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November 12, 1997
FOR IMMEDIATE RELEASE
DBA REPORTS CONTINUED INCREASE IN EARNINGS
DBA Systems, Inc. of Melbourne, Florida...DBA Systems, Inc., a Melbourne,
Florida based Defense Imaging, Geodesy and Electronics firm announced today
its financial results for the three-month period ending September 30, 1997.
Fully-diluted earnings per share achieved $.12 for the quarter as compared
to $.07 in the first quarter last year. Twelve month trailing earnings are
$.45 per share as compared to $.40 per share for the twelve months ended
30 June 1997.
Revenues were $5,665,000, a decrease of $628,000 as compared to $6,293,000
recorded in the comparable three-month period in the prior fiscal year.
Sales increases in two divisions; $720,000 in Proprietary Imagery Exploitation
(PIE) and $363,000 in Commercial Imagery Exploitation (CIE) were offset
by cyclical revenue decreases of $1,713,000 in other product lines.
Operating income increased to $692,000, a 30% increase over the $534,000
recorded a year earlier. The current quarter's operating margin was 12.2%
as compared to the operating margin of 8.5% in the prior year's first quarter.
The increase in operating income was primarily attributable to an operating
income increase of $100,000 in PIE and $53,000 in Systems/Engineering Development
(SED) as compared to first quarter last year. PIE achieved greater sales
and award fees while SED enhanced income performance reflected successful
completion of certain Avenger Tracker contracts. Net income increased to
$534,000 for the current quarter as compared to $323,000 recorded for the
comparable quarter a year earlier. Increases in net income were driven by
elimination of long term debt interest expense and growth in interest income.
DBA's CEO, Mr. John L. Slack commented on the status of earnings, "We
are pleased to demonstrate DBA's continued strong performance in earnings
as we strive to meet our current customers' needs as well as penetrate new
markets in the commercial arena."
Key components of DBA's financial performance for the quarter are as follows:
Three Months Ended | ||
1997 |
1996 | |
Revenues | $5,665,000 | $6,293,000 |
Operating Income | $ 692,000 | $ 534,000 |
Pretax Income | $ 860,000 | $ 512,000 |
Net Income | $ 534,000 | $ 323,000 |
Earnings Per Share | ||
Primary |
$ .12 |
$ .07 |
Fully Diluted |
$ .12 |
$ .07 |
7 October 1997
FOR IMMEDIATE RELEASE
DBA PURCHASES EQUITY INTEREST IN FLASH COMM, INC.
DBA Systems, Inc. of Melbourne, Florida..... DBA Systems, Inc. (DBA) a Melbourne, Florida based Defense, Imaging, Charting, Geodesy and Electronics firm announced today it has purchased an equity interest in Flash Comm, Inc., also of Melbourne, a privately held wireless data communications network provider. The investment of $1.6 million represents approximately 6% ownership in Flash Comm, Inc. DBA has also been provided a seat on the Flash Comm, Inc. Board of Directors.
Flash Comm is majority owned by HVFM-II. HVFM-II's major investor is Harris Corporation. HVFM-II partners with Harris for Harris' commercial technology spin-offs, counting among its accomplishments a portfolio of successful startup commercial companies. DBA's investment along with HVFM-II's matching investment, completes approximately one third of the second round of funding of the Flash Comm Series B offering of convertible preferred stock. Additional investors will now be allowed the opportunity to invest in the Flash Comm Series B convertible preferred stock.
It was recently announced that Flash Comm awarded DBA a two year $10.6 million contract as its partner to produce a commercial quantity of asset monitoring products that will dramatically lower the cost of the transportation industry's vehicle communication and trailer tracking needs.
J. Douglass Mullins, General Partner of HVFM-II, stated "We have been searching nationwide for some time for a manufacturing partner and we found what we wanted in our own backyard in Melbourne. DBA's involvement will be mutually beneficial to both companies. DBA is synergistic to Flash Comm in all aspects of our business and we welcome their involvement. DBA's participation also allows Flash Comm to be first to market with our commercial transportation tracking system with coast-to-coast coverage."
29 September 1997
FOR IMMEDIATE RELEASE
DBA SYSTEMS AWARDED TWO YEAR $10.6 MILLION DOLLAR COMMERCIAL CONTRACT
DBA Systems, Inc. of Melbourne, Florida..... DBA Systems, Inc. (DBA) a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the partnering and signing of an Agreement with Flash Comm, Inc. (FCI), also of Melbourne Florida, for the design, development and manufacture of mobile sensor and transceiver asset monitor units to be employed in a two-way, North American continent wireless data communications system. The asset monitor units enable operators in the commercial transportation market to track and status fixed and mobile assets such as trucks and trailers.
