BEI Technologies Reports Fiscal 2004 Second Quarter Results Record
Quarter Revenues and Earnings SAN FRANCISCO, April 28
/PRNewswire-FirstCall/ -- BEI Technologies, Inc. reported that for
the fiscal 2004 second quarter ended April 3, 2004, earnings were
$3.5 million or $0.24 per share, compared with an after tax net
loss of $0.3 million, or $0.02 per share, in the fiscal 2003 second
quarter. Net sales for the quarter increased to $73.5 million
compared with $54.7 million in the 2003 second quarter, according
to Charles Crocker, chairman and chief executive officer.
Automotive sales increased to $44.4 million compared with $31.1
million in the same quarter last year primarily as a result of
increased sensor module shipments to our largest customer. The
remainder of the quarterly sales increase was in industrial product
sales due mostly to increased actuator shipments to the
semiconductor capital equipment market and quartz commercial
aviation products. Gross margin for the quarter was 25.3% versus
23.3% for the same quarter last year, which primarily reflects
increased industrial sales which had a favorable impact on the
gross margin. Also, approximately 1% of the quarter's gross margin
increase was the negotiated recovery from two vendors of previously
expensed scrap costs. Selling, general and administrative spending
increased to $9.6 million from second quarter 2003 spending of $8.7
million due primarily to a $0.8 million write down of impaired
leasehold improvements at our Tustin operation due to a pending
product line asset sale, which we expect to be completed in the
third quarter of fiscal 2004. Selling, general and administrative
expense as a percentage of net sales decreased to 13.0% from 15.9%
in the fiscal 2003 second quarter. Research and development
spending decreased from $4.3 million in the same quarter last year
to $3.4 million in the most recent quarter primarily due to reduced
silicon gyro effort. Cash inflow for the quarter was $4.5 million,
enhanced by increased business activity with increased trade
payables at quarter end. We ended the quarter with a cash balance
of $10.1 million and no usage under our line of credit. Purchase of
property, plant and equipment was $2.5 million. Crocker stated, "We
are pleased with the revenue growth and margin improvement in the
quarter. Shipments during the quarter of 935,000 GyroChip sensors
to automotive customers for stability control systems is a record.
We continue to build capacity to support future growth and to run
our production lines at a more effective operational level. We are
encouraged by the increase of our industrial business but continue
to be cautious regarding the second half of fiscal 2004." SIX MONTH
RESULTS For the six month period ended April 3, 2004, BEI reported
consolidated after tax net income of $5.5 million, or $0.38 per
share, versus $2.7 million, or $0.19 per share, in the comparable
period of fiscal 2003. Prior year six month results included $0.24
in earnings from a settlement of litigation with the Army in the
net amount of $5.4 million. Sales in the six month period ended
April 3, 2004 were $142.3 million, compared to $101.8 million
reported in the comparable period of the prior year. Increased
sales to automotive customers accounted for the majority of the
increase, with industrial sales also increasing. Selling, general
and administrative spending for the six month period ended April 3,
2004 was $17.9 million, slightly above the previous year spending
of $17.3 million. Research and development spending year to date
decreased to $6.7 million from $8.2 million in the prior year
period as a result of reduced spending on silicon product
development. Crocker concluded, "The North American stability
control market trend continues favorable as evidenced in an April
23, 2004 press release by the Electronic Stability Control
Coalition highlighting the addition of stability control to
Consumer Reports list of top automotive safety features. Our
commitment to our largest customer to increase capacity to 4.0 -
4.5 million units continues on target to be completed by the end of
the calendar year. Our third fiscal quarter will include a
significant move of our Kimco manufacturing facility to Mexico and
Kimco's move to a smaller, more cost effective administrative
facility in Vista, California. We continue to monitor industrial
capacity utilization and general economic activity. Although we do
not anticipate maintaining the record revenue and net income
progress achieved in the second quarter, given a stable economy, we
could achieve a record year." About BEI Technologies: BEI
Technologies, Inc. (the "Company" or "Technologies") is an
established manufacturer of electronic sensors, motors, actuators,
optical encoders and motion control products used for factory and
office automation, medical equipment, military, aviation and space
systems. In addition, sales to manufacturers of transportation
equipment including automobiles, trucks and off-road equipment have
become a significant addition to the Company's business in recent
years. The Company's micromachined quartz yaw rate sensors are
being used in advanced vehicle stability control systems and a
significant increase in the production of those sensors had been in
progress from the middle of 1998 to fiscal 2004 except for a
decrease in production in fiscal 2002 due to increased competition.
