Excel Technology, Inc. (NASDAQ: XLTC): -- Record Fourth Quarter
Revenue - $36.4 million -- Record Annual Revenue - $137.7 million
-- Net income for the quarter increases 73% to $4.4 million, or
$0.36 per diluted share -- Net income for the year without a
special charge related to a lease dispute was $16.0 million, or
$1.31 per diluted share Excel Technology, Inc. (NASDAQ: XLTC) today
announced the results for the quarter and year ended December 31,
2005. Revenues of $36.4 million and $137.7 million for the quarter
and year ended December 31, 2005, respectively, were 16% and 1%
higher than the $31.3 million and $136.6 million for the quarter
and year ended December 31, 2004, respectively. Net income was $4.4
million for the fourth quarter of this year as compared to $2.5
million in the same period last year, an increase of 73%. For the
year ended December 31, 2005, net income was $15.2 million compared
to $14.8 million for the same period in 2004. Net income per share
on a diluted basis of $0.36 for the quarter ended December 31, 2005
was 71% higher than the $0.21 per share on a diluted basis reported
for the same period in 2004. For the year ended December 31, 2005,
net income per share on a diluted basis was $1.24 in 2005 compared
to $1.20 for 2004. J. Donald Hill, Chairman, stated, "The year 2005
ended on a strong note, providing us with good opportunities as we
enter 2006. We are benefiting from new products in all product
categories. Bookings rose again in Q4 and cash generation was
positive. Our long term strategic growth plan is on track." Antoine
Dominic, Chief Executive Officer, added, "Although we started the
year slowly we kept building momentum throughout the year ending
with record fourth quarter results in 2005. Our emphasis on
increasing our market presence and opportunities resulted in
bookings of over $144 million in 2005, which was $6.5 million more
than our revenues. This has been Excel's fifth straight year of
sequential growth in revenues and profit. Our higher ending backlog
has set a stronger foundation for our first quarter in 2006 as
compared to 2005. Our commitment to a focused research and
development effort has led to several new product introductions,
which also was a key contributor to our improved bookings. We
expect to continue to achieve forward progress in all our product
lines in 2006 including our turn-key systems which lagged in 2005.
We look forward to building upon this success in 2006." Alice
Hughes Varisano, Chief Financial Officer, concluded, "The Company
has delivered the second consecutive record quarter. Sales were up
16.3% compared to 4th quarter 2004 resulting in record revenues
since the inception of the Company of $137.7 million. Fourth
quarter net income was up 73% compared to the 4th quarter of 2004
resulting in the Company reaching net income of $15.2 million in
2005. The Company was able to translate a significant amount of its
after tax profits, $8.5 million, into cash. The Company executed
well on the introduction of new and expanded product lines, while
managing inventory levels. The backlog for the end of the fourth
quarter 2005 was $33.0 million as compared to $26.5 million in
2004, an increase of 25% or $6.5 million. The Company continues to
place strong emphasis on research and development, increasing its
investment from 10% to 10.5% of sales from 2004 to 2005. We
continue to pursue organic growth and investment strategies that
will further expand our opportunities. On December 31, 2005, we had
over $50 million in cash and investments and no debt". This news
release contains forward-looking statements, which are based on
current expectations. Actual results could differ materially from
those discussed or implied in the forward-looking statements as a
result of various factors including future economic, competitive,
regulatory, and market conditions, future business decisions,
market acceptance of the Company's products, and those factors
discussed in the Company's Form 10-K for the year ended December
31, 2004. In light of the significant uncertainties inherent in
such forward-looking statements, they should not be regarded as a
representation that the Company's objectives and plans will be
achieved, and they should not be relied upon by investors when
making an investment decision. Words such as "believes,"
"anticipates," "expects," "intends," "may," and similar expressions
are intended to identify forward-looking statements, but are not
the exclusive means of identifying such statements. Excel and its
wholly owned subsidiaries manufacture and market photonics-based
solutions, consisting of laser systems and electro-optical
components, primarily for industrial/commercial and scientific
applications. -0- *T FINANCIAL SUMMARY (unaudited and in thousands,
except per share data) FOR THE QUARTER FOR THE YEAR ENDED DECEMBER
31 ENDED DECEMBER 31 2005 2004 2005 2004 -------- -------- --------
-------- Net Sales & Services $ 36,364 $ 31,276 $137,717
$136,631 Cost of Sales and Services $ 19,227 $ 16,665 $ 72,295 $
72,723 -------- -------- -------- -------- Gross Profit $ 17,137 $
14,611 $ 65,422 $ 63,908 Operating Expenses: Selling &
Marketing $ 4,865 $ 4,732 $ 18,959 $ 18,850 General &
Administrative $ 2,952 $ 2,980 $ 12,448 $ 11,341 Research and
Development $ 3,629 $ 3,653 $ 14,477 $ 13,710 -------- --------
-------- -------- Operating Income $ 5,691 $ 3,246 $ 19,538 $
20,007 Other Income $ 271 $ 247 $ 1,133 $ 973 -------- --------
-------- -------- Pre-Tax Income $ 5,962 $ 3,493 $ 20,671 $ 20,980
Provision for Income Taxes $ 1,610 $ 978 $ 5,463 $ 6,218 --------
-------- -------- -------- Net Income $ 4,352 $ 2,515 $ 15,208* $
14,762 ======== ======== ========= ======== Net Income Per Common
Share - $ 1.24* Diluted $ 0.36 $ 0.21 $ 1.20 Weighted Average
Common Shares Outstanding - Diluted 12,254 12,256 12,246 12,351 *
Net income of $15,208, excluding the lease dispute charges, net of
tax effect, of approximately $810 (or 7 cents per diluted share)
would have been $16,019 (unaudited). The diluted EPS for the year
without these charges would have been $1.31 per diluted share
(unaudited). BALANCE SHEET & SELECTED FINANCIAL DATA DECEMBER
31, DECEMBER 31, 2005 2004 Cash $ 16,303 $ 11,329 Investments $
34,000 $ 30,425 Accounts Receivable, net $ 22,879 $ 19,782
Inventory $ 30,269 $ 28,839 Other Current Assets $ 3,013 $ 3,301
----------- ----------- Total Current Assets $ 106,464 $ 93,676
Property, Plant & Equipment, net $ 25,983 $ 26,492 Other
Non-Current Assets & Goodwill $ 31,591 $ 32,310 -----------
----------- Total Assets $ 164,038 $ 152,478 ===========
=========== Accounts Payable $ 4,829 $ 5,265 Accrued Expenses and
Other Current Liabilities $ 6,979 $ 8,405 ----------- -----------
Total Current Liabilities $ 11,808 $ 13,670 Other Non-Current
Liabilities $ 3,492 $ 2,807 Minority Interest in Net Income of
Subsidiary $ 48 $ -- Stockholders' Equity $ 148,690 $ 136,001
----------- ----------- Total Liabilities & Stockholders'
Equity $ 164,038 $ 152,478 =========== =========== Working Capital
$ 94,656 $ 80,006 Current Ratio 9.02 6.85 *T
Excel (NASDAQ:XLTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Excel (NASDAQ:XLTC)
Historical Stock Chart
From Jul 2023 to Jul 2024