Benthos (NASDAQ:BTHS)
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BENTHOS, INC. (NASDAQ: BTHS) today reported financial
results for the third quarter and first nine months of fiscal year
2005 ended June 30, 2005. Net sales for the quarter were $6,698,000, a
record for net sales in a fiscal quarter at Benthos and an increase of
16.6% from net sales of $5,746,000 in the third quarter of fiscal year
2004.
Net income for the quarter was $516,000, or $0.29 per diluted
share, compared to $456,000, or $0.31 per diluted share, in the third
quarter of fiscal 2004.
Gross profit as a percent of sales in the third quarter of fiscal
2005 was 46.8% versus 42.1% in the third quarter of fiscal 2004.
Research and development expenses for the third quarter of fiscal 2005
were $624,000, as compared to $430,000 in the same quarter of fiscal
2004, as we begin to increase research and development to accelerate
the new product development process.
In the Undersea Systems Division, net sales in the third quarter
of fiscal 2005 were $3,773,000, a 12.6% increase compared to net sales
of $3,352,000 in the same period last year. Net sales in the TapTone
Package Inspection Systems Division in the third quarter of fiscal
2005 were $2,925,000, a 22.2% increase over net sales of $2,394,000 in
the third quarter of 2004.
For the first nine months of this fiscal year, net sales for the
Company were $17,631,000, an increase of 28.1% compared to $13,764,000
in same period of the last fiscal year. For the first nine months of
fiscal 2005, net sales of Undersea Systems Division products increased
by 32.5% to $11,344,000 as compared to $8,560,000 for the same period
last year, while TapTone Package Inspection Systems Division net sales
increased by 20.8% to $6,287,000 as compared to $5,204,000 in the
first nine months of last year.
For the first nine months of fiscal 2005, gross profit as a
percent of sales was 43.7% vs. 40.8% in the first nine months of
fiscal 2004. Pretax profit in the third quarter of fiscal 2005 was
$661,000, up from $468,000 in the third quarter of the prior year. In
the first nine months of fiscal 2005, pretax profit was $1,215,000
versus $245,000 in the first nine months of the prior year, an
improvement of $970,000.
Net income for the first nine months of fiscal 2005 was $948,000,
or $0.56 per diluted share compared to $233,000, or $0.17 per diluted
share, in the first nine months of fiscal 2004, an improvement of
$715,000.
Commenting on today's announcement, Ronald L. Marsiglio, Benthos
President and CEO, said, "Growth in both of our divisions has produced
a successful first nine months for Benthos and we are pleased with
fiscal 2005 year-to-date results. The Undersea Systems Division has
remained strong with a 32.5% gain in year-over-year sales for the
first nine months and virtually all segments of that business are up.
Continuing strong sales of our hydrophone products, as well as
geophysical, remotely operated vehicle, acoustic, and communications
products are leading the way."
"Our TapTone Package Inspection Systems Division has grown by
nearly 21% over the first nine months of last year. Sales to beverage
processors are strong as the demand continues to increase for leak
detection in plastic containers. Many of the major players in the
food, beverage, dairy and industrial chemical industries are
continuing to turn to TapTone to increase the integrity of their
products in plastic containers."
"The success of our public offering in the third quarter of this
year has provided Benthos with approximately $7,500,000 to support
future growth of the Company."
Mr. Marsiglio concluded, "We continue to be focused on profitable
growth and are pleased with the 28.1% sales increase for the first
nine months of fiscal 2005. Even though we are cautious about market
conditions, the timing of large orders, and shipments to major
customers, the fourth quarter is off to a good start and we anticipate
a further strengthening of the Company in the remaining quarter of
fiscal 2005 and into fiscal year 2006."
Benthos, Inc., through its Undersea Systems Division, designs,
manufactures, sells and services a variety of oceanographic products
for underwater tasks; and through its TapTone Package Inspection
Systems Division makes systems for testing consumer packages made of
glass, metal or plastic. The common stock of the Company is traded on
the Nasdaq SmallCap market under the symbol "BTHS". For more
information, Benthos can be found on the Internet at www.benthos.com.
Forward Looking Statements
The statements in this news release relating to plans, strategies,
economic performance and trends and other statements that are not
descriptions of historical facts are "forward-looking statements"
within the meaning of the Federal Securities Laws. The Company
believes that such statements are reasonable and are based on the
beliefs of the Company's management as well as assumptions made by and
information currently available to Company management. However, actual
results could differ materially from those currently anticipated due
to a number of factors that include: the timing of large project
orders, competitive factors, shifts in customer demand, government
spending, economic cycles, regulatory changes and other factors. More
information about these factors is contained in the Company's filings
with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those described herein. The Company does not undertake
and expressly disclaims any obligation to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
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Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
Assets June 30, 2005 September 30, 2004
------------- ------------------
Current Assets:
Cash and Cash Equivalents $ 9,513 $ 241
Accounts Receivable, Net 3,343 3,565
Inventories 3,747 3,149
Prepaid Expenses and Other Current
Assets 87 168
------- ------
Total Current Assets 16,690 7,123
Property, Plant and Equipment, Net 1,132 1,189
Goodwill 576 576
Acquired Intangible Assets, Net 39 218
Other Assets, Net 25 35
------- ------
$18,462 $9,141
======= ======
Liabilities and Stockholders'
Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 279 $ 279
Accounts Payable 1,392 1,217
Accrued Expenses 2,065 1,558
Customer Deposits 264 302
------- ------
Total Current Liabilities 4,000 3,356
------- ------
Long-Term Debt, Net of Current
Portion 46 256
------- ------
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 2,370 and 1,665 Shares at
June 30, 2005 and
September 30, 2004, respectively 158 111
Capital in Excess of Par Value 9,541 1,648
Retained Earnings 5,348 4,401
Treasury Stock, at cost- 270 shares
at June 30, 2005 and September 30,
2004 (631) (631)
------- ------
Total Stockholders' Investment 14,416 5,529
------- ------
$18,462 $9,141
======= ======
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Nine months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
------ ------ ------- -------
Product Sales $6,246 $5,442 $16,078 $12,476
Services 452 304 1,553 1,288
------ ------ ------- -------
Total Net Sales 6,698 5,746 17,631 13,764
Cost of Product Sales 3,336 3,121 9,098 7,381
Cost of Services 228 215 833 770
------ ------ ------- -------
Gross Profit 3,134 2,410 7,700 5,613
Selling, General &
Administrative Expenses 1,802 1,438 4,724 3,919
Research and Development
Expenses 624 430 1,580 1,224
Amortization of Acquired Intangibles 60 60 179 179
------ ------ ------- -------
Income from Operations 648 482 1,217 291
Interest Income 20 1 20 1
Interest Expense (7) (15) (22) (47)
------ ------ ------- -------
Income before Income Taxes 661 468 1,215 245
Provision for Income Taxes 145 12 267 12
------ ------ ------- -------
Net Income $ 516 $ 456 $ 948 $ 233
====== ====== ======= =======
Basic Earnings Per Share $ 0.32 $ 0.33 $ 0.63 $ 0.17
====== ====== ======= =======
Diluted Earnings Per Share $ 0.29 $ 0.31 $ 0.56 $ 0.17
====== ====== ======= =======
Weighted Average Number of 1,637 1,383 1,480 1,383
Shares Outstanding ===== ===== ===== =====
Weighted Average Number of 1,800 1,452 1,671 1,406
Shares Outstanding, Assuming
Dilution ===== ===== ===== =====
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