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Forward Industries Announces First Quarter Results With Sales Up 30% and Net Income Up Over 300%; Company Reports Fifth Consecutive Quarter of Profitability
TUESDAY, JANUARY 21, 2003 12:20 PM
- BusinessWire
POMPANO BEACH, Fla., Jan 21, 2003 (BUSINESS WIRE) -- Forward Industries, Inc. (FORD) , a designer and distributor of custom carrying case solutions, today announced results for its first quarter ended December 31, 2002.
See attached tables.
First Quarter 2003 Financial Highlights -- compared to first quarter 2002 results
-- Net sales increased 30% to $5.7 million.
-- Operating income more than tripled to $545,611.
-- Net income more than quadrupled to $559,146 or $.10 per
diluted share.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward, stated, "We are very pleased to report our fifth consecutive quarter of profitability. The higher sales levels achieved were due to increased orders for both our home medical equipment cases and cellular phone cases. The continued strong sales of our diabetic monitoring equipment carrying cases reflect the efforts we have made to penetrate this important market. We generated approximately $640,000 in sales to third parties under our license agreement with Motorola, up 28% from the same period last year. Importantly, we are now selling our products into more than 20 countries under this license agreement, which further expands our customer base.
"Operating expenses as a percentage of net sales decreased to 23% from 29% in the first quarter of fiscal 2002. These results demonstrate our ability to increase revenues without a corresponding increase in our operating expenses."
Mr. Ball continued, "Our financial position remains strong with $1.4 million in cash and no borrowings outstanding under our line of credit at December 31, 2002. During the quarter, we repurchased 35,200 shares of the Company's common stock under the 400,000-share buyback program that we announced in September, and we plan to buy additional shares, subject to market conditions."
Mr. Ball concluded, "We are optimistic about the remainder of fiscal 2003 and beyond. We are focused on capitalizing on our core markets, and further expanding our relationships with our existing customer base. We look forward to reporting our progress."
About Forward Industries
Forward Industries, Inc. designs and distributes custom carrying case solutions primarily for cellular phones and medical monitoring equipment. The Company sells its products directly to original equipment manufacturers and recently began marketing a line of Carry Solutions under the "Motorola" brand name. Forward's products can be viewed online at www.fwdinnovations.com and www.forwardindustries.com.
Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties, identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.
FORWARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
December 31,
-----------------------
2002 2001
----------- -----------
Net sales $5,691,642 $4,377,073
Cost of goods sold 3,851,623 2,925,947
----------- -----------
Gross profit 1,840,019 1,451,126
----------- -----------
Operating expenses:
Selling 674,420 755,215
General and administrative 619,988 521,904
----------- -----------
Total operating expenses 1,294,408 1,277,919
----------- -----------
Income from operations 545,611 174,007
----------- -----------
Other income (expense):
Interest expense (1,401) (21,645)
Interest income 3,137 7,315
Other income (expense) 36,799 (4,539)
----------- -----------
Total other income (expense) 38,535 (18,869)
----------- -----------
Income before provision for income taxes 584,146 155,138
Provision for income taxes 25,000 16,900
----------- -----------
Net income $559,146 $138,238
=========== ===========
NET INCOME PER COMMON AND COMMON EQUIVALENT
SHARE
Basic $0.10 $0.02
=========== ===========
Diluted $0.10 $0.02
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING
Basic 5,813,908 5,825,641
=========== ===========
Diluted 5,813,908 5,825,641
=========== ===========
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
December September
31, 30,
2002 2002
----------- -----------
ASSETS (Unaudited)
------
CURRENT ASSETS
Cash and cash equivalents $1,391,525 $1,207,311
Accounts receivable, net 3,873,595 2,680,916
Inventories 1,182,426 718,986
Prepaid expenses and other current assets 128,688 219,124
Deferred tax asset 15,500 15,500
----------- -----------
Total current assets 6,591,734 4,841,837
Property, plant and equipment - net 346,480 341,187
Deferred tax asset 161,700 164,500
Other assets 41,337 41,337
----------- -----------
Total Assets $7,141,251 $5,388,861
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $2,410,085 $1,306,381
Accrued expenses and other current
liabilities 423,627 291,984
Current portion of capital lease obligations 28,279 27,814
----------- -----------
Total current liabilities 2,861,991 1,626,179
Long term portion of capital lease obligations 51,504 58,751
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, 4,000,000 authorized
shares, par value $.01; none issued -- --
Common stock, 40,000,00 authorized shares,
par value $.01; 6,286,531
shares issued (including 496,090 and
460,890, respectively held in
treasury) 62,865 62,865
Paid-in capital 8,251,780 8,251,780
Accumulated deficit (3,369,681) (3,928,827)
----------- -----------
4,944,964 4,385,818
Less: Cost of shares in treasury (717,208) (681,887)
----------- -----------
Total stockholders' equity 4,227,756 3,703,931
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,141,251 $5,388,861
=========== ===========
Forward Industries, Inc.
