Benthos (NASDAQ:BTHS)
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BENTHOS, INC. (NASDAQ: BTHS) today reported financial
results for the second quarter and first half of fiscal 2005 ended
March 31, 2005. Net sales for the quarter were $5,914,000, an increase
of 41.0% from net sales of $4,195,000 in the second quarter of the
previous fiscal year. Net income for the quarter was $271,000, or
$0.17 per diluted share, compared to a net loss of $36,000, or ($0.03)
per share, in the second quarter of fiscal 2004.
Gross profit margin for the second quarter of fiscal 2005 was
42.5% vs. 42.0% in the second quarter of the previous year, and the
first half gross profit margin was 41.8% vs. 39.9% in the first half
of fiscal year 2004.
Selling, general and administrative expenses for the second
quarter of fiscal 2005 were $1,624,000, including approximately
$103,000 of expenses related to the Company's evaluation of its
strategic alternatives and expenses related to Sarbanes-Oxley Section
404 compliance.
In the Undersea Systems Division, second quarter 2005 net sales
were $4,148,000, a 50.5% increase compared to net sales of $2,757,000
in the same period last year. Net sales in the TapTone Package
Inspection Systems Division in the second quarter of fiscal 2005 were
$1,766,000, a 22.8% increase over net sales of $1,438,000 in the
second quarter of 2004.
For the first half of this year, net sales for the Company were
$10,933,000, an increase of 36.4% compared to $8,018,000 in same
period of last year. For the first half of fiscal 2005, net sales of
Undersea Systems Division products increased by 45.4% to $7,572,000 as
compared to $5,208,000 for the same period last year, while TapTone
Package Inspection Systems Division net sales increased by 19.6% to
$3,361,000 as compared to $2,810,000 in the first half of last year.
Pretax profit in the second quarter of fiscal 2005 was $347,000,
up from a loss of $36,000 in the second quarter of the prior year. In
the first half of fiscal 2005, pretax profit was $554,000 vs. a loss
of $223,000 in the first half of the prior year, an improvement of
$777,000.
Net income for the first half of fiscal 2005 was $432,000, or
$0.27 per diluted share compared to a net loss of $223,000, or ($0.16)
per share, in the first half of fiscal 2004, an improvement of
$655,000.
Commenting on today's announcement, Ronald L. Marsiglio, Benthos
President and CEO, said, "Growth in both of our divisions has fueled a
successful first half for Benthos and we are pleased with these fiscal
2005 year-to-date results. The Undersea Systems Division has been
particularly strong with a 45% gain in year-over-year sales for the
first six months and virtually all segments of that business are up.
This is due in large part to continuing strong sales of our hydrophone
products, as well as geophysical, remotely operated vehicles,
acoustic, and communications products."
"Hydrophone sales are up by 132.5% over the first half of last
year with large orders received in both the first and second quarters
of fiscal 2005. Modem sales are up by 75.1% due to strong demand from
commercial and U.S. Navy customers. Geophysical sales are up 35.4% in
the same period due, in part, to the shipment of a C3D(TM)
3-Dimensional Side Scan Sonar system to the Mississippi Department of
Fisheries in the most recent quarter. We are continuing to promote
this innovative system to potential users and having systems in the
field is a great aid in this effort."
"Also included in the sales for the second quarter were five
Stingray Remotely Operated Vehicle systems for the Canada Border
Services Agency. These systems join the five systems already in use
throughout Canada that were shipped last year and have been highly
successful in port and harbor security operations, including drug
seizures."
"The TapTone Package Inspection Systems Division has grown by
nearly 20% over the first half of last year. Sales to beverage
processors are strong as the demand for leak detection in plastic
containers increases. Now, many of the major players in the food,
beverage, dairy and industrial chemical industries are turning to
TapTone to increase the integrity of their products in plastic
containers. TapTone's expansion in recent years into x-ray fill level
inspection will also aid future growth of the Package Inspection
Systems Division."
