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DETECTION SYSTEMS, INC.
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For Immediate Release (Friday, November 14, 1997)
Detection Systems Reports Second Quarter Results


Fairport, New York. Detection Systems, Inc. (NASDAQ National Market: DETC) today reported results for its second quarter ended September 30, 1997. Net sales were up 38.6% to $34.5 million, as compared to the $24.9 million for the second quarter last year. Net sales for the second quarter were positively impacted by $6.8 million from acquisitions which were completed during the first quarter. Net income for the second quarter was $1.1 million, up 34.1%, or $0.20 per share, as compared to $.8 million, or $0.17 per share for the same period last year.

For the six month period ended September 30, 1997, net sales were $62.7 million as compared to $48.0 million a year ago. Net income was $2.2 million, or $0.42 per share, as compared to $1.4 million, or $0.31 per share, for the same period one year ago.

Earnings per share calculations for the current three and six month periods are based upon a 17.2% and 15.1% increase in weighted shares outstanding versus the same periods last year, due in part to the completion of the Company's public offering of 1,325,000 shares during its second fiscal quarter.

Karl H. Kostusiak, the Company's Chairman and CEO, indicated, "Our sales exceeded expectations due to good demand on a worldwide basis. Profit was impacted by higher than anticipated production costs during the quarter. We are committed to an aggressive program to continue growth in sales and profits."

The Company is a leading supplier of equipment to the electronic protection industry. The Company designs, manufactures and markets electronic detection, control and communication equipment for security, fire protection, access control and closed circuit television applications, offering products primarily for the commercial and mid-to-high end portions of the residential markets.

FINANCIAL RESULTS:
SUMMARY CONSOLIDATED FINANCIAL DATA (UNAUDITED)


Three Months Ended Sept. 30,

Six Months Ended Sept. 30,

1997

1996

1997

1996

Net sales

$

34,463,000

$

24,866,000

$

62,671,000

$

48,044,000

Costs and expenses

Production

23,108,000

16,577,000

40,664,000

31,943,000

Research and development

2,203,000

1,997,000

4,288,000

3,757,000

Marketing, administrative & general

6,860,000

4,778,000

13,247,000

9,470,000

Operating income

2,291,000

1,513,000

4,472,000

2,873,000

Interest income

2,000

9,000

6,000

28,000

Interest expense

(817,000)

513,000

(1,454,000)

(868,000)

Other income

23,000

23,000

239,000

24,000

Income before taxes

1,500,000

1,032,000

3,262,000

2,057,000

Provision for taxes

435,000

238,000

1,064,000

639,000

Net income

$

1,065,000

$

794,000

$

2,198,000

$

1,418,000

Earnings per common and common equivalent share(1)

$0.20

$0.17

$0.42

$0.31

Common and common equivalent shares(1)

5,435,687

4,638,162

5,318,217

4,619,993

(1)Prior year amounts were restated to reflect the 3 for 2 stock split distributed on 12/17/96.

 

 

BALANCE SHEET DATA (UNAUDITED)

Assets

9/30/97

3/31/97

Cash and cash equivalents

$

5,436,000

$

2,244,000

Total assets

85,164,000

68,276,000

Total debt including current portion

18,646,000

29,187,000

Shareholders' equity

45,219,000

17,831,000

FOR ADDITIONAL INFORMATION, CONTACT:
Detection Systems, Inc.
Frank Ryan, Vice President

(716) 223-4060
-or-The Equity Group Inc.
Linda Latman (212) 836-9609
http://www.detectionsys.com
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