Costar Technologies, Inc. Announces Financial Results for First Quarter Ended March 31, 2013
15 Mayo 2013 - 3:53PM
OTC Markets
FOR IMMEDIATE RELEASE
CONTACT: Scott Switzer
May 15, 2013
Chief Financial Officer
Costar Technologies, Inc.
(469) 635-6800
Costar
Technologies, Inc. Announces Financial Results for the First
Quarter Ended March 31, 2013
($ in
thousands)
Coppell, Texas – May 15, 2013 – Costar Technologies, Inc.
(the “Company”) (OTC Markets Group: CSTI) today announced its
unaudited financial results for the quarters ended March 31, 2013
and 2012 that have been compiled by the independent accounting firm
Rothstein, Kass & Company, P.C.
Highlights
- Sales of $7,309,
an increase of $693, or 10.5% from the quarter ended March 31,
2012.
- Earnings per
share (shown in whole amounts), for the quarter ended March 31,
2013 were $0.41 compared to $0.41 per share for the quarter ended
March 31, 2012.
- The Company
secured a new one year $1,000 credit facility with Bank of
Texas.
Financial
Results, First Quarter of 2013 Compared to First Quarter of
2012
Revenue for the
first quarter of 2013 totaled $7,309 compared to revenue of $6,616
for the first quarter of 2012, an increase of 10.5%. The Company
has continued to experience increased demand for its products from
its existing customer base.
Gross profit for
the first quarter of 2013 totaled $2,150. This compares to gross
profit of $1,934 for the fourth quarter of 2012, an increase of
11.2%. The Company’s increased gross profit was provided by a more
favorable product mix from its security
customers.
Selling, general
and administrative expenses from continuing operations for the
first quarter of 2013 totaled $1,545. This compares to selling,
general and administrative expenses from continuing operations of
$1,289 for the first quarter of 2012, an increase of 19.9%. The
increase of $256 was due to the hiring of four sales and support
employees in the latter half of 2012 to spur future growth, along
with increased commissions and other incentive compensation related
to the Company’s current performance.
Other income
(expense) for the first quarter of 2013 totaled ($9). This compares
to other income (expense) of ($54) for the first quarter of 2012. For the first quarter of
2013, interest expense was $11 compared to interest expense
of $58 for the first quarter of 2012.
Net profit for
the first quarter of 2013 was approximately $596, or $0.41 earnings
per share. This compares to a profit for the first quarter of 2012
of $591, or $0.41 earnings per share. This is a favorable result
since the 2012 comparison pulled forward nine months of revenue
from our largest customer, which was not duplicated in 2013. For
additional information concerning the 2012 order, please see the
May 15, 2012 press release.
On April 1,
2013, the Company entered into a new one year $1,000 credit
facility with Bank of Texas. Borrowings under the credit facility
accrue interest at a rate equal to Bank of Texas Prime, currently
4.0% per annum. Further information can be found in note 11 of the
Company’s financial statements for the first quarter of 2013 and
the Company’s April 3, 2013 press release.
James Pritchett,
President and Chief Executive Officer of the Company, stated, “ Our
quarter-over-quarter improvement is in line with our forecast as
the new additions to our sales team and the new network product
offerings make a difference. We are delivering on our commitment of
strong earnings and double digit sales growth. We are pleased with
the start of 2013 but remain cautious due to the continued slow
recovery of the economy. In addition, our new credit facility meets
our current cash flow needs at a significantly reduced interest
rate and fees than our previous facility.”
The Company’s
outside independent accountants completed their analysis of the
Company’s financial condition. The Independent Accountants Review
Report, including financial statements and applicable footnote
disclosures, is available on our website at www.costartechnologies.com.
About Costar
Technologies, Inc.
Costar
Technologies, Inc. develops, designs and distributes a range of
security solution products including surveillance cameras, lenses,
digital video recorders and high-speed domes. The Company also
develops, designs and distributes industrial vision products to
observe repetitive production and assembly lines, thereby
increasing efficiency by detecting faults in the production
process. Headquartered in Coppell, Texas, the Company’s shares
currently trade on the OTC Markets Group under the ticker symbol
“CSTI”.
Cautionary
Statement Regarding Forward Looking
Statements
This document
contains forward-looking statements that involve risks and
uncertainties, as well as assumptions, that if they never
materialize or prove incorrect, could cause the results of the
Company to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements
generally are identified by the words “expects,” “anticipates,”
“believes,” “intends,” “estimates,” “should,” “would,” “strategy,”
“plan” and similar expressions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. The risks, uncertainties and
assumptions include developments in the marketplace for our
products, competition, related products and services and general
economic conditions, as well as other risks and uncertainties.
Accordingly, we cannot give assurance that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the
Company.
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