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Applied Films Reports Earnings for First Quarter Fiscal Year 2004
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First Quarter Fiscal 2004 Results from Continuing Operations
Net revenues for the first quarter of fiscal 2004 were $47.7 million compared to $25.1 million for the first quarter of fiscal 2003, an increase of 90.0%.
Income from continuing operations on a GAAP basis for the first quarter of fiscal 2004 was $2.2 million or $0.19 per fully diluted common share, compared to a loss from continuing operations on a GAAP basis of $790,000 or $0.07 per fully diluted common share for the first quarter of fiscal 2003. Our GAAP EPS corresponds to First Call's definition of GPS.
Earnings before amortization of other intangible assets (EBIA), for the first quarter of fiscal 2004 was $2.9 million, or $0.25 per fully diluted common share, compared to a loss of $(124,000) or $(0.01) per fully diluted common share for the first quarter of fiscal 2003. Our EBIA EPS corresponds to First Call's definition of EPS.
The Company reports EBIA as a pro forma non-GAAP financial measure so that management and investors can assess the ongoing performance of the company without considering the non-cash charges for the amortization of intangibles related to the LAC Acquisition. The pre-tax charge for amortization of other intangible assets in the fiscal first quarter was $1.0 million. A reconciliation of pro-forma non-GAAP measurements to GAAP can be found in the attached financial table.
Bookings for the quarter were $41.8 million. Equipment backlog as of September 27, 2003 was $94.6 million, compared to $68.0 million at the end of the first fiscal quarter of 2003, an increase of 39.1%, and compared to $100.6 million at the end of the fourth fiscal quarter of 2003. The Company expects to recognize revenue from this backlog over the next 6 to 12 months.
"We are pleased with our financial performance and the continued strength in the markets that we are serving. The sale of our Hong Kong coated glass business completes our strategy to transition to 100% equipment revenues," stated Thomas T. Edman, President and CEO of Applied Films. "The successful follow-on offering allowed us to raise over $93 million in cash, which puts us in a strong position to pursue our future plans to provide superior equipment and process solutions to our markets."
On September 26, 2003, we sold our coated glass business located in Hong Kong, to Nippon Sheet Glass, Co., Ltd. The consolidated statement of operations for the current quarter and the first quarter of the prior fiscal year have been restated to reflect the effect of the sale and the results have been included in income (loss) from discontinued operations, net of taxes on the consolidated statement of operations. The balance sheet as of June 28, 2003 has been restated to reflect the reclassification of the assets and liabilities of the Hong Kong coated glass business to net assets associated with discontinued operations. On September 24, 2002, we sold our coated glass division located in Longmont, Colorado to Optera, Inc. (formerly known as Information Products Longmont, Inc.). The income statement for the first quarter of the prior fiscal year has been restated to reflect the effect of this sale, and the results have been included in income (loss) from discontinued operations, net of taxes on the consolidated statement of operations. The gain on sale for both of these businesses is included in gain on disposal of discontinued operations, net of tax, on the consolidated statement of operations. On September 15, 2003, Applied Films Corporation and Optera, Inc. entered into a Settlement Agreement related to a warranty claim for coated glass. The effect of the settlement is included in income (loss) from discontinued operations, net of taxes on the consolidated statement of operations.
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October 23rd, 2003
Source: Yahoo |
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