Company Website:
http://www.heii.com
MINNEAPOLIS -- (Business Wire)
HEI, Inc.(Pink Sheets: HEII);(http://www.heii.com)
today announced its financial results for the first quarter 2012, which
ended on March 31, 2012.
Sales for the first quarter were $9.1 million as compared to $9.7
million for the first quarter of 2011. The Company generated net loss of
($157,000) for the first quarter of 2012 compared to net income of
$185,000 for the same period in 2011. Diluted loss per share was ($0.02)
for the first quarter of 2012, compared to diluted income per share of
$0.02 for the first quarter of 2011.
“Our first quarter results were negatively impacted by a design contract
postponed until late in 2012 by one of our customers in our Boulder
operation which generated an unexpected loss for the Boulder division.
In addition, the expansion underway in our Tempe facility generated some
operating inefficiencies during the construction that negatively
impacted Tempe’s production. The inefficiencies continued to impact
April production. However, the good news is the Tempe construction is
nearing completion and operations are beginning to return to
pre-expansion levels. For Boulder, we are working to replace the
business that was postponed,” said Chief Executive Officer, Mark B.
Thomas.
“For our Victoria operation, we succeeded in securing two contracts in
April that we have been working on for the past three years providing
components to two government contractors in support of the Joint
Tactical Radio Systems or JTRS program for the US military. This has
been an area of focus for HEI in expanding the markets we serve,”
further commented Thomas.
HEI, Inc. designs, develops and manufactures ultra-miniature
microelectronics, substrates, systems, connectivity and software
solutions for customers engaged in the medical, hearing,
telecommunications, military, aerospace, and industrial markets. HEI
provides its customers with a single point of contact that can take an
idea from inception to a fully functional and cost effective product
utilizing innovative design solutions and by the application of
state-of-the-art materials, processes and manufacturing capabilities.
FORWARD LOOKING INFORMATION
Information in this news release, which is not historical, includes
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 that involve
substantial risks and uncertainties. You can identify these statements
by forward-looking words such as “may,” “will,” “expect,” “anticipate,”
“believe,” “intend,” “estimate,” “continue,” and similar words.
Statements contained in this press release, including the implementation
of business strategies, growth of specific markets, improved results and
estimated HEI revenue, cash flow and profits, are forward looking
statements. All such forward-looking statements involve risks and
uncertainties including, without limitation, adverse business and market
conditions, the ability of HEI to secure and satisfy customers, the
availability and cost of materials from HEI’s suppliers, HEI’s ability
to satisfy financial or other obligations or covenants set forth in its
financing agreements, adverse competitive developments, change in or
cancellation of customer requirements, collection of receivables and
outstanding debt, HEI’s ability to control fixed and variable operating
expenses, and other risks detailed in previous HEI SEC filings. Since
HEI is no longer reporting to the SEC, readers are cautioned to weigh
the potential for additional risk factors based on ongoing business
activities and the current economic conditions. The information set
forth herein should be read in light of such risks. We undertake no
obligation to update these statements to reflect ensuing events or
circumstances, or subsequent actual results.
|
| |
| | HEI, INC. |
| | STATEMENTS OF OPERATIONS |
| | |
| |
| | Three Months Ended |
| | March 31, 2012 | | April 2, 2011 |
| | (In thousands, except share and per share data) |
| | | |
|
|
Net sales
| |
$
|
9,065
| | |
$
|
9,723
| |
|
Cost of sales
| |
|
7,656
|
| |
|
8,228
|
|
|
Gross profit
| | |
1,409
| | | |
1,495
| |
| | | |
|
|
Operating expenses:
| | | | |
|
Selling, general and administrative
| | |
1,273
| | | |
1,091
| |
|
Research, development and engineering
| |
|
216
|
| |
|
143
|
|
|
Operating income (loss)
| | |
(80
|
)
| | |
261
| |
| | | |
|
|
Interest expense, net
| | |
(91
|
)
| | |
(76
|
)
|
|
Other income (expense), net
| |
|
14
|
| |
|
-
|
|
|
Income (loss) before income taxes
| | |
(157
|
)
| | |
185
| |
| | | |
|
|
Income tax expense
| |
|
-
|
| |
|
-
|
|
|
Net income (loss)
| |
$
|
(157
|
)
| |
$
|
185
|
|
| | | |
|
Income (loss) per common share: | | | | |
|
Basic
| |
$
|
(0.02
|
)
| |
$
|
0.02
| |
|
Diluted
| |
$
|
(0.02
|
)
| |
$
|
0.02
| |
| | | |
|
Weighted average common shares outstanding: | | | | |
|
Basic
| | |
10,120,023
| | | |
9,870,516
| |
|
Diluted
| | |
10,120,023
| | | |
9,985,492
| |
| | | | |
Certain minor reclassifications have been made to our prior period
financial information in order to conform to the current year
presentation.
