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Comptek: CTK Annual Revenues Grow 52%
FOR IMMEDIATE RELEASE
Contact: Christopher A. Head Stan Froelich, Media Relations
Executive Vice President Michael Cimini,Investor Relations
Comptek Research, Inc. Stern & Co.
(716) 677-4070 (212) 888-0044
Comptek Reports Record Results For Sixteenth Consecutive Quarter and
Fourth Consecutive Fiscal Year;
Fiscal Fourth Quarter Revenue Increases 38%; Net Income Is Up 84%;
FOR FISCAL YEAR 2000, ANNUAL REVENUES GROW 52%;
NET INCOME RISES 58%; EBITDA ADVANCES 80%
BUFFALO, NY, May 18, 2000 - Comptek Research, Inc. (Amex: CTK) today
reported record financial results for its fiscal fourth quarter and
fiscal year, ended March 31,2000.
Net income rose 84% to a record $1.89 million, or $0.27 per diluted
share, in the fourth fiscal quarter, ended March 31, from $1.03
million, or $0.20 per diluted share, in the corresponding period a
year earlier. Fiscal fourth quarter sales climbed 38% to $37.9 million
from $27.5 million in the year-earlier period.
The company reported that operating margins for the fourth quarter
widened to 10.7% from 7.8% in the same period a year ago.
For the company's full fiscal year 2000, Comptek reported revenue
advanced 52% to $145.4 million, from $95.5 million in fiscal 1999.
Net income climbed 58% to $5.34 million, or $0.83 per diluted share,
from $3.38 million, or $0.65 per diluted share, in fiscal 1999. This
represents a year-over-year increase in EPS of 27.7%.
Fiscal 2000 operating activities provided in excess of $8 million in
positive cash flow, up from $6.5 million in fiscal 1999.
For the full fiscal year, earnings before interest, taxes,
depreciation, and amortization (EBITDA) improved by 80% to $17.6
million, from the $9.8 million reported at the conclusion of fiscal
1999.
John Sciuto, chairman, president, and chief executive officer of
Comptek Research, Inc., said, "This is the fourth consecutive record
year for sales and earnings. The results of this quarter, and the year
as a whole, reflects Comptek's strengthening position within the
global defense electronics market. The company's obvious success over
the past four years is directly attributable to both the successful
execution of the strategic business plan that was implemented by
Comptek in 1996 and the dedication and performance of the company's
1200 employees. We expect to see these positive trends continue
into the current fiscal year and beyond as global defense spending
continues to increase."
At the end of the fiscal year, the company reported total debt was
$39.0 million, a substantial reduction from the $53.6 million held at
the end of fiscal 1999.
Other Highlights of Fiscal Fourth Quarter
Significant achievements during the fourth quarter included:
- Comptek was awarded a subcontract valued at up to $2.30 million from
Lockheed Martin Naval Electronics & Surveillance Systems to provide
systems and software engineering for the United States Navy's AEGIS
Combat System.
- Comptek successfully demonstrated Java-enabled technologies for
joint theater air and missile defense planning for the U.S. Air Force
Research Laboratory's Joint Defensive Planner 2.0/3.0 program.
- Comptek was awarded a $1.4 million U.S. Air Force contract to supply
another 124 stereoscopic precision targeting systems to be used for
the rapid location and precise measurement of three-dimensional
terrain features from high satellite imagery.
Comptek Research, Inc., with subsidiary locations in the U.S. and
Canada, is a domestic and international supplier of technically
advanced electronics and data communications systems to government and
industry.
This news release contains forward-looking statements about Comptek's
current expectations for future growth and business opportunities
based on current business conditions. Forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties include Comptek's
dependence on continued funding of U.S. Department of Defense programs
and the likelihood that actual future revenues that are realized may
differ from those inferred from existing backlog or orders. Other
risks and uncertainties are described in Comptek's 1999 Form 10-K
Annual Report filed with the Securities and Exchange Commission.
Note: Today's news release and Comptek's news releases for the
past year are available on the Internet at http://www.cfonews.com
under the heading "Company News, Comptek Research." Additional
information about Comptek is also available at http://www.comptek.com.
March 31, March 31,
2000 1999
Assets
Current assets:
Cash and cash equivalents $2,128 $2,376
Receivables
37,866 36,099
Inventories
5,213 5,744
Prepaids
4,183 806
Other
1,190 212
--------------------
Total current assets 50,580 45,237
Equipment and leasehold improvements,
net of accumulated depreciation and
amortization of $10,313 at March 31, 2000,
$9,050 at March 31, 1999 7,099 7,034
Goodwill
40,480 41,645
Other assets
5,003 4,857
-----------------------
Total assets $103,162 $98,773
=======================
Liabilities and Shareholders' Equity
Current liabilities:
Current installments on long-term debt $12,959 $4,030
Accounts payable
6,126 7,482
Accrued salaries and benefits
12,957 9,040
Other accrued expenses
4,029 3,804
Customer advances
8,278 7,646
Deferred income taxes
1,612 1,209
--------------------
Total current liabilities 45,961 33,211
--------------------
Deferred income taxes
1,149 853
Long-term debt, excluding current
installments 26,058 49,610
Shareholders' equity:
Common stock
133 110
Additional paid-in capital
26,035 16,190
Stock related awards and loans
(153) (296)
Retained earnings
7,808 2,466
--------------------
33,823 18,470
Less cost of treasury shares
(3,829) (3,371)
Total shareholders' equity --------------------
29,994 15,099
Total liabilities and shareholders'
equity $103,162 $98,773
======================
Three Months Ended
March 31, March 31,
2000 1999 % Change
Net sales $37,939 $27,504 37.9%
Operating costs and
expenses:
Cost of sales 27,113 20,961 29.3%
Selling, general and
administrative 5,783 3,934 47.0%
Research and
development 983 464 111.9%
---------------------------
Operating profit 4,060 2,145 89.3%
Interest expense, net 900 422 113.3%
---------------------------
Income before income taxes 3,160 1,723 83.4%
Income taxes 1,264 690 83.2%
----------------------------
Net income $1,896 $1,033 83.5%
============================
Net income per share:
Basic $ 0.31 $ 0.20 55.0%
============================
Basic weighted shares
outstanding 6,121 5,089
============================
Diluted $0.27 $ 0.20 35.0%
============================
Diluted weighted
shares outstanding 7,057 5,232
============================
Fiscal Year Ended March 31,
2000 1999 % Change
Net sales $145,442 $95,495 52.3%
Operating costs and
expenses:
Cost of sales 109,443 72,530 50.9%
Selling, general and
administrative 20,365 13,446 51.5%
Research and development 3,204 2,364 35.5%
----------------------------
Operating profit 12,430 7,155 73.7%
Interest expense, net 3,652 1,521 140.1%
---------------------------
Income before income taxes 8,778 5,634 55.8%
Income taxes 3,436 2,254 52.4%
---------------------------
Net income $5,342 $3,380 58.0%
===========================
Net income per share:
Basic $ 0.99 $ 0.67 47.8%
===========================
Basic weighted shares
outstanding 5,421 5,044
===========================
Diluted $0.83 $0.65 27.7%
===========================
Diluted weighted
shares outstanding 7,053 5,211
===========================
###
Ends.