Measurement Specialties Announces Second Quarter Results
FAIRFIELD, N.J., Nov. 14 /PRNewswire-FirstCall/ -- Measurement Specialties (Amex: MSS) today announced they have filed their Quarterly Report on Form 10Q for the three month period ended September 30, 2002. Net sales for the three months ended September 30, 2002 were $32.4 million, as compared to $25.8 million for the same period last year. Net sales for the six months ended September 30, 2002 increased 13% to $56.1 million, as compared to $49.5 million for the six months ended September 30, 2001. For the six months ended September 30, 2002, net sales were $29.6 million for the Consumer Products segment and $26.4 million for the Sensor segment, a 22.8% and 4.0% increase, respectively, over the same period last year. For the three months ended September 30, 2002, gross profit increased $4.0 million, to $10.4 million from $6.4 million for the three months ended September 30, 2001. For the three months ended September 30, 2002, gross margin improved to 32.1% from 24.7% for the same period last year. For the six months ended September 30, 2002, gross margin improved to 32.5%, as compared to 25.7% for the six month period ended September 30, 2001. For the three months ended September 30, 2002, the Company reported a net loss of $1.0 million, compared to a net loss of $5.4 million for the three months ended September 30, 2001. Selling, general and administrative expense was $9.9 million for the three months ended September 30, 2002 compared to $9.4 million for the three months ended September 30, 2001. For the three-month period ended September 30, 2002, non-recurring professional fees and expenses totaled approximately $2.7 million. Restructuring expenses associated with the shut-down of the Valley Forge operation totaled $0.5 million for the same period. For the six month period ended September 30, 2002, the Company had a net loss of $3.2 million, as compared to a net loss of $7.5 million for the six months ended September 30, 2001. ALL OF THE ABOVE FIGURES REPRESENT RESULTS OF CONTINUING OPERATIONS (the figures exclude the results of Terraillon Holdings Limited and Schaevitz-UK, classified as discontinued operations). "We are not there yet, but we are certainly making solid progress," commented Frank Guidone, CEO. "The fact that we were able to generate positive cash, albeit slight, from operations through the first six months is significant considering the seasonal consumer working capital needs during the second quarter. We expect non-recurring expenses to decline, and anticipate additional benefits from the restructuring program as those initiatives gain traction. The $9.3 million bridge loan secured two weeks ago through Castletop Capital, LP allowed us to satisfy all of the obligations under the previous credit agreement, so the Company is no longer in covenant default. Now that the second quarter 10Q has been filed, we can turn our attention back to securing a long-term revolving credit facility. Overall, we are satisfied that the situation has been stabilized." The Company will host an investor conference call to answer questions regarding the quarterly results on Wednesday, November 20th at 1:00 PM EST. US dialers: (800) 288-8976; International dialers: (612) 288-0340. A recording of the call will be available for 30 days by dialing (800) 475-6701 and entering access code 661142. International callers should dial (320) 365- 3844 and enter access code 661142. The call will be simultaneously broadcast over the Internet and available for 30 days thereafter at http://www.vcall.com. Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including but not limited to, statements regarding declines in non-recurring expenses, benefits from the Company's restructuring program, the ability to secure a long-term revolving credit facility and the stabilization of the Company. Forward-looking statements may be identified by such words or phases "intends," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," "continue to make solid progress," or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; the outcome of the class action lawsuits filed against the Company; the outcome of the current SEC investigation of the Company; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company is involved in an announced active disposition program. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue. Make Your Opinion Count - Click Here http://tbutton.prnewswire.com/prn/11690X41101847
SOURCE Measurement Specialties
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