Jerome E. Ball, 954/419-9544
or
Investor Relations Counsel
The Equity Group Inc.
Loren Mortman, 212/836-9604
lmortman@equityny.com
www.theequitygroup.com
http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
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Kurse, auch wenn beide Aktien sich schnell verdopelt haben.
Auch hier gilt, wer Material unter 2 Dollar bekommen kann, muss zuschlagen!
Gruss E.
Technology Research Corporation Announces Strong Third Fiscal Quarter Results: 23% Increase in Revenues and 621% Increase in Net Income
TUESDAY, JANUARY 21, 2003 2:48 PM
- BusinessWire
CLEARWATER, Fla., Jan 21, 2003 (BUSINESS WIRE) -- Robert S. Wiggins, Chairman and Chief Executive Officer of Technology Research Corporation (TRC), (TRCI) announced today that the Company's operating revenues for the third quarter ended December 31, 2002 were $4,582,284, compared to $3,724,728 reported in the same quarter last year, an increase of approximately 23%. Net income for the current quarter was $311,963, compared to $43,269, for the same quarter last year, an increase of approximately 621%. Basic and diluted earnings for the current quarter were $.06 per share compared to $.01 per share for the same quarter last year.
The Company's operating revenues for the nine-month period ended December 31, 2002 were $12,406,418, compared to $12,702,752 reported in the same period of the prior year, a decrease of approximately 2%. Net income for the nine-month period was $647,549, compared to $101,517, for the same period in the prior year, an increase of approximately 538%. Basic and diluted earnings for the nine-month period were $.12 per share compared to basic and diluted earnings of $.02 per share for the same period of the prior year.
Mr. Wiggins stated that he was pleased with the improvement in net income for the Company's third quarter and nine-month periods. The improvement was the result of increased gross profit margins and lower interest expense. Gross profit margins improved as the result of product mix plus productivity and quality improvements in manufacturing. Interest expense was reduced as a result of the Company remaining debt-free during its second and third quarters. Currently, all of the Company's $3,000,000 line of credit is available for use, and the Company's cash balance as of December 31, 2002 grew to $1,763,364.
For the nine-month period ended December 31, 2002, commercial revenues decreased by $913,037, military revenues improved by $644,912 and royalty income was down by $28,209 compared to the prior year's period. The decrease in commercial revenues was primarily due to competitive pressures and the current weakness in the global economy; however, commercial revenues for the fourth quarter should strengthen somewhat as the Company recently announced that it received orders in the amount of $650,000 for its Ground Fault Circuit Interrupters from a major sprayer/washer manufacturer to be shipped in the fourth quarter. Increased direct military shipments of field support parts for existing systems and strong shipments of control devices related to the Tactical Quiet Generator (TQG) programs resulted in record military revenues of $2,027,695 for the Company in the third quarter. Raymond B. Wood, Senior Vice President and Director of Government Operations and Marketing, commented, "We are very pleased with the increase in military revenues, which was achieved by our effective response to military deployment product requirements. We are well on our way to achieving a record revenue year."