Flash Comm is majority owned by HVFM-II. HVFM-II's major investor is the Harris Corporation. HVFM-II partners with Harris for Harris' commercial technology spin-offs, counting among its accomplishments a portfolio of successful startup commercial companies.
Flash Comm was formed in 1994 to commercialize communications technology originally developed by Harris Corporation for the military. Critical aspects of the technology are protected by patents owned by Flash Comm, and additional patents are being sought by the Company. Commercial launch of service will begin shortly.
The development and manufacturing agreement marks a major achievement for both DBA and FCI in that it provides the means for commercialization of proprietary technologies and products that each has developed for the communications sector. Units to be supplied under the Agreement employ patented HF communications technology, and offer an advantage over satellite based systems by providing a low-cost means for a shipper, manufacturer or anyone in the supply chain, to track or regularly poll its complete inventory of mobile assets anywhere in the North American continent. The asset monitors provide data regarding location and cargo status (cargo temperature, cargo security and available container volume) via a sensor suite consisting of volume, temperature and door sensor modules. DBA will be the exclusive manufacturer of the device under the Agreement, with minimum orders of $9 million projected for the first year of the two year agreement. Long term potential sales of the mobile sensor units will include the entire commercial transportation industry, which consists of over 11 million trucks, trailers and railcars.
The partnership between DBA and FCI comes on the heels of FCI's announcement last month that it had obtained the necessary Federal Communications Commission's permanent license to operate the patented technology in the HF band.
John Slack, DBA's President and CEO, stated the asset monitor contract is a critical part of the DBA Corporate strategy to exploit new commercial opportunities to meet our strategic goal of 30% commercial business by the year 2000.
September 18, 1997
FOR IMMEDIATE RELEASE
DBA YEAR END RESULTS REFLECT BEST EARNINGS PER
SHARE SINCE 1993
DBA Systems, Inc. of Melbourne, Florida......DBA Systems, Inc., A Melbourne,
Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced
today that revenues for the twelve months ended June 30, 1997, were $25,508,000
compared to $20,470,000 reported in the prior year's twelve-month period,
an increase of 25%. Net income for the year hit $1,785,000, an increase
of 54% over the previous year. The resultant Earnings Per Share of $.40
was the Company's best performance since 1993.
Of the $5 million increase in revenue over the previous year, $4 million
was attributable to increased Tactical Imagery Exploitation sales resulting
from the $8.8 million Common Imagery Ground Surface System (CIGSS) contract
awarded in June 1996. Operating income for the twelve-month period ended
June 30, 1997 increased to $2,355,000 compared to $1,140,000 reported in
the prior year's period. This more than doubling of operating income was
driven by successful completion of the $9.2 million multi-year Avenger production
contract, completion in 1996 of unprofitable production contracts transferred
from the Kissimmee facility, and continued robust performance by the Company's
two long-time successful core divisions, Proprietary Imagery Exploitation
and Tactical Imagery Exploitation. These two divisions make up 68% of DBA's
revenues. $175,000 of the year's pre-tax income resulted from a one-time
gain on settlement of a lawsuit in March 1997 concerning sale of Company
assets
The backlog of business on uncompleted contracts as of June 30, 1997 was
approximately $16.6 million.
Three Months EndedJune 30 |
Twelve Months EndedJune 30 | |||
1997 |
1996 |
1997 |
1996 | |
Revenues | $7,403,000 |
$5,556,000 |
$25,508,000 |
$20,470,000 |
Operating Income | 700,000 |
406,000 |
2,355,000 |
1,140,000 |
Pretax Income | 853,000 |
424,000 |
2,848,000 |
1,246,000 |
Net Income | 386,000 |
415,000 |
1,785,000 |
1,161,000 |
Earnings per Share | ||||
Primary |
$.09 |
$.09 |
$.40 |
$.26 |
Fully Diluted |
$.09 |
$.09 |
$.40 |
$.26 |
July 18, 1997
FOR IMMEDIATE RELEASE
DBA SYSTEMS, INC. AWARDED TWO YEAR CONTRACT FOR REPAIR AND OVERHAUL OF GYROSCOPES
DBA Systems, Inc. of Melbourne, Florida....DBA Systems, Inc., a Melbourne, Florida based Defense Imaging Charting, Geodesy and Electronics firm announced today the award of a two year contract by U.S. Army Communications/Electronics Command (CECOM) for depot level repair and overhaul of CN1314 Vertical Displacement Gyroscopes. DBA has been a primary supplier of this vertical displacement and other gyroscopes for U.S. Army helicopters for over 17 years. The award of this baseline repair and overhaul contract, valued at just under $1M, will position the company to pursue other depot level gyro repair contracts that are available, in part, due to the reduction in defense budgets to procure new helicopters. According to a company spokesperson, DBA believes that the helicopter service life extension programs will provide a continuing and growing need for DBA Systems, with its proven record of competence and integrity in this field, to repair and overhaul other gyroscope models for the U.S. Army Depot system. Also, as a consequence of this contract, DBA will have opportunities for sales of a small number of new gyros to the U.S. Army as well as domestic and foreign air frame manufacturers.
