine months of 1998, income from operations rose
11% to $654,759 compared with $588,411 for the first nine months of
1997. Pretax income for the nine months ended Sept. 30, 1998 was
$619,141, an increase of 19% compared with $521,532 reported for the
1997 nine month period. Net income for the 1998 nine month period of
$619,141 contains zero tax benefit, while net income of $686,532 for
the comparable 1997 period included a tax benefit of $165,000.
Sales revenues for the quarter and nine months ended Sept. 30,
1998 were $5,799,458 and $16,162,974, respectively, compared with
$5,583,611 and $16,397,718, respectively, for the same period of 1997.
The company attributed the improved quarterly revenues to an increase
in sales related to its semiconductor products and lithography
equipment development, partially offset by a drop in demand from the
computer industry for its precision measurement and positioning
products.
Commenting on the company's results, JMAR Chairman and Chief
Executive Officer, John S. Martinez, Ph.D. said, "This was a very good
quarter for us for a variety of notable reasons. First, we set a new
record for quarterly bookings with $23 million in new sales orders
including $13 million from DARPA for X-ray lithography systems. Almost
all of that $23 million is expected to translate into revenues that
should generate profits before the end of 1999.
"Second, after two and a half years of diligent effort, our
re-organized JMAR Semiconductor (JSI) subsidiary not only achieved
profitability for the first time but also established a solid
foundation for continued profitable growth in both the government and
commercial marketplaces. During the third quarter it received two
important new contract awards - $1.5 million from TRW for development
and delivery of new microcircuit devices and $4.3 million from General
Dynamics Information Systems for integrated circuit and related
semiconductor wafer fabrication capabilities.
"Third, JMAR continued to perform very well in spite of the
uncertainties produced by the worldwide financial downturn," Martinez
said. "In fact, the third quarter was our tenth consecutive profitable
quarter, which says a great deal about the progress JMAR has made in
building a sound financial infrastructure and developing operations
able to deliver sustained profitable growth, even in less than optimal
market environments."
"One of the most exciting things about the positive financial and
operational momentum JMAR has established is that we know our best is
yet to come," Martinez emphasized. "With the recent addition of
several highly acclaimed technical experts to our research and
engineering staffs and our substantial backlog, we are now better
positioned than ever to bring to market the new advanced products and
technologies necessary to help our customers create increasingly
smaller and more powerful microelectronics products. Accordingly, we
foresee a very promising fourth quarter which should propel second
half sales revenues well above those generated in the first half of
this year."
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