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HEI, Inc. Announces the First Quarter 2011 Results


News provided by

HEI, Inc.

Apr 22, 2011, 10:17 ET

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MINNEAPOLIS, April 22, 2011 /PRNewswire/ -- HEI, Inc. (Pink Sheets: HEII; http://www.heii.com) today announced its financial results for its first quarter of fiscal year 2011, which ended April 2, 2011.

Sales for the first quarter were $9,723,000, compared to $9,520,000 for the first quarter of 2010.  The Company generated a net income of $186,000 for the first quarter of 2011 compared to a net income of $293,000 for the same period of 2010.  

HEI CEO, Mark B. Thomas, remarked: "We are pleased to report a profit for the first quarter after the challenges we faced in 2009 and 2010, and we are driving to expand sales further and increase profitability as 2011 progresses.  We added new programs and new customers during 2010 and continue to expand our sales pipelines to meet our objectives for growth and profitability."

HEI, Inc. designs, develops and manufactures ultra-miniature microelectronics, substrates, systems, connectivity and software solutions for customers engaged in the medical, hearing, telecommunications, military, aerospace, and industrial markets.  HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional and cost effective product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.

Corporate Headquarters & HEI –Victoria (Microelectronics Division)

PO Box 5000, 1495 Steiger Lake Lane, Victoria, MN  55386

HEI – Boulder (Advanced Medical Division)

4801 North 63rd Street, Boulder, CO  80301

HEI – Tempe (High Density Interconnect Division)

610 South Rockford Drive, Tempe, AZ  85281

FORWARD LOOKING INFORMATION

Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "intend," "estimate," "continue," and similar words.  Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and estimated HEI revenue, cash flow and profits, are forward looking statements.  All such forward-looking statements involve risks and uncertainties including, without limitation, adverse business and  market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, HEI's ability to satisfy financial or other obligations or covenants set forth in its financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI's ability to control fixed and variable operating expenses, and other risks detailed in previous HEI SEC filings. Since HEI is no longer reporting to the SEC, readers are cautioned to weigh the potential for additional risk factors based on ongoing business activities and the current economic conditions.  The information set forth herein should be read in light of such risks.  We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.

HEI, INC.

CONSOLIDATED BALANCE SHEETS




April 2,


January 2,


2011


2011


(Unaudited)


(Audited)


(In thousands, except share and per share data)

ASSETS




Current assets:




Cash and cash equivalents

$                -


$             -

Accounts receivable, net

5,629


5,071

Inventories, net

4,412


4,359

Deferred income taxes

425


425

Other current assets

590


227

Total current assets

11,056


10,082

Property and equipment:




Land

216


216

Building and improvements

4,337


4,337

Fixtures and equipment

25,717


25,334

Accumulated depreciation

(24,713)


(24,290)

Net property and equipment

5,557


5,597

Security deposit

230


230

Other long-term assets

359


336

Total assets

$      17,202


$    16,245

LIABILITIES AND SHAREHOLDERS’ EQUITY




Current liabilities:




Checks issued in excess of cash in bank

$           629


$         524

Current maturities of long-term debt

737


684

Accounts payable

3,060


2,737

Customer deposit liabilities

2


297

Accrued liabilities

892


718

Total current liabilities

5,320


4,960

Deferred income taxes

425


425

Other long-term liabilities, less current maturities

2,028


1,953

Long-term debt, less current maturities

6,210


5,907

Total other long-term liabilities, less current maturities

8,663


8,285

Total liabilities

13,983


13,245

Shareholders’ equity:




Undesignated stock

-


-

Convertible preferred stock, $.05 par

2


2

Common stock, $.05 par

494


494

Paid-in capital

28,274


28,241

Accumulated deficit

(25,551)


(25,737)

Total shareholders’ equity

3,219


3,000

Total liabilities and shareholders’ equity

$      17,202


$    16,245

HEI, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)






Three Months Ended


April 2,


April 3,


2011


2010


(In thousands, except share and per share data)

Net sales

$     9,723


$     9,520

Cost of sales

8,228


8,130

Gross profit

1,495


1,390

Operating expenses:




Selling, general and administrative

1,091


1,001

Research, development and engineering

144


195

Operating income (loss)

261


194





Interest expense

(76)


(68)

Other income (expense), net

1


167

Net income (loss)

$        186


$        293





Net income (loss) per common share

$       0.02


$       0.03





Weighted average common shares outstanding

9,871,000


9,723,000

SOURCE HEI, Inc.

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