Isomet Announces FY 2003 Results

Isomet Announces FY 2003 Results 


SPRINGFIELD, Va., March 24  /PRNewswire-FirstCall/ -- Isomet Corporation (Pink
Sheets: IOMT) announced today fiscal year 2003 consolidated net revenue of
$3,786,000, compared with $3,628,000 in 2002. A consolidated net loss of
$(l,l69,000), or $(.59) per share was incurred in 2003, compared to a
consolidated net loss in 2002 of $(792,000), or $(.40) per share. The loss for
2002 was reduced by $376,000, or $.19 per share for an income tax benefit that
was realized through carrybacks of the net loss. No such carrybacks are
available for the 2003 loss and the expected future tax benefits from the loss
carryforwards have been fully reserved at December 31, 2003.

Fourth quarter 2003 consolidated net revenue was $1,281,000, compared with
$794,000 in 2002. A consolidated net loss of $(754,000), or $(.38) per share was
incurred in the quarter, compared to a consolidated net loss of $(317,000) or
$(.16) per share in the fourth quarter of 2002. The 2003 fourth quarter results
include an adjustment to the carrying value of inventory totaling approximately
$550,000 to more accurately reflect the estimated future realizable value of the
inventory. The fourth quarter results also include income tax credit reversals
of $267,000 and a tax expense of $144,000, created to provide a valuation tax
allowance. Without these adjustments 2003 fourth quarter results would have
shown a profit of $207,000 or $.10 per share.

The 2003 net loss totals shown above are net of reductions in a previously
established loss provision in the amount of $30,000 ($.02 per share) for the
fourth quarter and $394,000 ($.20 per share) for the fiscal year. For FY 2002,
the loss provision reduction was $500,000 ($.25 per share) and $150,000 ($.08
pershare) for the fourth quarter.

Receipt of new orders for the fiscal years ended Dec. 31, 2003 and 2002 was
$3,395,000 and $2,558,000, respectively; and ending backlog were $794,000 and
$851,000, respectively.

Safe harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements contained herein which are not historical fact are forward
looking statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed in the forward-looking
statements, including, but not limited to, those risks detailed from time to
time in the Company's past filings with the Securities and Exchange Commission.
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ materially from
those projected in the forward looking statements. Furthermore, the Company does
not intend (and is not obligated) to update publicly any forward-looking
statements.

   Isomet Corporation (IOMT)

  Quarter December 31                     2003               2002

  Revenue                           $1,281,000           $794,000

  Net Loss (1)                       $(754,000)         $(317,000)

  Net Loss Per Share (2)                 $(.38)             $(.16)


  Fiscal Year

  Revenue                           $3,786,000         $3,628,000

  Net Loss (3)                     $(1,169,000)         $(792,000)

  Net Loss Per Share(4)              $(.59)             $(.40)


  (1)  Net of a $30,000 reduction in 2003 and $150,000 in 2002 in a
       previously established loss provision against amounts due from a
       previous systems customer.

  (2)  Net of income of $.02 per share in 2003and $.08 in 2002 resulting
       from a reduction in a loss provision.

  (3)  Net of a $394,000 in 2003 and $500,000 in 2002 reduction in a
       previously established loss provision against amounts due from a
       previous systems customer.

  (4)  Net of income of $.20 per share in 2003 and $.25 in 2002 resulting
       from a reduction in a loss provision.


DATASOURCE: Isomet Corporation



CONTACT:  Jerry W. Rayburn of Isomet Corporation, [phone]



Web site:  http://www.isomet.com/

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