The market for the Company's Fire Shield(R) products continues to develop. During the second and third quarters, the Company shipped Fire Shield Power Surge Strips, a new product, to approximately 600 Wal-Mart Stores, Inc. In addition, Fire Shield licensed technology generated royalties of approximately $50,000 during the fiscal year so far. Fire Shield product sales and royalties currently represent approximately 1% of the Company's total revenues. The Company believes that its patented Fire Shield technology represents its most significant opportunity for growth.
The third quarter dividend of $.01 per share will be paid on January 24, 2003 to shareholders of record on December 31, 2002. The fourth quarter dividend of $.015 per share will reflect the increase in the Company's quarterly dividend and will be paid on April 25, 2003 to shareholders of record on March 31, 2003.
TRC is a internationally recognized leader in electrical safety products that prevent electrocution and electrical fires and protect against serious injury from electrical shock. Based on its core technology in ground fault sensing, products are designed to meet the needs of the consumer, commercial and industrial markets worldwide. The Company also supplies power monitors and control equipment to the United States Military and its prime contractors.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements are related to future events, other future financial performance or business strategies, and may be identified by terminology such as "may," "will," "should," "expects," "scheduled," "plans," "intends", "anticipates," "believes," "estimates," "potential," or "continue," or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events as well as results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.
Comparative Operating Results
-----------------------------
Unaudited
---------
Three Months Ended Nine Months Ended
------------------ -----------------
12/31/2002 12/31/2001 12/31/2002 12/31/2001
---------- ---------- ---------- ----------
Operating
revenues $ 4,582,284 3,724,728 $12,406,418 12,702,752
Net income
before taxes $ 442,635 57,206 $ 927,792 134,870
Net income $ 311,963 43,269 $ 647,549 101,517
Basic earnings
per share $ .06 .01 $ .12 .02
Weighted average
number of
common shares
outstanding 5,438,215 5,437,497 5,437,784 5,437,497
Diluted earnings
per share $ .06 .01 $ .12 .02
Weighted average
number of common
and equivalent
shares
outstanding 5,449,051 5,456,994 5,453,231 5,452,652
Dividends
declared $ 0.01 0.01 $ 0.03 0.03
EBITDA $ 745,302 397,781 $ 1,911,988 1,162,663
Note: EBITDA refers to earnings before interest, income taxes,
depreciation and amortization. The Company wishes to present its
EBITDA results as an indication of its liquidity and should not be
interpreted as earnings.
Technology Research Corporation, Clearwater
Investor Relations:
Scott J. Loucks, 727/535-0572 or Fax: 727/535-4828
Web Page: http://www.trci.net
http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
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WDC WDC
WESTERN DIGITAL CORP NYSE
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Western Digital Reports Revenue of $749.5 Million, 10.3 Million Units Shipped, EPS of $.36 for Second Fiscal Quarter
Sequential Growth of 29% in Revenues, 200% in Operating Income; ASPs Rise in Favorable Industry Environment
LAKE FOREST, Calif., Jan 23, 2003 /PRNewswire-FirstCall via COMTEX/ -- Western Digital Corp. (NYSE: WDC) today reported revenues of $749.5 million on shipments of approximately 10.3 million units, and net income of $74.4 million, or $.36 per share, for its second fiscal quarter ended December 27, 2002. Excluding a $1.3 million non-recurring gain from discontinued operations, net income would have been $73.0 million, or $.36 per share.
For the year-ago quarter ended December 28, 2001, the Company reported revenue of $574.7 million on shipments of approximately 7.7 million units, and net income of $12.6 million, or $.07 per share. Excluding $3.5 million of non-recurring investment gains, net income for the year-ago period would have been $9.1 million, or $.05 per share.
On a sequential basis, the second quarter results represented 20 percent growth in units from 8.6 million in the first fiscal quarter ended September 27, 2002, 29 percent growth in revenues from $583 million, and a 200 percent increase in operating income. Gross profit increased 72 percent as gross margins expanded to 19.2 percent from 14.3 percent.
