Date: Thu, 18 Dec 1997 07:56:50 GMT Server: Apache/1.2b4 Connection: close Content-Type: text/html Last-Modified: Mon, 18 Aug 1997 20:39:28 GMT ETag: "46864-1305-33f8b300" Content-Length: 4869 Accept-Ranges: bytes
Lasertechnics, Inc.
July 25, 1997
Lasertechnics Reports Second Quarter Results
CARROLLTON, TX July 25, 1997 - Lasertechnics, Inc. (Nasdaq: LASX) said that its consolidated revenue for the second quarter ended June 30, 1997 was $2.6 million compared to $3.5 million posted a year ago, a decrease of 25% and down from the $4.6 million, or about 43% recorded in the first quarter of 1997. The company 's Sandia Imaging Systems unit's second quarter revenue was $1 million compared to $1.7 million for the same period last year, a decrease of about 40%. This decrease is primarily the result of a delay in the shipment of plastic card printing systems to China. The company's Lasertechnics Marking unit's second quarter revenue was $1.6 million compared to $1.8 million, or down 11% for the same period a year ago. Consolidated backlog at the end of the second quarter was about $2.5 million compared to $4.7 million at the end of the first quarter. This decrease in backlog was due to the delay in closing orders on various drivers' license and identification card contracts at the Sandia unit. However, the bidding activity remains strong in both subsidiaries.
The company's consolidated operating loss for the second quarter of 1997 was $2.6 million compared to $3.9 million in the second quarter of 1996. This decrease in operating losses was due to a one time restructuring charge of $1 million recorded in the second quarter of 1996 and lower non-cash interest expense and preferred dividends of approximately $300,000 associated with outside financing in 1996. Gross margins for the second quarter were 46%, significantly better than the 38% experienced a year ago.
Consolidated net loss applicable to common stock for the six months ended June 30, 1997 was $4.2 million, or $0.10 cents per share, compared to $6.1 million, or $0.19 cents a share for the same period a year ago. The decrease in net loss was due to an increase in gross margins of approximately $270,000, a lower amount of non-cash interest expense and preferred dividends of approximately $370,000 associated with outside financing during 1996, and the one time charge for loss on contract settlement of $1 million recorded in the second quarter of 1996. The company's net equity at the end of the second quarter was $4.7 million compared to $8.1 million at the end of the same period a year ago.
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Lasertechnics, Inc. founded in 1981, consists of two operating subsidiaries: (1) Sandia Imaging Systems Corporation of Carrollton, Texas (majority-owned) which provides imaging software and hardware systems for encoding wallet-sized cards with images and other digitized information, turning the cards in portable personal databases; and (2) Lasertechnics Marking Corporation of Albuquerque, NM (wholly-owned) which provides laser marking systems and related technologies for a diverse range of industrial and commercial markets.
This press release includes "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the company and its subsidiaries, conditions affecting the company's customers and suppliers, competitor responses to the company's products and services, the overall market acceptance of such products and services, and other factors disclosed in the company's Annual Report on Form 10KSB for the year ended Dec. 31, 1996 and the company's Quarterly Report on Form 10QSB. Accordingly, although the company believes that the expectations reflected in such forward looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.