|
| |
| |
| HEI, INC. |
| BALANCE SHEETS |
| | | |
|
| | March 31, 2012 | | December 31, 2011 |
| | (In thousands, except share and per share data) |
| ASSETS | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
-
| | |
$
|
-
| |
|
Accounts receivable, net
| | |
5,333
| | | |
5,489
| |
|
Inventories, net
| | |
5,173
| | | |
4,680
| |
|
Deferred income taxes
| | |
447
| | | |
447
| |
|
Other current assets
| |
|
508
|
| |
|
253
|
|
|
Total current assets
| |
|
11,461
|
| |
|
10,869
|
|
| | | |
|
|
Property and equipment:
| | | | |
|
Land
| | |
216
| | | |
216
| |
|
Building and improvements
| | |
4,337
| | | |
4,337
| |
|
Fixtures and equipment
| | |
27,797
| | | |
26,676
| |
|
Accumulated depreciation and amortization
| |
|
(25,877
|
)
| |
|
(25,788
|
)
|
|
Property and equipment, net
| | |
6,473
| | | |
5,441
| |
|
Security deposit
| | |
230
| | | |
230
| |
|
Other long-term assets
| |
|
236
|
| |
|
328
|
|
|
Total assets
| |
$
|
18,400
|
| |
$
|
16,868
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
|
Current liabilities:
| | | | |
|
Accounts payable
| |
$
|
2,829
| | |
$
|
2,151
| |
|
Accrued liabilities
| | |
1,112
| | | |
701
| |
|
Customer deposit liabilities
| | |
130
| | | |
11
| |
|
Current maturities of long-term liabilities
| |
|
1,105
|
| |
|
927
|
|
|
Total current liabilities
| |
|
5,176
|
| |
|
3,790
|
|
| | | |
|
|
Long-term liabilities:
| | | | |
|
Deferred income taxes
| | |
447
| | | |
447
| |
|
Other long-term liabilities, less current maturities
| | |
2,675
| | | |
2,443
| |
|
Long-term debt, less current maturities
| |
|
5,955
|
| |
|
5,933
|
|
|
Total long-term liabilities, less current maturities
| |
|
9,077
|
| |
|
8,823
|
|
|
Total liabilities
| |
|
14,253
|
| |
|
12,613
|
|
| | | |
|
|
Commitments and contingencies
| | | | |
| | | |
|
|
Shareholders’ equity:
| | | | |
|
Undesignated stock
| | |
-
| | | |
-
| |
|
Convertible preferred stock, $.05 par
| | |
2
| | | |
2
| |
|
Common stock, $.05 par
| | |
506
| | | |
506
| |
|
Additional paid-in capital
| | |
28,481
| | | |
28,433
| |
|
Accumulated deficit
| |
|
(24,842
|
)
| |
|
(24,686
|
)
|
|
Total shareholders’ equity
| |
|
4,147
|
| |
|
4,255
|
|
|
Total liabilities and shareholders’ equity
| |
$
|
18,400
|
| |
$
|
16,868
|
|
| | | | |
Certain minor reclassifications have been made to our prior period
financial information in order to conform to the current year
presentation.
Contacts:
HEI, Inc.
Mark B. Thomas, CEO, +1-952-443-7020
Mark.thomas@heii.com
Source: HEI, Inc.
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