"The hard drive industry faced very favorable conditions in the second quarter and Western Digital executed extremely well in addressing customer needs in this context," said Matt Massengill, chairman and chief executive officer. "These results demonstrate the significant earnings leverage and financial efficiency of our business and operating model."
Massengill noted that the Company's average selling price rose to $73, from $68 in the September quarter, reflecting favorable industry supply/demand conditions, especially in the distribution channel, and a richer mix of multi-platter hard drives for Western Digital.
"Business with the major PC OEM customers was strong, our distribution sales were on track, and our retail business was very healthy," said Massengill. "We saw strength across all geographies, with the sharpest sequential gains coming in North America and in Asia-Pacific, where we have increased our focus and made inroads with OEMs."
The Company's balance sheet was strengthened as its cash position increased $82 million to $327 million from the September quarter. Cash generated from operations was $92 million, up $47 million sequentially due to improved profitability and outstanding asset management.
The investment community conference call to discuss second quarter financial results and our outlook will be broadcast live over the Internet today at 2 p.m. PST/5 p.m. EST. The live and archive audio webcast will be available in the Conference Call section of our Web site at http://www.westerndigital.com/invest . A telephone replay will be available at 402.220.3077 through Feb. 1, 2003.
About Western Digital
Western Digital, one of the storage industry's pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The Company produces reliable, high-performance hard drives that keep users' data close-at-hand and secure from loss.
Western Digital was founded in 1970. The Company's storage products are marketed to leading systems manufacturers and selected resellers under the Western Digital brand name. Visit the Investor section of the Company's Web site ( www.westerndigital.com ) to access a variety of financial and investor information.
This release contains forward-looking statements, including statements relating to our earnings leverage and the financial efficiency of our business and operating model. The forward-looking statements are based on current management expectations, and actual results may differ materially as a result of several factors, including: levels of operating expense and product cost; supply and demand conditions in the hard drive industry; uncertainties related to the development and introduction of products based on new technologies; changes in product and customer mix; pricing trends; actions by competitors; successful entry into new markets by the Company; and other factors discussed in our recent SEC filings, including but not limited to our Form 10-K for fiscal 2002. We undertake no obligation to update or alter our forward-looking statements to reflect new information or events or for any other reason.
Western Digital and the Western Digital logo are registered trademarks of Western Digital Technologies, Inc.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000711/WDCLOGO )
WESTERN DIGITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
Dec. 27, Sep. 27, Dec. 28, Dec. 27, Dec. 28,
2002 2002 2001 2002 2001
Revenue,
net $749,490 $582,909 $574,670 $1,332,399 $1,015,613
Cost of
revenue 605,409 499,266 504,112 1,104,675 889,048
Gross
margin 144,081 83,643 70,558 227,724 126,565
Operating
expenses:
Research
and
development 34,410 31,914 29,212 66,324 58,057
Selling,
general and
administrative 33,628 26,444 28,494 60,072 55,862
Total
operating
expenses 68,038 58,358 57,706 126,396 113,919
Operating
income 76,043 25,285 12,852 101,328 12,646
Net interest
and other
(expense)
income (780) (1,269) 2,593 (2,049) 2,242
Income from
continuing
operations
before income
tax expense 75,263 24,016 15,445 99,279 14,888
Income tax
expense (2,223) (1,801) -- (4,024) --
Income from
continuing
operations 73,040 22,215 15,445 95,255 14,888
Discontinued
operations 1,320 -- (2,851) 1,320 18,224
Net income $74,360 $22,215 $12,594 $96,575 $ 33,112
Diluted income per common share:
Income from
continuing
operations $.36 $.11 $.08 $.47 $.08
Discontinued
operations .00 -- (.01) .01 .09
$.36 $.11 $.07 $.48 $.17
Common shares used in computing per share amounts:
Diluted 204,123 196,823 191,624 200,473 189,381
WESTERN DIGITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
Dec. 27, Jun. 28,
2002 2002
ASSETS
Current assets:
Cash and cash equivalents $326,944 $223,728
Accounts receivable, net 246,304 218,832
Inventories 105,792 73,395
Other 14,139 11,554
Total current assets 693,179 527,509
Property and equipment, net 113,369 107,520
Other, net 863 1,651
Total assets $807,411 $636,680
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $352,249 $302,998
Accrued expenses 142,048 103,474
Convertible debentures 73,556 86,204
Total current liabilities 567,853 492,676
Other 29,588 41,142
Shareholders' equity:
Common stock 1,955 1,954
Additional paid-in capital 627,732 617,200
Accumulated deficit (419,717) (516,292)
Total shareholders' equity 209,970 102,862
Total liabilities
and shareholders' equity $807,411 $636,680
SOURCE Western Digital Corp.
