Company Website:
http://www.es.com
SALT LAKE CITY -- (Business Wire)
Evans & Sutherland ComputerCorporation (E&S) (OTCPK: ESCC)
today reported financial results in its Form 10-Q filing for the third
quarter ended September 27, 2013.
Sales for the third quarter were $8.5 million, compared to sales of $5.4
million for the third quarter 2012. Net profit for the quarter was $1.0
million or $0.09 per share compared to a net loss for the third quarter
2012 of $1.1 million or $0.10 per share. Backlog as of September 27,
2013 was $22.1 million compared to backlog of $15.5 million as of
December 31, 2012.
Comments from David H. Bateman, President and Chief Executive
Officer: “Sales for the third quarter and first nine months of 2013
were better than the comparable periods of 2012, and the gross profit
percentage also improved in 2013 compared to the comparable period in
2012. Customer bookings and the sales backlog remain strong. As a
result, we expect 2013 annual results to be close to breakeven. For the
longer term we continue to expect variable but reasonably consistent
future sales and gross profits from our current product line at annual
levels sufficient to cover or exceed operating expenses, excluding the
pension expense.”
Statements in this press release which are not historical, including
statements regarding E&S’ or management’s intentions, hopes, beliefs,
expectations, representations, projections, plans, or predictions of the
future, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company assumes no
obligation except as required by law to update the forward-looking
statements contained in this press release as a result of new
information or future events or developments. You can identify these
statements by the fact that they use words such as “anticipate,”
“estimate,” “expect,” “project,” “intend,” “should,” “plan,” “goal,”
“believe,” “confident” and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance together with the negative of such expressions. Among the
factors that could cause actual results to differ materially are the
following: the Company’s ability to successfully market both new and
existing products domestically and internationally; difficulties or
delays in manufacturing; results of the Board's evaluation of
alternatives available to enhance value for shareholders; and market and
general economic conditions. A further list and description of these
risks, uncertainties and other matters can be found in the Company’s
reports filed with the Securities and Exchange Commission.
Consolidated Statements of Operations (XLS)
E&S is a registered trademark of Evans & Sutherland Computer Corporation.
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| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
INFORMATION |
| (In thousands, except share and per share data) |
| (Unaudited) |
|
|
|
|
| |
| |
| | | |
| |
| | | | | | | | Three Months Ended | | Nine Months Ended |
| | | | | | | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 |
| | | | | | | | | | | | | |
|
|
Sales
| | | | | | | |
$
|
8,509
| | |
$
|
5,359
| | |
$
|
18,428
| | |
$
|
17,922
| |
|
Cost of sales
| |
|
4,981
|
| |
|
3,299
|
| |
|
11,858
|
| |
|
11,387
|
|
|
Gross profit
| |
|
3,528
|
| |
|
2,060
|
| |
|
6,570
|
| |
|
6,535
|
|
| | | | | | | | | | | | | |
|
|
Operating expenses:
| | | | | | | | |
|
Selling, general and administrative (excluding pension)
| | |
1,545
| | | |
1,658
| | | |
4,291
| | | |
4,409
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|
Research and development
| | |
529
| | | |
662
| | | |
1,873
| | | |
1,926
| |
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Pension
| |
|
249
|
| |
|
590
|
| |
|
618
|
| |
|
1,699
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Total operating expenses
| |
|
2,323
|
| |
|
2,910
|
| |
|
6,782
|
| |
|
8,034
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|
Operating income (loss)
| | |
1,205
| | | |
(850
|
)
| | |
(212
|
)
| | |
(1,499
|
)
|
|
Other expense, net
| |
|
(185
|
)
| |
|
(200
|
)
| |
|
(540
|
)
| |
|
(601
|
)
|
|
Income (loss) before income tax provision
| | |
1,020
| | | |
(1,050
|
)
| | |
(752
|
)
| | |
(2,100
|
)
|
|
Income tax provision
| |
|
(31
|
)
| |
|
(21
|
)
| |
|
(41
|
)
| |
|
(95
|
)
|
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Net income (loss)
| |
$
|
989
|
| |
$
|
(1,071
|
)
| |
$
|
(793
|
)
| |
$
|
(2,195
|
)
|
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Net income (loss) loss per common share - basic and diluted
| |
$
|
0.09
|
| |
$
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(0.10
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)
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$
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(0.07
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)
| |
$
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(0.20
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)
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| Comprehensive Income (Loss) | | | | | | | | |
|
Net income (loss)
| |
$
|
989
| | |
$
|
(1,071
|
)
| |
$
|
(793
|
)
| |
$
|
(2,195
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)
|
|
Other comprehensive income (loss):
| | | | | | | | |
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Amortization of deferred pension expense
| | |
182
| | | |
-
| | | |
546
| | | |
-
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Unrealized gain (loss) on marketable securities
| |
|
3
|
| |
|
90
|
| |
|
(8
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)
| |
|
194
|
|
|
Comprehensive income (loss)
| |
$
|
1,174
|
| |
$
|
(981
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)
| |
$
|
(255
|
)
| |
$
|
(2,001
|
)
|
| | | | | | | | | | | | | |
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| CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION |
| (In thousands) |
| (Unaudited) | | | | | | | | |
| | | | | | | | September 27, 2013 | | December 31, 2012 | | | | |
|
Assets
| | | | | | | | |
|
Cash and restricted cash
| |
$
|
4,278
| | |
$
|
2,816
| | | | | |
|
Marketable securities
| | |
345
| | | |
712
| | | | | |
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Net receivables, billed and unbilled
| | |
6,838
| | | |
6,446
| | | | | |
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Inventories, net
| | |
3,914
| | | |
3,125
| | | | | |
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Prepaid expenses and deposits
| | |
638
| | | |
453
| | | | | |
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Property, plant and equipment, net
| | |
7,353
| | | |
7,735
| | | | | |
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Intangibles and other assets
| |
|
2,105
|
| |
|
2,963
|
| | | | |
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Total assets
| |
$
|
25,471
|
| |
$
|
24,250
|
| | | | |
| | | | | | | | | | | | | |
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Liabilities and stockholders' deficit
| | | | | |
| | |
|
Accounts payable and accrued expenses
| |
$
|
3,060
| | |
$
|
2,471
| | | | | |
|
Customer advances and deposits
| | |
7,105
| | | |
5,711
| | | | | |
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Pension and retirement obligations
| | |
33,337
| | | |
33,886
| | | | | |
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Debt obligations
| | |
5,344
| | | |
5,315
| | | | | |
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Other liabilities
| | |
1,509
| | | |
1,511
| | | | | |
|
Stockholders' deficit
| |
|
(24,884
|
)
| |
|
(24,644
|
)
| | | | |
|
Total liabilities and stockholders' deficit
| |
$
|
25,471
|
| |
$
|
24,250
|
| | | | |
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| BACKLOG | | | | | | | | |
| (In thousands) | | | | | | | | |
| Unaudited | | | | | | | | |
| | | | | | | | September 27, 2013 | | December 31, 2012 | | | | |
| | | | | | | | | | | | | |
|
| | | | | | | |
$
|
22,123
|
| |
$
|
15,511
|
| | | | |
Contacts:
Evans & Sutherland
David H. Bateman, 801-588-1674
President
and CEO
dbateman@es.com
Source: Evans & Sutherland Computer Corporation
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