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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hi-Shear Technology Corp | AMEX:HSR | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From May 2019 to May 2024
Hi-Shear Technology Corporation (NYSE Amex:HSR), today announced that net income for its third quarter ended February 28, 2009 increased 18% to $910,000 or $0.13 per share, as compared to $769,000, or $0.11 per share, for the same period last year. The growth in net income reflects efficiencies in manufacturing processes that resulted in product margin growth. Revenues recognized during the quarter were $5,587,000 compared to the $6,299,000 for the same quarter last year. Delays by several customers in releasing their production requirements to the Company resulted in the reduced revenues during the quarter compared to the third quarter last year. The Company attributes these delays to the current national banking crisis and expects these delays to be temporary as Hi-Shear’s product is necessary for the successful completion of scheduled satellite launches.
Net income for the nine months ended February 28, 2009 grew 21% to $3,916,000 or $0.57 per share as compared to $3,225,000, or $0.47 per share, for the same period last year. The growth in net income was the result of gross margin improvement and lower general and administrative expense during the nine month period. Revenues of $18,699,000 increased slightly from the revenues of $18,526,000 recognized for the same nine month period last year as efforts were expended on a wide range of customer backlog.
Hi-Shear Technology provides pyrotechnic, mechanical, and electronic products to the aerospace and defense market in applications where safety, performance and high reliability are essential. It develops and produces advanced systems and products that are primarily used worldwide in space satellites, launch vehicles, national defense, and government programs.
This release, as it relates to product announcements and other Company matters, contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks related to market acceptance of and demand for the Company’s products, dependence on the uncertainty of government budgetary issues, primary government contracts, and intellectual property rights.
The Company’s Form 10-Q was filed with the Securities and Exchange Commission on or about April 14, 2009. The 10-Q will be available through Edgar or can be downloaded through Hi-Shear’s website at www.hstc.com, or contact Linda A. Nespole at (310) 784-7821.
PART I FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS BALANCE SHEETS February 28, May 31, 2009 2008 (Unaudited) ASSETS: Current Assets: Cash and cash equivalents $ 2,644,000 $ 1,655,000 Accounts receivable, net 11,668,000 14,474,000 Inventories, net 2,446,000 1,345,000 Deferred income taxes 2,465,000 2,430,000 Prepaid expenses and other current assets 467,000 182,000 Total current assets $ 19,690,000 $ 20,086,000 Land 846,000 846,000 Equipment, net 1,985,000 2,003,000 Total assets $ 22,521,000 $ 22,935,000 LIABILITIES AND STOCKHOLDERS' EQUITY: Current Liabilities: Trade accounts payable 875,000 740,000 Accrued liabilities 5,696,000 5,872,000 Deferred revenue 196,000 1,204,000 Current portion of obligations under capital leases 40,000 40,000 Total current liabilities $ 6,807,000 $ 7,856,000 Deferred income taxes 291,000 315,000 Obligation under capital leases (less current portion) 5,000 34,000 Total liabilities $ 7,103,000 $ 8,205,000 Stockholders' Equity Preferred stock, $1.00 par value; 500,000 shares authorized; no shares issued 0 0 Common stock, $.001 par value - 25,000,000 shares authorized; 6,819,291 and 6,817,541 shares issued and outstanding at February 28, 2009 and May 31, 2008 respectively 7,000 7,000 Additional paid-in capital 8,005,000 7,823,000 Retained earnings 7,406,000 6,900,000 Total stockholders' equity $ 15,418,000 $ 14,730,000 Total liabilities and stockholders' equity $ 22,521,000 $ 22,935,000 HI-SHEAR TECHNOLOGY CORPORATION STATEMENTS OF OPERATIONS (UNAUDITED) Nine-Month Period Ended Three-Month Period Ended February 28, February 29, February 28, February 29, 2009 2008 2009 2008 Revenues $ 18,699,000 $ 18,526,000 $ 5,587,000 $ 6,299,000 Cost of Revenues 8,852,000 10,045,000 2,819,000 3,675,000 Gross Margin 9,847,000 8,481,000 2,768,000 2,624,000 Selling, General and Administrative Expenses 3,234,000 3,395,000 1,190,000 1,548,000 Operating Income 6,613,000 5,086,000 1,578,000 1,076,000 Interest Income (Expense), Net (130,000 ) 39,000 (76,000 ) 19,000 Income before Income Tax Expense 6,483,000 5,125,000 1,502,000 1,095,000 Income Tax Expense 2,567,000 1,900,000 592,000 326,000 Net Income $ 3,916,000 $ 3,225,000 $ 910,000 $ 769,000 Earnings per Common Share - Basic $ 0.57 $ 0.47 $ 0.13 $ 0.11 Earnings per Common Share - Diluted $ 0.57 $ 0.47 $ 0.13 $ 0.11 Weighted # Common Shares Outstanding: Basic 6,819,000 6,806,000 6,819,000 6,816,000 Diluted 6,829,000 6,822,000 6,828,000 6,837,000
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