The Company has transitioned to its next generation of automotive
inertial quartz based sensor products, remotely mounted
multi-sensor clusters with CAN Bus and a multi-rate sensor package
suitable for incorporation into electronic systems modules. The
Company also manufactures electronic steering wheel position
sensors, seat-memory modules, throttle position sensors, pressure
sensors and other devices used in transportation systems. Except
for historical information, this news release may be deemed to
contain forward-looking statements that involve risks and
uncertainties, including statements with respect to future timely
development, acceptance and pricing of new products; potential
impact of competitive products and their price; the ability to
manufacture products in sufficient volume on an efficient and
timely basis; general economic conditions as they affect the
Company's customers and strategic partners, as well as other risks
detailed from time to time in the Company's reports to the
Securities and Exchange Commission, including the Company's Form
10-K for fiscal 2003. BEI TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands) April
3, 2004 September 27, (Unaudited) 2003* ASSETS Cash and cash
equivalents $10,124 $9,211 Restricted investments 4,224 5,185 Trade
receivables, net 37,646 37,271 Inventories, net 26,121 24,190 Other
current assets 13,859 12,915 Total current assets 91,974 88,772
Property, plant and equipment, net 37,480 37,123 Acquired
technology 315 542 Goodwill 1,612 1,612 Other assets, net 5,368
5,404 $136,749 $133,453 LIABILITIES AND STOCKHOLDERS' EQUITY Trade
accounts payable $24,812 $15,680 Accrued expenses and other
liabilities 25,691 27,503 Income tax payable -- 689 Current portion
of long-term debt 7,256 7,117 Total current liabilities 57,759
50,989 Long-term debt, less current portion 10,721 17,494 Other
liabilities 3,380 6,329 Stockholders' equity 64,889 58,641 $136,749
$133,453 * Based on audited information included on Form 10-K for
fiscal year ended September 27, 2003 BEI TECHNOLOGIES, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands except per share amounts) Unaudited Quarter
Ended Six Months Ended April 3, March 29, April 3, March 29, 2004
2003 2004 2003 Net sales $73,531 $54,715 $142,336 $101,803 Cost of
sales 54,963 41,958 108,621 76,731 18,568 12,757 33,715 25,072
Selling, general and administrative expenses 9,560 8,694 17,888
17,298 Research, development and related expenses 3,390 4,271 6,650
8,222 Income (loss) from operations 5,618 (208) 9,177 (448) Other
income 291 184 281 5,627 Interest expense (353) (488) (721) (1,010)
Income (loss) before taxes 5,556 (512) 8,737 4,169 Provision
(benefit) for income taxes 2,052 (191) 3,230 1,517 Net income
(loss) $3,504 $(321) $5,507 $2,652 BASIC EARNINGS (LOSS) PER COMMON
SHARE Net income (loss) per common share $0.25 $(0.02) $0.39 $0.19
Weighted average shares outstanding 14,295 14,137 14,259 14,120
DILUTED EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE Net
income (loss) per common and common equivalent share $0.24 $(0.02)
$0.38 $0.19 Weighted average shares outstanding 14,610 14,137
14,572 14,254 BEI TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands)
Unaudited Quarter Ended Six Months Ended April 3, March 29, April
3, March 29, 2004 2003 2004 2003 Net income (loss) $3,504 $(321)
$5,507 $2,652 Adjustments to reconcile net income (loss) to net
cash provided by operating activities: Depreciation and
amortization 2,951 2,572 5,550 5,163 Other 1,529 4,360 1,805 (202)
Net cash provided by operating activities 7,984 6,611 12,862 7,613
Net cash used by investing activities (2,361) (4,304) (4,476)
(6,619) Net cash used by financing activities (1,149) (1,277)
(7,473) (1,415) Net increase (decrease) in cash and cash
equivalents 4,474 1,030 913 (421) Cash and cash equivalents at
beginning of period 5,650 2,967 9,211 4,418 Cash and cash
equivalents at end of period $10,124 $3,997 $10,124 $3,997
DATASOURCE: BEI Technologies, Inc. CONTACT: John LaBoskey, Senior
Vice President/CFO of BEI Technologies, Inc., +1-415-956-4477 Web
site: http://www.bei-tech.com/
Copyright
Grafico Azioni Bei (NASDAQ:BEIQ)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Bei (NASDAQ:BEIQ)
Storico
Da Giu 2023 a Giu 2024