Scientific Technologies (NASDAQ:STIZ)
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Scientific Technologies Incorporated (NASDAQ:STIZ), a
leading North American provider of automation safeguarding technology
announced today the results of operations for the quarter and six
months ended June 30, 2005. Sales for the second quarter of 2005 were
$14,941,000, compared to sales of $15,632,000 in the second quarter of
2004. Net income for the second quarter of 2005 was $510,000, or $0.05
per share, compared to net income of $583,000, or $.06 per share, for
the second quarter of 2004. Sales for the six months ended June 30,
2005 were $29,239,000 compared to $30,272,000 for the comparable 2004
period. Net income for the first half of 2005 declined to $529,000 or
$.05 per basic and diluted share compared to $907,000 or $.09 per
basic and diluted share in the first half of 2004.
Commenting on the results, Joseph J. Lazzara, President and Chief
Executive Officer stated, "The second quarter of 2005 represents a
marked improvement over the first quarter of 2005. Our sales were up
4% for the second quarter of 2005 from the $14,298,000 in sales
achieved in the first quarter of 2005, while profits increased to
$510,000 in the second quarter from $19,000 in the first quarter of
2005.
"We also accomplished a series of product introductions and
training sessions for our distributor channel, covering 11 cities
across North America, commencing during the later portion of the
second quarter and completed in the early third quarter. As a result
of this training, we look forward to further working with our
distributor channel in solving our customers' automation guarding and
sensing problems with an increased number of products and
technologies."
Second Quarter Highlights
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Items of interest for the second quarter included:
-- We introduced and commenced deliveries on the new OptoShield
OS3100 Laser Light Safety Scanner an advanced area guarding
safety scanner which employs laser light to monitor entry into
a user configurable safety detection zone and send a stop
signal to a guarded machine. The scanner can be used to
protect personnel from stationary hazardous machinery and
robotic work cells or moving equipment, such as automatic
guided vehicles. OptoShield features STI-patented Intrusion
Indicators that identify where the safety zone is encroached
without the need for difficult diagnostic searches and an
external computer display. Intuitive set-up software
facilitates ease of use and configuration, allowing the
OptoShield to be configured in a large number of area guarding
arrangements. STI is the only US manufacturer of safety laser
scanners.
According to a January, 2005 report issued by Venture
Development Corporation on the North American Market for
Machine Automatic Safeguarding Equipment, laser scanners
represent the second highest expected product growth segment,
by percentage, in the safeguarding equipment market from 2004
to 2007, and are expected to be an estimated $90 million
product segment by 2007.
-- We introduced our new AS-I Safety Module, which offers our
customers the ability to interface a number of STI products,
such as our safety light curtains and our OS3100 Laser Light
Safety Scanner to the AS-Interface (AS-I) Safety at Work
industrial automation networking system. AS-Interface is a
lower level fieldbus, consisting of a low-cost connection
system designed to operate over a two-wire cable carrying data
and power, used primarily to connect actuators and sensors to
a machine control system. The Safety at Work system is an
extension of the AS-I system, allowing the addition of safety
devices to the control network.
-- Our Machine Services Division received its largest order to
date for the LazerSafe, a safeguarding device used on
hydraulic brake presses for operator protection, from an
agricultural product storage and handling systems
manufacturer.
-- Our Automation Products Group began deliveries of its new
product catalog, the 2005-2006 Selection Guide to Measurement
Automation Products. Featured technologies include ultrasonic
sensors, pressure products, liquid level sensors, solid level
sensors, flow sensors, data monitors and telemetry products,
relays and controllers. Each product category includes a
selection guide with clearly detailed product features,
options, application examples, specifications,
schematic/system drawings, dimensions and ordering
information.
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About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a North American leading
provider of automation safeguarding products and services through its
Safety Products Group. STI's Optical Sensor Division (OSD) provides
safety products that are used to protect workers around machinery,
automated equipment and industrial robots. Our products serve a wide
variety of applications and markets, including semiconductor,
automotive, electronics manufacturing, packaging and consumer markets.
STI's Machine Services Division (MSD) provides safety services such
as: safeguarding equipment installations, machine safety assessments,
and the design and custom fabrication of guarding solutions. MSD
specializes in machinery services including the repair, relocation,
installation and service of fabricating machinery. MSD serves
customers in a variety of industries, including metal fabrication,
aerospace, electronics, building materials, automotive and food
processing. Our web site is located at www.sti.com
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food
processing industries with a diversified offering of sensing
technologies. Products include level, flow, pressure sensing,
positioning transducers, vehicle separation, profiling and ultrasonic
sensors and controls. Further information is available at the Group's
web sites: www.automationsensors.com, and www.stiscanners.com.
Forward-Looking Statements
Certain statements in this press release, including statements
regarding the expected growth of the laser scanner market, are
forward-looking statements that are subject to risks and
uncertainties. These risks and uncertainties, which could cause STI's
results to differ materially from the forward-looking statements,
include: economic and political conditions in domestic and
international markets; declining market demand for laser scanners or
industrial safety and security products generally; introduction of or
increased demand for alternative products; potential errors, defects,
design flaws or other problems with laser scanner products; changes in
regulations relating to industrial safety and security products; and
the other risks detailed from time to time in STI's Securities and
Exchange Commission filings and reports, including STI's annual report
filed on Form 10-K and quarterly reports filed on Form 10-Q. STI
disclaims any obligation to update information contained in any
forward-looking statement.
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SCIENTIFIC TECHNOLOGIES INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Income Statement
(Amounts in thousands except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2005 2004 2005 2004
------- ------- ------- -------
Sales $14,941 $ 15,637 $ 29,239 $ 30,272
Cost of sales 8,771 9,204 17,591 17,770
------- ------- ------- -------
Gross profit 6,170 6,433 11,648 12,502
Operating expenses 5,509 5,566 11,017 11,156
------- ------- ------- -------
Operating income (loss) 661 867 631 1,346
Interest and other income 89 73 150 117
------- ------- ------- -------
Income (loss) before taxes 750 940 781 1,463
Provision for (benefit) from
income taxes 240 357 252 556
------- ------- ------- -------
Net income (loss) $ 510 $ 583 $ 529 $ 907
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Basic and diluted net
income (loss) per share $ .05 $ .06 $ .05 $ .09
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Shares used to compute net
income (loss) per share 9,772 9,811 9,770 9,797
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Condensed Consolidated Balance Sheet
(Amounts in thousands)
June 30, Dec. 31,
2005 2004
-------- --------
Assets
Current assets:
Cash and cash equivalents $ 1,141 $ 1,107
Short-term investments 2,379 2,350
Accounts receivable 8,372 7,746
Inventories 10,077 10,584
Other assets 5,152 5,161
-------- --------
Total current assets 27,121 26,948
Property, plant and equipment, net 3,271 3,470
Goodwill, intangibles and other non-current
assets 2,841 2,918
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Total assets $ 33,233 $ 33,336
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Liabilities and shareholders' equity
Current liabilities:
Bank overdraft $ 51 $ 517
Accounts payable 3,587 3,246
Accrued expenses 3,436 3,920
Current portion of capital lease with Parent 68 68
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Total current liabilities 7,142 7,751
Capital lease with Parent 62 96
Long-term tax liability 118 118
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Total liabilities 7,322 7,965
Shareholders' equity 25,911 25,371
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Total liabilities and shareholders' equity $ 33,233 $ 33,336
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