Hi-Shear Announces 34% Growth in Revenue During Fiscal Year 2008
29 Agosto 2008 - 10:15PM
Business Wire
Hi-Shear Technology Corporation, Torrance, CA (AMEX:HSR) today
announced results for its fiscal year ended May 31, 2008. Revenue
for the fiscal year grew 34% to $27,628,000 compared to $20,550,000
for the same period last year. Strong customer demand for satellite
related hardware and national missile defense products increased
orders to $30,087,000 during the year. The volume of space and
defense production improved product gross margin to 46% of revenues
compared to the 43% of revenues in the prior year. Net income was
$3,540,000 or $0.52 per share compared to $3,418,000 or $0.50 per
share last year. Net income was significantly reduced by a
$3,846,000 charge in the year for litigation expense related to a
singular lawsuit which Hi-Shear filed in fiscal year 2001. Net
income, not including this charge, would be $5,724,000 or $0.84 per
share. The operations of the Company are not impacted by this cost
going forward and the cost accrual made this year reflects an
estimate of total liability for adverse rulings in the conclusion
of the case. The basis for these adverse rulings is currently being
appealed. Positive earnings and growing space and defense orders
supported the distribution of dividends to shareholders which
totaled $0.75 per share for the fiscal year. �We are pleased with
this year�s growth in both revenues and product profitability.
Hi-Shear�s capability and product reliability is clearly recognized
by its customers, who rely on our products to support their
important space and defense missions. This year�s charge to
earnings for litigation expense is unrelated to operations and may
be reversed on appeal,� stated George W. Trahan, President and CEO.
Hi-Shear Technology Corporation provides pyrotechnic, mechanical,
and electronic products to prime aerospace customers for use in
aerospace and defense markets where safety, performance and high
reliability are essential. It develops and produces advanced
systems and products that are primarily used worldwide in space
satellites, launch vehicles, national defense, and government
programs. This release, as it relates to product announcements and
other Company matters, contains forward-looking statements, which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that all forward-looking statements involve risks and uncertainties
including, without limitation, risks related to market acceptance
of and demand for the Company�s new products, dependence on the
uncertainty of government budgetary issues, primary government
contracts, and intellectual property rights. The Company�s Form
10-KSB will be filed with the Securities and Exchange Commission on
or about August 29, 2008. The 10-KSB will be available for download
at www.hstc.com. For more information regarding this release or
general information about the company contact Ms. Linda A. Nespole,
(310) 784-7821. BALANCE SHEET � May 31, 2008 � ASSETS: � � �
Current Assets: Cash and cash equivalents $ 1,655,000 Accounts
receivable, net 14,474,000 Inventories, net 1,345,000 Deferred
income taxes 2,430,000 Prepaid expenses and other current assets
182,000 Total current assets $ 20,086,000 � Land 846,000 Equipment,
net 2,003,000 Total assets $ 22,935,000 � LIABILITIES AND
STOCKHOLDERS' EQUITY: � � � Current Liabilities: Trade accounts
payable 740,000 Accrued liabilities 5,872,000 Deferred revenue
1,204,000 Current portion of obligations under capital leases
40,000 Total current liabilities $ 7,856,000 � Deferred income
taxes 315,000 Obligation under capital leases (less current
portion) 34,000 Total liabilities $ 8,205,000 � Commitments and
Contingencies Stockholders' Equity Preferred stock, $1.00 par
value; 500,000 shares authorized; no shares issued 0 Common stock,
$.001 par value - 25,000,000 shares authorized; 6,817,541 shares
issued and outstanding at May 31, 2008 7,000 Additional paid-in
capital 7,823,000 Retained earnings 6,900,000 Total stockholders'
equity $ 14,730,000 � Total liabilities and stockholders' equity $
22,935,000 STATEMENTS OF OPERATIONS � � Year Ended May 31, � � � �
2008 � � 2007 � Revenues $ 27,628,000 $ 20,550,000 � Cost of
Revenues 14,827,000 11,652,000 � Gross Margin 12,801,000 8,898,000
� Selling, General and Administrative Expenses 3,413,000 2,974,000
Litigation Expense 3,846,000 251,000 � Operating Income 5,542,000
5,673,000 � Interest Income, Net 44,000 0 � Income before Income
Tax Expense 5,586,000 5,673,000 � Income Tax Expense 2,046,000
2,255,000 � Net Income $ 3,540,000 $ 3,418,000 � � Earnings per
Common Share - Basic $ 0.52 $ 0.50 Earnings per Common Share -
Diluted $ 0.52 $ 0.50 � Weighted # Common Shares Outstanding: Basic
6,808,000 6,778,000 Diluted 6,825,000 6,812,000
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