The work under this contract will be accomplished at DBA's Poinciana Industrial Park facility in Kissimmee, Florida.
20 June 1997
FOR IMMEDIATE RELEASE
DBA SYSTEMS, INC. AWARDED $1.5M OPTION
DBA Systems, Inc. of Melbourne, Florida...DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today the award of a $1.5M option under the Common Imagery Ground/Surface System (CIGSS) portion of its existing Modernized Imagery Exploitation System (MIES) contract with the U. S. Army Topographic Engineering Center to repackage the three (3) fielded systems into 31' vans. The addition of this award brings the contract total to $38.2M. The repackaging effort will achieve commonality with other Army systems and significantly enhance the transportability of MIES. The basic vans will be provided to DBA as Government Furnished Equipment (GFE) and DBA will integrate the CIGSS compliant system components. The resultant system will be drive-on/drive-off transportable on C130, C141, C5 and C17 aircraft. The work under this contract will be accomplished at DBA's Melbourne, FL operations facility and the period of performance is approximately 12 months.
May 14, 1997
FOR IMMEDIATE RELEASE
DBA ANNOUNCES 3RD QUARTER RESULTS
DBA Systems, Inc. of Melbourne, Florida......DBA Systems, Inc., a Melbourne, Florida based Defense Imaging, Charting, Geodesy and Electronics firm announced today that revenues for the nine months ended March 31, 1997, were $18,105,000 compared to $14,914,000 reported in the prior year's nine-month period, an increase of 21%. Operating income for the nine-month period ended March 31, 1997 increased to $1,655,000 as compared to $734,000 reported in the prior year's nine-month period. Net income increased to $1,399,000 as compared to $746,000 a year ago, an increase of 88%. Fully-diluted earnings per share for the nine-month period were $.31 as compared to $.17 in the prior year. Increases in revenue were driven by work on the $8.8 million Common Imagery Ground/Surface System (CIGSS) contract awarded in June 1996 and associated Operations and Maintenance efforts. The increase in operating margin from 4.9% to 9.1% was attributable to completing the last year of remaining Kissimmee plant contracts which were unprofitable due to site relocation; the successful completion of the multi-year Avenger subcontract with the Boeing Company; and continued robust performance by the Company's two long-time successful core divisions, Proprietary Imagery Exploitation and Tactical Imagery Exploitation. These two divisions make up 68% of DBA's revenues. Included in other income is $175,000 realized by the settlement of a 1987 lawsuit filed by DBA stemming from default on a purchase money note.
The backlog of business on uncompleted contracts as of March 31, 1997 was approximately $20 million.
Three Months Ended March 31 |
Nine Months Ended March 31 | |||
1997 |
1996 |
1997 |
1996 | |
Revenues | $6,381,000 |
$5,418,000 |
$18,105,000 |
$14,914,000 |
Operating Income | 624,000 |
291,000 |
1,655,000 |
734,000 |
Pretax Income | 891,000 |
298,000 |
1,995,000 |
822,000 |
Net Income | 704,000 |
272,000 |
1,399,000 |
746,000 |
Earings per Share | ||||
Primary | $.16 |
$.06 |
$.31 |
$.17 |
Fully Diluted | $.16 |
$.06 |
$.31 |
$.17 |
Three Months Ended December 31, |
Six Months Ended December 31, | |||
1996 |
1995 |
1996 |
1995 | |
Revenus | $5,431,000 |
$4,569,000 |
$11,724,000 |
$9,496,000 |
Operating Income | 497,000 |
210,000 |
1,031,000 |
443,000 |
Pretax Income | 592,000 |
249,000 |
1,104,000 |
524,000 |
Net Income | 372,000 |
215,000 |
695,000 |
474,000 |
Earnings per Share | ||||
Primary |
$.08 |
$.05 |
$.15 |
$.11 |
Fully Diluted |
$.08 |
$.05 |
$.15 |
$.11 |
Contact
John L.Slack
Chairman of the Board,
President and CEO
(407)727-0660, ex2535
(ceo@dba-sys.com )
Corporate Headquarters: P.O. Drawer 550, 1200 South Woody Burke Road, Melbourne,
FL 32902-0550
Fairfax Facility: 10560 Arrowhead Drive, Fairfax, VA 22030
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