Bob Blair, Investor Relations, +1-949-672-7834,
robert.blair@wdc.com, or Steve Shattuck, Public Relations, +1-949-672-7817,
steve.shattuck@wdc.com, both of Western Digital Corp.
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000711/WDCLOGO
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
/Company News On-Call: http://www.prnewswire.com/comp/963250.html
http://www.westerndigital.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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Technology Research Corporation Receives Order From RadioShack for Laptop Surge Products
WEDNESDAY, JULY 16, 2003 9:00 AM
- BusinessWire
CLEARWATER, Fla., Jul 16, 2003 (BUSINESS WIRE) -- Ned Schiff, Vice President of U.S. Marketing and Sales for Technology Research Corporation (TRC), (TRCI) , announced today that it had received an initial stocking order from RadioShack Corporation (RSH) for laptop surge products for 2,000 RadioShack stores. The products will be sold under the RadioShack brand name and deliveries to RadioShack are expected to commence in September 2003.
Ned Schiff said, "We are pleased that RadioShack has chosen to offer our line of stylish, compact and simple to use laptop surge protection products. These state of the art laptop surge products include both two and three wire inline surge protectors and a self-retracting spool and modem surge protector." He added, "Most laptop users are looking to conserve as much space as possible in their computer bags and these products certainly meet that objective."
Technology Research Corporation, using its core technologies, designs, manufactures and markets electrical safety products that save lives, protect people from serious injury from electrical shock and prevent electrical fires in the home and workplace. These products have worldwide application. The Company also supplies power monitoring and control equipment to the United States Military and its prime contractors.
"Safe Harbor" Statement: Certain statements made in this press release are forward looking in nature and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated.
SOURCE: Technology Research Corporation
Technology Research Corporation, Clearwater
Scott J. Loucks, 727/535-0572, Fax: 727/535-4828
Web Page: http://www.trci.net
http://www.businesswire.com
Technology Research Corporation's Fire Shield Products for the Portable Room Air Conditioning Market Ready for Production
THURSDAY, JULY 10, 2003 9:51 AM
- BusinessWire
CLEARWATER, Fla., Jul 10, 2003 (BUSINESS WIRE) -- Ned Schiff, Vice President of U.S. Marketing and Sales for Technology Research Corporation (TRC), (TRCI) , announced today that its line of Fire Shield Leakage Current Detection Interrupter (LCDI) power supply cords, that satisfy the 2002 National Electrical Code (NEC) and the Underwriters Laboratories (UL) requirement for cord fire protection on portable room air conditioners manufactured after August 1, 2004, is available for initial production. The units may be ordered in 120V and 250V versions with 10 to 30 AMP ratings.
"These Fire Shield LCDI power cords have successfully completed the UL testing requirements for the new 1669 standard," said Schiff. He added, "We have been working with the portable room air conditioning manufacturers since this requirement was adopted into the 2002 National Electrical Code in May 2002 and have been supplying samples to qualify their specific implementations."
