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Excel Technology, Inc. (NASDAQ: XLTC) today announced second quarter
results for the quarter ended June 29, 2007.
Sales: Excel reported revenues of $40.5 million for the quarter
ended June 29, 2007 compared to $39.5 million in sales for the quarter
ended June 30, 2006, an increase of 2.5% or $1.0 million. Sales for
the six months increased 7.4% to $81.5 million for the six months
ended June 29, 2007 as compared to $75.9 million for the same period
last year.
Pretax Income increased 10.0% to $6.5 million for the second
quarter of 2007 as compared to $5.9 million for the same period last
year. Pretax income increased 11.2% for the six months ended June 29,
2007 to $12.9 million as compared to $11.6 million for the same period
last year.
Non-GAAP Pretax Income increased 23.7% to $7.4 million for the
quarter ended June 29, 2007 (excludes stock-based compensation
expense of $851 thousand) from $6.0 million for the quarter ended
June 30, 2006 (excludes stock-based compensation expense of $27
thousand). For the six-month period, non-GAAP pretax income
increased 24.5% to $14.6 million (excludes stock based
compensation expense of $1.6 million) as compared to $11.7
million for the same period last year (excludes stock-based
compensation expense, of $77 thousand).
Net Income increased 13.1% to $4.5 million for the second
quarter of this year as compared to $4.0 million in the same period
last year. For the six months ending June 29, 2007 net income
increased 16.7% to $9.2 million as compared to $7.9 million for the
same period last year.
Non-GAAP Net Income increased 27.1% to $5.1 million for the second
quarter of 2007 (excludes stock-based compensation expense, net of
taxes, of $593 thousand) from $4.0 million for the same period last
year (excludes stock-based compensation expense, net of taxes, of
$27 thousand). Non-GAAP net income increased 30.3% to $10.3 million
for the six months ending June 29, 2007 (excludes stock-based
compensation expense, net of taxes, of $1.2 million) from $7.9
million for the same period last year (excludes stock-based
compensation expense, of $77 thousand).
EPS: Net income per share on a diluted basis increased 14.8%
recording $0.37 for the quarter ended June 29, 2007 compared to the
$0.32 per share on a diluted basis reported for the quarter ended June
30, 2006. EPS for the six months ending June 29, 2007 increased 17.8%
to $0.74 per diluted share from $0.63 for the same period last year.
Non-GAAP EPS: Net income per share on a diluted basis increased
28.9% recording $0.41 for the quarter ended June 29, 2007 (excludes
stock-based compensation expense, net of taxes, of $0.05) compared
to $0.32 per share on a diluted basis for the quarter ended June
30, 2006 (excludes stock-based compensation expense of less than
$0.01). For the six months ending June 29, 2007, non-GAAP EPS
increased 31.5% to $0.84 (excluding stock-based compensation, net
of taxes, of $0.09) compared to $0.64 (excluding stock-based
compensation of less than $0.01) for the same period last year.
Antoine Dominic, Chief Executive Officer stated, “Excel
has delivered solid results for the first half of 2007 as evidenced by
our growth in earnings and revenues. During this time, we have broadened
our product offerings and continue to expand our global market presence
by focusing on increasing our geographic reach to further extend our
sales growth. The combination of these efforts should enable the Company
to sustain its organic growth as we enter into the second half of 2007.”
Alice Hughes Varisano, Chief Financial Officer, concluded, "The Company’s
pre-tax profit margins continued to improve as it achieved 18.2% on
revenues for the quarter, which equates to a 21.3% increase (on a
non-GAAP basis) compared to 15% (both GAAP and non-GAAP) in the same
period last year. Net income after tax increased 13.1% to $4.5 million
(27.1% to $5.1 million on a non-GAAP basis) compared to $4.0 million
(both GAAP and non-GAAP) in the same period last year. Net income after
tax includes $593 thousand of non-cash stock-based compensation expense
which reduced the EPS by more than 4 cents per diluted share. During the
first six months of 2007, the Company utilized $7.7 million of its cash
to repurchase 292,590 shares of its common stock. Since the stock
buyback plan was announced in October 2006, the Company has bought back
a total of 372,090 shares. At the end of June 2007, the Company had a
cash and investment balance of $61.7 million with no debt.”
This news release contains forward-looking statements, which are based
on current expectations. Actual results could differ materially from
those discussed or implied in the forward-looking statements as a result
of various factors including future economic, competitive, regulatory,
and market conditions, future business decisions, market acceptance of
the Company’s products, and those factors
discussed in the Company’s Form 10-K for the
year ended December 31, 2006. In light of the significant uncertainties
inherent in such forward-looking statements, they should not be regarded
as a representation that the Company’s
objectives and plans will be achieved, and they should not be relied
upon by investors when making an investment decision. Words such as
"believes," "anticipates," "expects," "intends," "may," and similar
expressions are intended to identify forward-looking statements, but are
not the exclusive means of identifying such statements.
