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Lowrance Fiscal 2000 Net Income is $2.5 Million or $0.66 Per Share Vs $2.1 Million or $0.56 Per Share
October 24, 2000 |
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Company: Lowrance Electronics Inc
 Fiscal 2000 Net Income Includes $2.2 Million in Non-recurring Charges TULSA, Okla. -- Lowrance Electronics, Inc.(Nasdaq:LEIX - news) announced today that, excluding non-recurring charges for severance and merger expenses, net income for the fiscal year ended July 31, 2000 was $4,674,000, or $1.24 per share, compared to $3,310,000, or $0.88 per share in fiscal 1999. Including the non-recurring charges, Lowrance reported net income of $2,473,000, or $0.66 per share, compared to net income of $2,109,000, or $0.56 per share last year.Sales for fiscal 2000 were $73,209,000 compared to $89,753,000 last year. Darrell Lowrance, president and chief executive officer, said, ``The Company has significantly improved its cost structure, reduced total debt and discontinued certain lower-margin products.The results of these efforts are documented in the following table:
Operating and Per Share Data Excluding Severance & Merger Costs
(000's except per share amounts)
Fiscal Years Ended July 31,
1998 1999 2000
Net sales $ 91,706 $ 89,753 $ 73,209
Gross profit 25,645 30,047 27,899
Percent of sales 28.0% 33.5% 38.1%
Operating income 519 6,234 5,750
Percent of sales .6% 6.9% 7.9%
Income (loss) before taxes (3,166) 3,310 3,724
Percent of sales (3.5%) 3.7% 5.1%
Net income (loss) (3,995) 3,310 4,674
Percent of sales (4.4%) 3.7% 6.4%
Net income (loss) per share $ (1.11) $ 0.88 $ 1.24
Total Debt $26,536 $ 19,210 $ 10,872
``Our expanded research and development efforts have enabled the Company to introduce a number of new SONAR and GPS mapping products with large-screen, high resolution monochrome and color displays and features which have enabled our newest products, like the LCX-16ci, to achieve `Best of Show' awards at the recent ICAST 2000 industry trade show,'' said Lowrance.``With these new products, lower cost structure and increased financial flexibility, we believe Lowrance is well positioned for improved results in fiscal 2001.''
About Lowrance Electronics This news release contains ``forward looking statements'' concerning the Company's projected financial performance for fiscal 1999 as allowed in the Securities Litigation Reform Act of 1995.The Company believes that these statements are based on reasonable assumptions, however, no assurances can be given that the projected results will be achieved.Unforeseen production delays due to raw materials shortages or other factors which are discussed in the Company's Securities and Exchange Commission filings could have a material adverse effect on the Company's performance.
LOWRANCE ELECTRONICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 omitted, except for per share and share data)
(unaudited)
Twelve Months Ended
July 31,
1998 1999 2000
Net sales $ 91,706 $ 89,753 $ 73,209
Cost of sales 66,061 59,706 45,310
Gross profit 25,645 30,047 27,899
Operating expenses
Selling and administrative 22,476 21,587 19,249
Severance and merger costs -- 1,201 2,201
Research and development 2,650 2,226 2,900
Total operating expenses 25,126 25,014 24,350
Income from operations 519 5,033 3,549
Other expenses
Interest expense 3,509 2,893 1,891
Other, net 176 31 135
Total other expenses 3,685 2,924 2,026
Income (loss) before income taxes (3,166) 2,109 1,523
Income tax provision (benefit) 829 -- (950)
Net income (loss) $ (3,995) $ 2,109 $ 2,473
Net income (loss) per common
share, basic and diluted $ (1.11) $ 0.56 $ 0.66
Weighted average common shares
outstanding, basic and diluted 3,608 3,769 3,769
CONDENSED CONSOLIDATED BALANCE SHEET
($ 000 omitted) (audited)
July 31, July 31,
ASSETS 1999 2000
Current Assets $ 27,027 $ 19,723
Property, Plant &
Equipment, Net 8,008 7,240
Deferred Income Taxes 751 2,072
Other Assets 208 186
Total $ 35,994 $ 29,221
LIABILITIES AND
EQUITY
Current Liabilities $ 9,397 $ 8,693
Long Term Debt 17,103 8,573
Stockholders' Equity 9,494 11,955
Total $ 35,994 $ 29,221
Contact: Lowrance Electronics Inc. Douglas J.Townsdin, 918/437-6881
Berkman Associates
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