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 first
quarter ended March 29, 2013.
Sales for the first quarter were $4.7 million, compared to sales of $7.8
million for the first quarter 2012. Net loss for the quarter was $1.36
million or $0.12 per share compared to a net profit for the first
quarter 2012 of $0.36 million or $0.03 per share. Backlog as of March
29, 2013 was $17.7 million compared to backlog of $15.5 million as of
December 31, 2012. Operating expenses for the first quarter totaled $2.4
million compared to $2.6 million for the first quarter of 2012.
Comments from David H. Bateman, President and Chief Executive
Officer: “Sales for the first three months of 2013 were lower than
the comparable period of 2012 as a result of low 2012 sales bookings and
the timing of customer deliveries. New customer bookings improved in the
first three months of 2013 and as a result, the sales backlog increased
to $17.7 million compared to $15.5 million as of December 31, 2012.
Sales prospects remain strong and we believe that bookings will continue
to improve for the remainder of 2013. The forecasted bookings and
customer deliveries indicate that sales levels for the remainder of the
year will improve with expectations that total 2013 sales will be
comparable to 2012. We also expect the gross profit percentage for the
remainder of 2013 to improve and be comparable to 2012 on an annual
basis. We do not expect annual net income for 2013, but results for the
remainder of the year could be close to break even or profitable within
a quarter, depending on the timing of revenue recognition. We continue
to evaluate alternative strategies that will enable us to reach our goal
of sustained profitability including a reasonable settlement of its
pension liabilities through the distress termination application
process. We are encouraged with the progress we have made and look
forward to opportunities for improvement.
“We remain positive for the success of the business.”
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.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
INFORMATION |
(In thousands, except share and per share data) |
(Unaudited) |
|
|
| |
|
|
| |
|
|
|
|
|
| | | | | Three Months Ended |
| | | | | | | | | | March 29, 2013 | | | | March 30, 2012 |
| | | | | | | | | | | | | |
|
Sales
| | | |
$
|
4,707
| | | | |
$
|
7,817
| |
Cost of sales
| | | |
|
3,397
|
| | | |
|
4,548
|
|
Gross profit
| | | |
|
1,310
|
| | | |
|
3,269
|
|
| | | | | | | | | | | | | |
|
Operating expenses:
| | | | | | | | |
Selling, general and administrative (excluding pension)
| | | | |
1,565
| | | | | |
1,472
| |
Research and development
| | | | |
670
| | | | | |
604
| |
Pension
| | | |
|
208
|
| | | |
|
555
|
|
Total operating expenses
| | | |
|
2,443
|
| | | |
|
2,631
|
|
Operating income (loss)
| | | | |
(1,133
|
)
| | | | |
638
| |
Other expense, net
| | | |
|
(214
|
)
| | | |
|
(217
|
)
|
Income (loss) before income tax provision
| | | | |
(1,347
|
)
| | | | |
421
| |
Income tax provision
| | | |
|
(10
|
)
| | | |
|
(61
|
)
|
Net income (loss)
| | | |
$
|
(1,357
|
)
| | | |
$
|
360
|
|
| | | | | | | | | | | | | |
|
Net income (loss) per common share - basic and diluted
| | | |
$
|
(0.12
|
)
| | | |
$
|
0.03
|
|
| | | | | | | | | | | | | |
|
Comprehensive Income (Loss) | | | | | | | | |
Net income (loss)
| | | |
$
|
(1,357
|
)
| | | |
$
|
360
| |
Amortization of deferred pension expense
| | | | |
182
| | | | | |
-
| |
Unrealized gain (loss) on marketable securities
| | | |
|
7
|
| | | |
|
168
|
|
Comprehensive loss
| | | |
$
|
(1,168
|
)
| | | |
$
|
528
|
|
| | | | | | | | | | | | | |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION |
(In thousands) |
(Unaudited) | | | | | | | | |
| | | | | | | | | | March 29, 2013 | | | | December 31, 2012 |
Assets
| | | | | | | | |
Cash and restricted cash
| | | |
$
|
2,654
| | | | |
$
|
2,816
| |
Marketable securities
| | | | |
599
| | | | | |
712
| |
Net receivables, billed and unbilled
| | | | |
6,178
| | | | | |
6,446
| |
Inventories, net
| | | | |
3,438
| | | | | |
3,125
| |
Prepaid expenses and deposits
| | | | |
479
| | | | | |
453
| |
Property, plant and equipment, net
| | | | |
7,584
| | | | | |
7,735
| |
Intangibles and other assets
| | | |
|
2,789
|
| | | |
|
2,963
|
|
Total assets
| | | |
$
|
23,721
|
| | | |
$
|
24,250
|
|
| | | | | | | | | | | | | |
|
Liabilities and stockholders' deficit
| | | | | | | | |
Accounts payable and accrued expenses
| | | |
$
|
2,547
| | | | |
$
|
2,471
| |
Customer advances and deposits
| | | | |
6,404
| | | | | |
5,711
| |
Pension and retirement obligations
| | | | |
33,730
| | | | | |
33,886
| |
Debt obligations
| | | | |
5,322
| | | | | |
5,315
| |
Other liabilities
| | | | |
1,520
| | | | | |
1,511
| |
Stockholders' deficit
| | | |
|
(25,802
|
)
| | | |
|
(24,644
|
)
|
Total liabilities and stockholders' deficit
| | | |
$
|
23,721
|
| | | |
$
|
24,250
|
|
| | | | | | | | | | | | | |
|
|
BACKLOG |
(In thousands) |
Unaudited | | | | | | | | |
| | | | | | | | | | March 29, 2013 | | | | December 31, 2012 |
| | | | | | | | | | | | | |
|
| | | | | | | | | |
$
|
17,675
|
| | | |
$
|
15,511
|
|
| | | | | | | | | | | | | |
|
E&S is a registered trademark of Evans & Sutherland Computer Corporation.
Contacts:
Evans & Sutherland Computer Corporation
David H. Bateman,
801-588-1674
President and CEO
dbateman@es.com
Source: Evans & Sutherland Computer Corporation
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