The Company indicated that its Fire Shield(R) technology has been implemented in more than one million cords in a variety of applications including extension cords, power surge strips, portable room heaters and water purifiers since it was approved by UL and introduced in 1996.
Technology Research Corporation designs, manufactures and markets electrical safety products that save lives, protect people from serious injury from electrical shock and prevent electrical fires in the home and workplace. These products have worldwide application. The Company also supplies power monitoring and control equipment to the United States Military and its prime contractors.
"Safe Harbor" Statement: Certain statements made in this press release are forward looking in nature and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated.
SOURCE: Technology Research Corporation
Technology Research Corporation, Clearwater
Investor Relations
Scott J. Loucks, 727/535-0572 or Fax: 727/535-4828
Web Page: http://www.trci.net
Technology Research Corporation Announces Its First Quarter Cash Dividend
THURSDAY, JUNE 19, 2003 8:02 AM
- BusinessWire
CLEARWATER, Fla., Jun 19, 2003 (BUSINESS WIRE) -- Robert S. Wiggins, Chairman and Chief Executive Officer of Technology Research Corporation (TRC), (TRCI) announced today that the Company has established June 30, 2003, as the record date for its first fiscal quarter dividend at 1.5 cent per share with a payment date of July 25, 2003. The annual cash dividend rate will be 6 cents per share.
Based on the Company's closing stock price on June 18, 2003 of $3.81, a $0.06 yearly dividend would return a 1.57% yield on investment.
Technology Research Corporation, using its core technologies, designs, manufactures and markets electrical safety products that save lives, protect people from serious injury from electrical shock and prevent electrical fires in the home and workplace. These products have worldwide application. The Company also supplies power monitoring and control equipment to the United States Military and the prime contractors of its tactical vehicles, naval vessels and mobile electric generating systems.
SOURCE: Technology Research Corporation
Technology Research Corporation, Clearwater
Scott J. Loucks, 727/535-0572, Fax 727/535-4828
http://www.trci.net
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TRCI im Januar vorgestellt zu 2 Dollar, aber mit Hammerquartalszahlen. Net Income war +621%.
Die Kursentwicklung entspricht in etwa den Zahlen aus Januar, 10 Dollar werden dieses Jahr bei TRCI noch geknackt.
Gruss E.
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Eine herausragende Investmentidee für 2003....
Wie schnell mein Kursziel Makulatur geworden ist.
Gruss E.
Technology Research Corporation Announces All-Time High Quarterly Results
WEDNESDAY, OCTOBER 22, 2003 11:46 AM
- BusinessWire
TRCI
12.00 +2.211
CLEARWATER, Fla., Oct 22, 2003 (BUSINESS WIRE) -- Robert S. Wiggins, Chairman and Chief Executive Officer of Technology Research Corporation (TRC), (TRCI) announced today that the Company's operating revenues for the second quarter ended September 30, 2003 were $6,212,654, compared to $3,968,816 reported in the same quarter last year, an increase of approximately 57%. Net income for the current quarter was $793,860, compared to $206,131, for the same quarter last year, an increase of approximately 285%. Basic and diluted earnings for the current period were $.14 per share compared to $.04 per share for the same quarter last year.
The Company's operating revenues for the six-month period ended September 30, 2003 were $11,872,569, compared to $7,824,134 reported in the same period of the prior year, an increase of approximately 52%. Net income for the six-month period was $1,377,960, compared to $335,586, for the same period in the prior year, an increase of approximately 311%. Basic earnings were $.25 per share and diluted earnings were $.24 per share for the six-month period compared to basic and diluted earnings of $.06 per share for the same period last year.
Mr. Wiggins commented, "The Company is experiencing a banner year with second quarter revenues and earnings at an all-time high. The Company's manufacturing facilities continue to operate efficiently, and the Company ended the quarter with $3,272,492 in cash and remained debt-free." Mr. Wiggins added, "The outlook for the remainder of the Company's fiscal year looks positive."
