financial news ♦ RF electronics
threats through the utilization of the technology in our T-Ray 4000.”
The Company also filed today a universal shelf registration statement on Form S-3 with the SEC. When declared effective by the SEC, the shelf registration statement will allow the Company to sell up to $7 million of various securities. The Company has no commitment to sell any of its securities under this registration statement, and the terms of any future sale or issuance of securities under this registration statement will be set forth in a prospectus supplement that will be filed with the SEC in connection with any such sales or issuance.
Financial Highlights for the Second Quarter compared to the Prior Year
•The Company’s revenues increased 29% (or $1.6 million) over revenues for the quarter to approximately $7.0 million compared to $5.4 million for the second quarter ended September 25, 2009. Year to date revenues are up $1.9 million (or 17%) to $13.3 million over the first six months of fiscal year 2010.
•Gross Profit for Q2 2011 increased $838,000 (or 41%) to $2.9 million compared to $2.1 million for Q2 2010 on a 29% increase in revenue volume. Gross profit margins increased slightly to 42% of sales for Q2 2011 compared to 38% of sales for the comparable prior year period. Year to date gross profit was $5.8 million (44% of revenue) compared to $5.1 million (45% of revenue) for the first six months of fiscal year 2010.
•Operating expenses were $3.1 million for the quarter, the same as the comparable prior year period. Year to date operating expenses for both fiscal year 2011 and 2010 were the same at $6.3 million.
•Quarterly net loss was $398,000 or $0.02 per diluted share, as compared to a net loss of $1.2 million, or $0.05 per diluted share, for the prior year quarter ended September 25, 2009. For the six months ended October 1, 2010, the net loss was $671,000 or $0.03 per diluted share, compared to a net loss of $1.5 million or $0.06 per diluted share, for the comparable prior year six-month period.
•The Non-GAAP net profit for the second quarter of fiscal 2011 was $209,000 or $0.01 per diluted share, compared to Non-GAAP net loss of $452,000
November/December 2010
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or $0.02 per diluted share, for the comparable prior year period. Year to date Non-GAAP net profit was $307,000 or $0.01 per diluted share, compared to Non-GAAP net loss of $137,000 ($0.01 per diluted share) for the prior year six-month period ended September 25, 2009.
•EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization) was a positive $455,000 for the second quarter of fiscal year 2011, compared to negative EBITDA of $220,000 for the comparable prior year period. For the six months ended October 1, 2010, EBITDA was $842,000 compared to prior year to date EBITDA of $334,000.
Financial Highlights for the Second Quarter compared to the First Quarter 2011
•Net Sales for the quarter were approximately $7.0 million, an increase of $746,000 or 11% over the first quarter ended July 2, 2010. Revenue was down in only one of our five markets.
•Gross profit margin for Q2 2011 was 42% of sales compared to 47% for the first quarter ended July 2, 2010.
•Operating expenses were $3.1 million for the quarter, compared to $3.2 million for the 1st quarter ended July 2, 2010.
•Quarterly net loss was $398,000 or $0.02 per diluted share, compared to a net loss of $273,000, or $0.01 per diluted share, for the first quarter ended July 2, 2010.
•The Non-GAAP net profit for the quarter was $209,000 or $0.01 per diluted share, compared to Non-GAAP net profit of $97,000 or $0.00 per diluted share, for the first quarter ended July 2, 2010.
•EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $455,000 for the second quarter of fiscal 2011, as compared to a positive EBITDA of $387,000 for the first quarter ended July 2, 2010.
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