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Schick Technologies Reports Fiscal 2004 Second Quarter Results
Net Revenue Increases 26% and Net Income Rises 125%
LONG ISLAND CITY, N.Y., Nov 5 /PRNewswire-FirstCall/ -- Schick Technologies,
Inc. (BULLETIN BOARD: SCHK) today reported its financial results for the
second quarter of fiscal year 2004 ended September 30, 2003.
Net revenues for the quarter were $8.5 million, an increase of $1.8 million, or
26%, compared to $6.7 million in the same period last year. Net income for the
quarter was $2.3 million, or $0.22 per basic and $0.13 per diluted share,
compared to net income of $1.0 million, or $0.10 per basic and $0.07 per diluted
share, for the same period last year.
Net revenues for the six months ended September 30, 2003 were $17.2 million, an
increase of $3.5 million, or 26%, compared to $13.7 million in the same period
last year. Net income for the six months was $4.2 million, or $0.41 per basic
and $0.25 per diluted share, compared to net income of $2.3 million, or $0.23
per basic and $0.16 per diluted share, for the same period last year.
At September 30, 2003, the Company had $12.1 million in cash, cash equivalents
and short-term investments and $14.1 million in working capital, as compared to
$7.8 million in cash, cash equivalents and short-term investments and $9.2
million in working capital at March 31, 2003. Since retiring the remainder of
its long-term debt to Greystone & Co. in the first quarter, the Company has been
debt free.
"We are very pleased with both our revenue growth and profitability for the
second quarter," said David Schick, Chief Executive Officer. "Demand for our
digital imaging products remains strong. Our goal is to capitalize on the
continued growth of this segment of the dental market and to further expand our
product line."
Jeffrey Slovin, President and COO, commented, "This quarter's results mark the
Company's twelfth successive quarter of operating profits. They reflect strong
gross and operating margins in addition to well-balanced revenue growth in all
of our markets -- both domestic, fueled by our exclusive relationship with
Patterson Dental Company, and international, supported by our active world-wide
dealer network."
Schick Technologies, Inc. Conference Call Information:
Schick Technologies, Inc. will hold its quarterly conference call on Wednesday,
November 5, 2003 at 5:00 p.m. EST. To access the call, please dial 800-901-5217,
passcode #47173629 (domestic), or 617-786-4511 (international). This conference
call will be broadcast live on the Internet athttp://www.schicktech.com/. If you
are unable to participate, an audio digital replay of the call will be available
from Wednesday, November 5 at 7:00 p.m. EST until Midnight EST on November 18 by
dialing 888-286-8010 (domestic) or 617- 801-6888 (international) using
confirmation code #44139782. A web archive will be available for 30 days at
http://www.companyboardroom.com/, http://www.streetevents.com/ or
http://www.schicktech.com/.
This earnings release, and any other financial and statistical information
disclosed by the Company during the conference call will be available in the
"Investors" section of Registrant's web site athttp://www.schicktech.com/.
Schick Technologies, Inc., an ISO 9001 certified company, designs, develops, and
manufactures innovative digital radiographic imaging systems and devices for the
dental and medical markets. The Company's products, which are based on
proprietary digital imaging technologies, create instant high-resolution
radiographs and offer significant advantages over conventional x-ray devices.
The Company's beliefs that the demand for its digital imaging products continues
to be strong, its goal to further capitalize on the continued growth of the
dental imaging market, its belief that dental imaging is a growing segment of
the dental market, its goal to continue to expand its product line, its beliefs
as to its future growth, and other information in this announcement which is not
historical, constitute forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. The matters discussed in this news
release are subject to various factors which could cause actual events and
results to differ materially from such statements. Such factors include
uncertainties as to the future sales volume of Schick Technologies' products,
the pending SEC/U.S. Attorney investigations, the possibility of changing
economic, market and competitive conditions, dependence on products,
technological developments, competition, market uncertainties, dependence on
distributors, ability to manage growth, fluctuation in results, seasonality and
other risks and uncertainties including those detailed in the Company's filings
with the Securities and Exchange Commission.
Schick Technologies, Inc. and Subsidiary
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share amounts)
Three months ended Six months ended
September 30, September 30,
2003 2002 2003 2002
Revenue, net $8,501 $6,750 $17,177 $13,654
Cost of sales 2,624 2,474 5,253 4,657
Excess and obsolete inventory -- -- -- 109
Total cost of sales 2,624 2,474 5,253 4,766
Gross profit 5,877 4,276 11,924 8,888
Operating expenses:
Selling and marketing 1,415 1,334 2,850 2,775
General and administrative 1,541 1,268 3,196 2,370
Research and development 839 580 1,681 1,246
Total operating costs 3,795 3,182 7,727 6,391
Income from operations 2,082 1,094 4,197 2,497
Other income (expense)
Interest income 29 20 49 43
Other income 36 -- 137 --
Interest expense (2) (76) (171) (166)
Total other income
(expense) 63 (56) 15 (123)
Income before income
taxes 2,145 1,038 4,212 2,374
(Benefit) provision
for income taxes (122) 30 (34) 30
Net income $2,267 $1,008 $4,246 $2,344
Basic earnings
per share $0.22 $0.10 $0.41 $0.23
Diluted earnings
per share $0.13 $0.07 $0.25 $0.16
Weighted average
common shares
(basic) 10,365,939 10,147,537 10,297,818 10,141,369
Weighted average
common shares
(diluted) 16,911,580 14,465,750 16,724,236 14,843,480
Schick Technologies, Inc. and Subsidiary
Consolidated Balance Sheets
(In thousands, except share amounts)
September 30, March 31,
2003
(unaudited)
Assets
Current assets
Cash and cash equivalents $12,110 $7,100
Short-term investments 7 712
Accounts receivable, net of allowance for
doubtful accounts of $138 and $42,
respectively 3,541 3,032
Inventories 3,095 3,039
Income taxes receivable 10 10
Prepayments and other current assets 497 421
Deferred income taxes 2,590 2,590
Total current assets 21,850 16,904
Equipment, net 1,828 2,151
Goodwill, net 266 266
Deferred income taxes 3,254 2,940
Other assets 238 349
Total assets $27,436 $22,610
Liabilities and Stockholders' Equity
Current liabilities
Current maturity of long term debt $-- $1,503
Accounts payable and accrued expenses 1,679 1,468
Accrued salaries and commissions 1,418 1,080
Income taxes payable 27 4
Deposits from customers 26 31
Warranty obligations 98 56
Deferred revenue 4,541 3,605
Total current liabilities 7,789 7,747
Commitments and contingencies -- --
Stockholders' equity
Preferred stock ($0.01 par value; 2,500,000
shares authorized; none issued and
outstanding) -- --
Common stock ($0.01 par value; 50,000,000
shares authorized: 10,401,247 and 10,206,425
shares issued and outstanding, respectively) 104 102
Additional paid-in capital 43,154 42,618
Accumulated deficit (23,611) (27,857)
Total stockholders' equity 19,647 14,863
Total liabilities and stockholders' equity $27,436 $22,610
DATASOURCE: Schick Technologies, Inc.
CONTACT: Investor Relations of Schick Technologies, +1-718-937-5765; or
Cameron Associates, +1-212-245-8800, for Schick Technologies
Web site: http://www.schicktech.com/