For the six-month period ended September 30, 2003, commercial sales increased by $1,677,261, military sales improved by $2,399,398 and royalty income was down by $28,224 compared to the prior year's period. The increase in commercial revenues was partially attributed to shipments of product in the amount of $450,000 to a major sprayer/washer manufacturer in the first quarter, and shipments of approximately $597,000 of the Company's Fire Shield(R) extension cords in Home Depot and Fire Shield(R) Surge Strips in Wal-Mart throughout the first and second quarters. New accounts in the Recreational Vehicle, Brand Label and Commercial Distribution markets contributed to the remainder of the growth. Military revenues were unusually strong due to direct military shipments of support parts for existing systems and control devices related to the Tactical Quiet Generator (TQG) programs. The increase in direct military shipments is primarily the result of current U.S. military activity.
The Company is making significant progress this year in marketing its Fire Shield(R) brand name. As noted above, the Company shipped approximately $600,000, or 5% of sales, of Fire Shield(R) products to two major retailers in the first two quarters, and the Company is pursuing other like opportunities. In addition, the Company received approximately $36,000 in royalties in the second quarter related to Fire Shield(R) licensed technology. The Company's patented Fire Shield(R) technology has numerous applications and represents the Company's most significant opportunity for growth. For example, the Company is well-positioned to participate in the estimated $60 million annual market created by the 2002 National Electrical Code (NEC) and the Underwriters Laboratories (UL) currently scheduled requirement for cord fire protection on portable room air conditioners which are manufactured after August 1, 2004. The Company's Fire Shield(R) LCDI power cords for this application have successfully completed the UL testing requirements for the new 1699 standard and are available for production.
The second quarter dividend of $.015 per share will be paid on October 24, 2003 to shareholders of record on September 30, 2003. The Company's annual dividend is expected to be $.06 per share.
TRC is an internationally recognized leader in electrical safety products that prevent electrocution and electrical fires and protect against serious injury from electrical shock. Based on its core technology in ground fault sensing, products are designed to meet the needs of the consumer, commercial and industrial markets worldwide. The Company also supplies power monitors and control equipment to the United States Military and its prime contractors.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements are related to future events, other future financial performance or business strategies, and may be identified by terminology such as "may," "will," "should," "expects," "scheduled," "plans," "intends," "anticipates," "believes," "estimates," "potential," or "continue," or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events as well as results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.
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Was mich noch mehr ärgert ist Laserscope(LSCP) - da habe ich nämlich die guten Meldungen mitbekommen und habe trotzdem nur zugeguckt.
Immerhin hat der Kauf von NGEN genau gepasst - fast optimal erwischt bei 3,05$.
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Und? Wer berichtet seit einem Jahr über sie??? Natürlich, der Eskimato!!!
Also absolut, Hut ab! Bis ich mich vom "Niveau" her mit dir messen kann, muss ich noch viel lernen! Aber sag mal ehrlich, dat Ding ist einfach nur krass, oder?
patzi
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Übrigens hab ich eine grausame 14 Tage Performance im Depotwettbewerb hingelegt, leider ist die Schlussmail noch nicht da. So wirds heute nix mit der Abrechnung.
Gruss E.
http://chart.bigcharts.com/bc3/quickchart/...93&mocktick=1&rand=8296"
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TRCI sollte locker wieder anspringen.
Gruss E.
Technology Research Corporation to Supply a Major Appliance Manufacturer Fire Shield® LCDI Power Cords for the Room Air Conditioner Application
CLEARWATER, FLORIDA, January 4, 2005 – Jerry T. Kendall, President and Chief Executive Officer of Technology Research Corporation (TRC), (NASDAQ–TRCI), announced today that the Company has signed a sole source supply agreement with a major appliance manufacturer, subject to meeting agreed to performance requirements, to supply its Fire Shield LCDI Power Cords to be used as cord fire protection on room air conditioners manufactured for sale in the United States.
The estimated value of the agreement for the current manufacturing season is approximately $5.0 million, of which the Company has received approximately $1.9 million in orders. Initial shipments of $95,000 for these orders were completed in December 2004. Remaining deliveries under this agreement are planned through April 2005.
