| View printer-friendly version |
| << Back |
|
Hathaway Reports Results for the Quarter Ended September 30, 2002
|
|
DENVER, Oct 25, 2002 (BUSINESS WIRE) -- Hathaway Corporation (Nasdaq:HATH)
today announced a net loss from continuing operations for the quarter ended
September 30, 2002, of $52,000 or $.01 per fully diluted share compared to a
loss of $63,000 or $.01 per fully diluted share for the same period last year.
Revenues from continuing operations were $8,020,000 compared to $3,646,000 last year. Backlog at the quarter ended September 30, 2002, was $11,763,000. This quarter's continuing operations include the results of Motor Products, which was acquired on July 30, 2002. During the quarter ended September 30, 2002, the Company sold substantially all of its Power and Process segment and committed to a plan to dispose of the remaining calibrator business historically included in this segment. As a result, this segment's operating results are now being reflected as discontinued operations. The quarter's results include an after-tax net gain on the sale of the Power and Systems business of $1,007,000 and an after-tax net loss on the operating results of the discontinued operations, including a write-down of the net assets of the calibrator business held for sale, of $764,000. The net gain on the sale of Power and Systems is subject to adjustment during future periods based on the outcome of settlement of certain closing adjustments. Net income, including the gain on the sale and loss from discontinued operations was $191,000 or $.04 per fully diluted share compared to a net loss of $238,000 or $.05 per fully diluted share for the same quarter last year. Dick Smith, Chief Executive Officer, commented: "During the quarter, we were successful in completing both the sale of a significant portion of our Power and Process segment and the acquisition of Motor Products in Owosso, Michigan, to further our expansion into the motion control industry. We are excited to focus our future efforts on expanding the Company's motion control business, under the new name of Allied Motion Technologies. Although this business has recently been adversely affected by the economic downturn," continued Mr. Smith, "we believe it should continue to be a profitable and growing business in the future. We continue to explore opportunities to expand into new industry sectors and posture the motion control business for a quick recovery as the economy strengthens." Dick Warzala, President of Hathaway, states: "As evidenced by the sale of the power and process segment, and the acquisition of Motor Products, the Company has already made significant progress in the transformation of our company and the building of a significant platform within the motion control marketplace. We continue to pursue new acquisition opportunities as well as the implementation of lean manufacturing initiatives to improve the performance within all of our existing operations." Headquartered in Denver, Colorado, Hathaway designs, manufactures and sells motion control products into applications that serve many industry sectors. With subsidiaries in the United States and United Kingdom, Hathaway is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world. The statements in this press release and in the Company's October 25, 2002, conference call that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include international, national and local general business and economic conditions in the Company's motion control, process and power markets, introduction of new technologies, products and competitors, the ability to protect the Company's intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, the continued success of the Company's customers to allow the Company to realize revenues from its order backlog and to support the Company's expected delivery schedules, the continued viability of the Company's customers and their ability to adapt to changing technology and product demand, the ability of the Company to meet the technical specifications of its customers, the continued availability of parts and components, increased competition and changes in competitor responses to the Company's products and services, changes in government regulations, availability of financing, the ability of the Company's lenders and financial institutions to provide additional funds if needed for operations or for making future acquisitions and the ability to attract and retain qualified personnel who can design new applications and products for the motion control industry. The Company's ability to compete in this market depends upon its capacity to anticipate the need for new products, and to continue to design and market those products to meet customers' needs in a competitive world. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward-looking statements, whether as a result of new information, future events, or otherwise.
FINANCIAL SUMMARY (IN THOUSANDS, EXCEPT PER-SHARE DATA)
For the Three Months Ended
September 30,
HIGHLIGHTS OF OPERATING RESULTS 2002 2001
----------------------------------------------------------------------
Revenues from continuing operations $ 8,020 $ 3,646
====== ======
Loss before income taxes from continuing
operations $ (66) $ (104)
Benefit for income taxes 14 31
------ ------
Net loss from continuing operations $ (52) $ (73)
====== ======
Net income (loss) from discontinued
operations $ 243 $ (165)
====== ======
Net income (loss) $ 191 $ (238)
====== ======
PER SHARE AMOUNTS:
Diluted net loss per share from
continuing operations $ (.01) $ (.01)
====== ======
Diluted net income (loss) per share
from discontinued operations $ .05 $ (.04)
====== ======
Diluted net loss per share $ (.04) $ (.05)
====== ======
Diluted weighted average common
shares -- continuing operations 4,788 4,614
====== ======
Diluted weighted average common
shares -- discontinued operations 5,065 4,614
====== ======
September 30, June 30,
CONDENSED BALANCE SHEETS 2002 2002
----------------------------------------------------------------------
ASSETS
Cash $ 2,664 $ 4,278
Restricted cash 36 501
Current assets of segment held for sale 584 9,869
Trade receivables, inventories, and
other current assets 12,153 5,418
------ ------
Total Current Assets $15,437 $20,066
Property, plant and equipment, net 6,397 1,019
Non-current assets of segment held
for sale 119 1,203
Goodwill and intangible assets 7,496 341
------ ------
TOTAL ASSETS $29,449 $22,629
====== ======
LIABILITIES AND STOCKHOLDERS' INVESTMENT
LIABILITIES:
Current liabilities of segment held
for sale $ 532 $ 4,513
Long-term debt classified as current 4,261 --
Accounts payable and other current
liabilities 6,548 3,012
------ ------
Total Current Liabilities $11,341 $ 7,525
Long-term liabilities 3,344 600
------ ------
TOTAL LIABILITIES 14,685 8,125
STOCKHOLDERS' INVESTMENT 14,764 14,504
------ ------
TOTAL LIABILITIES AND STOCKHOLDERS'
INVESTMENT $29,449 $22,629
====== ======
CONTACT: Hathaway Corporation
Richard Smith or Sue Chiarmonte, 303/799-8200
303/799-8880 (fax)
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved. |