Marsiglio concluded, "We are focused on profitable growth and are
pleased with the 36.4% sales increase for the first half of fiscal
2005. While we are still cautious about the timing of large orders,
market conditions, and sales to major customers, the third quarter is
off to a good start and we anticipate a further strengthening of the
Company in the second half of fiscal 2005."
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. Forward-looking
statements are based on management's current assumptions and
expectations, which are inherently subject to risks and uncertainties
and are difficult to predict. Actual results could differ materially
from those currently anticipated due to a number of factors which
include: the timing of large project orders, competitive factors,
shifts in customer demand, government spending, economic cycles,
availability of financing, 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 as anticipated, believed,
estimated, expected or intended. The Company undertakes no obligation
to publicly review or update any forward-looking information, whether
as a result of future developments, newly acquired information or
other matters.
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Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
Assets March 31, 2005 September 30, 2004
----------------- -------------------
Current Assets:
Cash and Cash Equivalents $ 1,108 $ 241
Accounts Receivable, Net 2,935 3,565
Inventories 3,469 3,149
Prepaid Expenses and Other
Current Assets 124 168
------- ------
Total Current Assets 7,636 7,123
Property, Plant and Equipment,
Net 1,181 1,189
Goodwill 576 576
Acquired Intangible Assets, Net 98 218
Other Assets, Net 29 35
------- ------
$ 9,520 $9,141
======= ======
Liabilities and Stockholders'
Investment
Current Liabilities:
Current Portion of Long-Term
Debt $ 279 $ 279
Accounts Payable 1,404 1,217
Accrued Expenses 1,325 1,558
Customer Deposits 353 302
------- ------
Total Current Liabilities 3,361 3,356
------- ------
Long-Term Debt, Net of Current
Portion 116 256
------- ------
Stockholders' Investment:
Common stock, $.06 2/3 Par
Value-
Authorized - 7,500 Shares
Issued - 1,679 and 1,665
Shares at
March 31, 2005 and
September 30, 2004, respectively 112 111
Capital in Excess of Par Value 1,729 1,648
Retained Earnings 4,833 4,401
Treasury Stock, at cost- 270
shares at
March 31, 2005 and September
30, 2004 (631) (631)
------- ------
Total Stockholders' Investment 6,043 5,529
------- ------
$ 9,520 $9,141
======= ======
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended Ended
March 31, March 31,
2005 2004 2005 2004
------ ------ ------- ------
Product Sales $5,403 $3,642 $ 9,832 $7,034
Services 511 553 1,101 984
------ ------ ------- ------
Total Net Sales 5,914 4,195 10,933 8,018
Cost of Product Sales 3,139 2,070 5,762 4,260
Cost of Services 259 364 605 555
------ ------ ------- ------
Gross Profit 2,516 1,761 4,566 3,203
Selling, General &
Administrative Expenses 1,624 1,298 2,922 2,481
Research and Development
Expenses 479 424 956 794
Amortization of Acquired Intangibles 59 59 119 119
------ ------ ------- ------
Income (Loss) from Operations 354 (20) 569 (191)
Interest Expense (7) (16) (15) (32)
------ ------ ------- ------
Income (Loss) before Income Taxes 347 (36) 554 (223)
Provision for Income Taxes 76 -- 122 --
------ ------ ------- ------
Net Income (Loss) $ 271 $ (36) $ 432 $ (223)
====== ====== ======= ======
Basic Earnings (Loss) Per Share $ 0.19 $(0.03) $ 0.31 $(0.16)
====== ====== ======= ======
Diluted Earnings (Loss) Per Share $ 0.17 $(0.03) $ 0.27 $(0.16)
====== ====== ======= ======
Weighted Average Number of 1,404 1,383 1,401 1,383
Shares Outstanding ===== ===== ===== =====
Weighted Average Number of 1,616 1,383 1,607 1,383
Shares Outstanding, Assuming Dilution ===== ===== ===== =====
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