Excel and its wholly owned subsidiaries manufacture and market
photonics-based solutions, consisting of laser systems and
electro-optical components, primarily for industrial and scientific
applications.
FINANCIAL SUMMARY
(UNAUDITED AND IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE QUARTER ENDED
FOR THE SIX MONTHS ENDED
JUNE 29, 2007
JUNE 30, 2006
JUNE 29, 2007
JUNE 30, 2006
Net Sales & Services
$
40,532
$
39,530
$
81,473
$
75,855
Cost of Sales and Services
$
22,470
$
21,484
$
45,570
$
40,540
Gross Profit
$
18,062
$
18,046
$
35,903
$
35,315
Operating Expenses:
Selling & Marketing
$
4,619
$
4,965
$
8,946
$
9,741
General & Administrative
$
3,093
$
3,043
$
6,476
$
5,888
Stock-based compensation
$
851
$
27
$
1,642
$
77
Research and Development
$
3,783
$
3,655
$
7,609
$
7,280
Operating Income
$
5,716
$
6,356
$
11,230
$
12,329
Merger Expenses
$
--
$
1,146
$
--
$
1,984
Interest Income
$
843
$
581
$
1,624
$
1,017
Other Income (Expense)
$
(18)
$
155
$
80
$
271
Pre-Tax Income
$
6,541
$
5,946
$
12,934
$
11,633
Provision for Income Taxes
$
2,028
$
1,956
$
3,766
$
3,776
Net Income
$
4,513
$
3,990
$
9,168
$
7,857
Net Income Per Common Share - Diluted
$
0.37
$
0.32
$
0.74
$
0.63
Weighted Average Common
Shares Outstanding - Diluted
12,352
12,531
12,380
12,496
FOR THE QUARTER ENDED
FOR THE SIX MONTHS ENDED
JUNE 29, 2007
JUNE 30, 2006
JUNE 29, 2007
JUNE 30, 2006
Reconciliation of GAAP net income to Non-GAAP net income
Net Income
$
4,513
$
3,990
$
9,168
$
7,857
Stock-based compensation, net of taxes
$
593
$
27
$
1,174
$
77
Non-GAAP net income
$
5,106
$
4,017
$
10,342
$
7,934
Reconciliation of GAAP income per common share to Non-GAAP
income per common share
GAAP income per common share:
Basic
$
0.37
$
0.33
$
0.76
$
0.65
Diluted
$
0.37
$
0.32
$
0.74
$
0.63
Stock-based compensation
Basic
$
0.05
$
0.00
$
0.10
$
0.01
Diluted
$
0.05
$
0.00
$
0.09
$
0.01
Non-GAAP income per common share:
Basic
$
0.42
$
0.33
$
0.86
$
0.66
Diluted
$
0.41
$
0.32
$
0.84
$
0.64
CONDENSED BALANCE SHEET & SELECTED FINANCIAL DATA
JUNE 29, 2007
DECEMBER 31, 2006
(UNAUDITED)
(AUDITED)
Cash
$
7,727
$
9,903
Investments
$
53,950
$
53,220
Accounts Receivable, net
$
26,398
$
22,716
Inventory
$
35,190
$
34,906
Other Current Assets
$
3,958
$
3,445
Total Current Assets
$
127,223
$
124,190
Property, Plant & Equipment, net
$
25,183
$
25,503
Other Non-Current Assets & Goodwill
$
33,738
$
32,286
Total Assets
$
186,144
$
181,979
Accounts Payable
$
6,567
$
6,386
Accrued Expenses and Other Current Liabilities
$
6,341
$
7,256
Total Current Liabilities
$
12,908
$
13,642
Other Non-Current Liabilities
$
4,572
$
4,546
Minority Interest of Subsidiary
$
125
$
66
Stockholders' Equity
$
168,539
$
163,725
Total Liabilities & Stockholders' Equity
$
186,144
$
181,979
Working Capital
$
114,315
$
110,548
The non-GAAP financial measures used in this press release are not
prepared in accordance with generally accepted accounting principles and
may be different from non-GAAP financial measures used by other
companies. The Company's management refers to these non-GAAP financial
measures in making operating decisions because they provide meaningful
supplemental information regarding the Company's operating comparisons
to the Company's historical operating results and comparisons to
competitors' operating results. We include these non-GAAP financial
measures (which should be viewed as a supplement to, and not a
substitute for, their comparable GAAP measures) in this press release
because we believe they are useful to investors in allowing for greater
transparency to supplemental information used by management in its
financial and operational decision-making. For a reconciliation of our
GAAP and non-GAAP financial results, please refer to our Reconciliation
of Reported GAAP Results to Non-GAAP Measures, presented in this release.