Isco Reports Fourth Quarter and Fiscal 2003 Results
06 Noviembre 2003 - 10:30AM
PR Newswire (US)
Isco Reports Fourth Quarter and Fiscal 2003 Results LINCOLN, Neb.,
Nov. 6 /PRNewswire-FirstCall/ -- Isco, Inc. reported results for
the fourth quarter and the year ended July 25, 2003. Net earnings
for the fourth quarter of 2003 were $632,000, or $0.11 per diluted
share, on net sales of $16.1 million compared to earnings of
$736,000 or $0.12 per diluted share, on net sales of $15.1 million
for the same period last year. For the full year 2003, net earnings
were $1.3 million or $0.22 per diluted share, on net sales of $60.9
million compared to earnings of $2.4 million or $0.41 per diluted
share, on net sales of $59.1 million for the previous fiscal year.
"Fiscal 2003 was a difficult and challenging year for Isco," said
Doug Grant, president and chief operating officer. "While we were
pleased that we achieved net sales growth over the prior year of
2.8 percent in a tough environment, the growth was less than our
plan. The year was significantly impacted by the continuation of a
global economic slowdown that produced tight municipal and
industrial budgets, and resulted in constrained spending by our
customers. Positive signs related to possibly improving market
conditions were stronger orders and sales in the fourth quarter of
the year. The strong fourth quarter orders resulted in a 7.3
percent year-over- year orders increase, and net sales increased in
the fourth quarter over the prior year fourth quarter by 6.5
percent. "Net earnings for the year were lower than the prior year.
Earnings were impacted both by the lower than expected net sales
and by our commitment to invest significant resources in the
SWIFT(R) chromatography and process monitoring product and market
development strategic initiatives. While we generated additional
gross margin of $1.6 million in fiscal 2003, this was not
sufficient to cover the $2.9 million in additional operating
expenses. The year-over-year increase in expenses were driven by
increased investments of $1.8 million in the above mentioned
strategic initiatives, increased focused sales and marketing
expenses, and general year-over-year cost increases. While net
earnings for the current fiscal quarter were lower than the fourth
quarter of fiscal 2002, operating income was $1.1 million or over
twice that of the prior year's fourth quarter due to the strong
quarterly net sales. Grant further commented, "While fiscal 2003
results were below expectations, we did take two significant
actions that we expect will drive improved operating performance in
fiscal 2004 and beyond. First, a review of our organization
structure resulted in the elimination of a number of positions, and
reduced our total employment. Second, we decided to divest our
Supercritical Fluid Extraction (SFE) product line due to its lack
of strategic fit and low sales. This divestiture, which we hope to
complete during fiscal 2004, will allow us to realign resources to
become more focused on the major areas of our business. In
addition, related to our SWIFT(R) strategic initiative, we recently
reached legal settlements on all licensing arrangements, thus
allowing us to return our full attention to the development of this
product line." Comments included in this News Release may include
"forward-looking statements" within the meaning of the federal
securities laws. These statements as to anticipated future results
are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ
markedly from those projected or discussed here. Such risks and
uncertainties are detailed in Isco, Inc.'s Annual Report on Form
10-K filed with the SEC in October 2002 and are incorporated herein
by reference. Isco, Inc. cautions readers not to place undue
reliance upon any such forward- looking statements, which speak
only as of the date hereof. News releases and other information
regarding Isco, Inc. may be found at http://www.isco.com/ on the
Internet. ISCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) Three months Twelve months
ended ended Jul 25 Jul 26 Jul 25 Jul 26 (Amounts in thousands,
except 2003 2002 2003 2002 per share data) Net sales $16,068
$15,094 $60,881 $59,199 Cost of sales 7,349 7,030 28,397 28,302
8,719 8,064 32,484 30,897 Operating expenses: Selling, general, and
administrative 6,045 6,024 24,557 22,496 Research and engineering
1,593 1,535 6,430 5,608 7,638 7,559 30,987 28,104 Income from
operations 1,081 505 1,497 2,793 Other income (expense): Investment
income 80 152 520 676 Interest expense (51) (63) (230) (278) Other,
net (84) (50) 52 29 (55) 39 342 427 Income before income taxes
1,026 544 1,839 3,220 Provision for income taxes 394 (192) 564 786
Net income $632 $736 $1,275 $2,434 Basic earnings per share $0.11
$0.13 $0.22 $0.43 Diluted earnings per share $0.11 $0.12 $0.22
$0.41 Cash dividends declared per share $0.06 $0.05 $0.24 $0.15
Weighted average number of shares outstanding (basic) 5,726 5,671
5,696 5,665 Additional shares assuming exercise of common stock
equivalents & dilutive stock options 163 241 167 223 Weighted
average number of shares outstanding (diluted) 5,889 5,912 5,863
5,888 ISCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited) ASSETS July 25 July 26 (Amounts in thousands)
2003 2002 Current assets: Cash and cash equivalents $5,383 $633
Short-term investments 4,629 5,646 Accounts receivable (net) 10,590
9,901 Inventories 9,489 9,046 Refundable income taxes 303 --
Deferred income taxes 812 1,345 Other current assets 417 1,136
Total current assets 31,623 27,707 Property and equipment (net)
13,768 14,535 Long-term investments 4,717 9,334 Other assets 4,327
4,302 Total assets $54,435 $55,878 LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Accounts payable $1,222 $1,303 Accrued
expenses 3,698 4,057 Income taxes payable -- 176 Short-term
borrowing 2,113 1,909 Current portion of long-term debt 503 1,131
Total current liabilities 7,536 8,576 Deferred income taxes 532 720
Long-term debt, less current portion 584 1,006 Shareholders' equity
45,783 45,576 Total liabilities and shareholders' equity $54,435
$55,878 DATASOURCE: Isco, Inc. CONTACT: Vicki L. Benne, Chief
Financial Officer of Isco, Inc., +1-402-465-2097 Web site:
http://www.isco.com/
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