Jerry Kendall said, “We are certainly pleased to be selected by another leading major appliance manufacturer to supply our Fire Shield LCDI Power Cords to be used on their room air conditioners. Fire Shield is a proven technology for this important safety application.” He added, “This agreement brings our announced business volume for the room air conditioner application to approximately $16.0 million for the current manufacturing season.”
Technology Research Corporation designs, manufactures and markets electrical safety products that save lives, protect people from serious injury from electrical shock and prevent electrical fires in the home and workplace. These products have worldwide application. The Company also supplies power monitoring and control equipment to the United States Military and its prime contractors.
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Die Entwicklung von MDKI und DCAI kenne ich sehr genau.
Ich habe Fresenius Medical aus dem DAX mit gleichem Geschäftsfeld mal sehr billig eingekauft, die Peer ist mein Thema.
Ich bin derzeit unter anderem in Stammzellenaktien unterwegs.
Zu den Stammzellenshares ala GERN, ASTM, STEM musst Du den den Spiegel 53/04 lesen. Die Kinder von Beslan auf dem Titelblatt, liegt vielleicht noch beim Friseur oder Hausarzt. Arnie Schwarzenegger und die Stammzelleneshares.
In den vergangenen Wochen hatte ich über 90 An-und Verkäufe in US-Shares. Ich kann das gar nicht alles hier aufzeigen, ich brauche die Kraft zum Traden, nicht um ARIVA zu unterhalten. Allerdings würde ich mit Dir aus alter Freundschaft einen Contest machen. Ich sag was ich kaufe, Du mir.
Nue reale Käufe und Verkäufe, auf Spielchen hab ich keine Lust mehr.
Dann zeig ich Dir IFUE an der OTC oder RSTG an der OTC und son paar andere Überraschungen.
Oder unser alter Liebling SCLN steht bei mir in Kürze ganz oben auf der Kaufliste. Kann das sein? Zwei Kandidaten in Phase 3 und der Share verliert von Tag zu Tag?
Da will ich Butter bei die Fische. Ich kaufe SCLN bald, Du auch?
Etc. etc. Wenn Du die Realität als neuen Thread aufmachst bin ich sofort dabei, die Möchtegerne könnnen mich mal.
RURL ist toll, die Chance unter 3,50 gab es für mich seit Deinem Erstposting. Mein Gedächtnis ist besser als mir lieb ist.
Gruss E.
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starker Vorschlag, klingt interessant, sich mit Dir über aktuelle Käufe/Verkäufe ad-hoc auszutauschen. Allerdings weiß ich nicht, ob ich Dir gerecht werden kann, wenn ich nicht ständig bei Ariva präsent sein kann...?
Die Stammzellenforscher habe ich auch schon lange im Auge, Geron sogar im Depot. Stemcells und Aastrom sind mir aber bislang immer zu heftig gewesen, den starken Anstiegen folgten stets kräftige Abstürze..
SCLN habe ich lange nicht mehr angeschaut, werde ich nun aber machen und nächste woche mal meinen senf dazu geben..
Was mich derzeit aber fesselt sind DCAI und MDKI, die Du offenbar schon lange vor mir entdeckt hast.. Glückwunsch, das gönn ich Dir! Eskivanaboard kann ich nicht lesen, geht auch keinen außerhalb eurer Gruppe etwas an. Daraus schließe ich aber dass es Eure Investmentgemeinschaft tatsächlich noch gibt, was? Jedenfalls sind mir DCAI und MDKI bis lürzlich durch die Lappen, der Markt für Dialyse scheint aber weiter interessant zu sein... DaVita ist auf Einkaufstour... Leider kann ich keine vernünftige Peer-Group finden, hast Du noch Dialyse-Unternehmen, die ihr Geschäft in der USA betreiben in der watchlist? würde mich brennend interessieren!
Freue mich, von Dir am WE zu hören!
Grüße
Pavian