Tech Laboratories, Inc. Announces 2000 Results

Apr 03, 2001, 01:00 ET from Tech Laboratories, Inc.

    NORTH HALEDON, N.J., April 3 /PRNewswire/ --
 Tech Laboratories, Inc. (OTC Bulletin Board:    TCHL) announced it filed its
 annual report on Form 10-KSB for the year ended December 31, 2000.  The
 company reported that sales revenue increased to $1,017,518 for year ended
 December 31, 2000 as compared to $689,190 for the year ended December 31,
 1999.  The company's net loss for 2000 was ($418,655) compared to ($654,909)
 for 1999, an improvement of 36.1%.  Primary earnings per share for the year
 were ($0.10) versus ($0.18) for the prior comparable period.
     In fiscal year 2000, compared to 1999, the decrease in net loss was due
 directly to sales of the company's higher margin sensor and DynaTraX(TM)
 products partially offsetting the company's market expansion costs for
 DynaTraX products.
     Commenting on the results, Bernard M. Ciongoli, Tech Labs' president,
 stated, "2000 was a significant year for Tech Laboratories, a year that saw
 the company develop new markets for our DynaTraX technology which has allowed
 us to enter the ever growing Internet/IP and Telecommunications industry."
 Mr. Ciongoli stated further that, "Tech Labs is now positioned to market its
 products after a year of significant effort and expense for market expansion,
 which we believe will enable us to achieve future profitable growth."
     The DynaTraX Digital Matrix Switch is a protocol independent digital
 network management tool.  It resides between the physical layer and
 distribution layer of a network and allows for the simple management of entire
 network structures and remote multiple sites networks, all from a single
 desktop workstation.
     Tech Laboratories, through its subsidiary, Tech Labs Community Networks,
 Inc. ("TLCN") offers residential communities a bundled turnkey solution for
 digital broadband networks.  Residential communities in Florida will be the
 first to launch TLCN's voice, video and data solutions, with many other
 communities nationwide to follow.  Tech Laboratories will use its Tech Labs
 Connect structured cabling equipment, including home connectivity boxes, wall
 outlets, cables, and the DynaTraX Matrix Switch technology, to provide a
 gateway device for delivery of broadband-bundled communication services.
     Tech Laboratories, Inc., through its subsidiary Tech Logistics, Inc., also
 manufactures and sells an infrared perimeter intrusion detection system (IDS).
 The IDS system has been approved by the US Air Force for inclusion in the
 Tactical Automated Security System's (TASS) $500 million program.  The IDS
 System has been sold to Los Alamos National Laboratories, and is the subject
 of a blanket order to provide 50 IDS Systems to the US Air Force.
     To view video on DynaTraX(TM), go to the Tech Laboratories, Inc. website,
 http://www.techlabsinc.com, click on "Global Network Management
 Communications," and download video.
 
     This announcement contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  Such statements are
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those presently anticipated or projected.  Tech
 Laboratories, Inc. cautions investors not to place undue reliance on
 forward-looking statements, which speak only as to management's expectations
 on this date.
 
                            TECH LABORATORIES, INC.
                                 BALANCE SHEETS
                           DECEMBER 31, 1999 and 2000
 
                                     ASSETS
 
                                                        1999          2000
     Current Assets:
       Cash                                          $162,925     $2,523,446
       Marketable Securities, at the
        Lower of Cost or Market                        61,453         64,333
       Accounts Receivable, net of
        Allowance of $10,000 in 2000, 1999             57,697         93,952
       Inventories                                    816,703      1,286,838
       Prepaid Expense                                  4,055          4,055
         Total Current Assets                      $1,102,833     $3,972,624
     Property, Plant, and Equipment at Cost
       Leasehold Improvements                           2,247          2,247
       Machinery, Equipment, and Instruments          379,815        467,100
       Furniture and Fixtures                          75,899         81,603
                                                     $457,961       $550,950
       Less:  Accumulated Depreciation
        & Amortization                                314,162        342,551
       Net, Property, Plant, and Equipment           $143,799       $208,399
     Other Assets                                     $11,540        $12,059
         Total Assets                              $1,258,172     $4,193,082
 
 
                            TECH LABORATORIES, INC.
                                 BALANCE SHEETS
                           DECEMBER 31, 1999 and 2000
 
                    LIABILITIES AND STOCKHOLDERS' INVESTMENT
 
                                                       1999           2000
     Current Liabilities:
       Current Portion of Long-Term Debt              $28,559        $17,198
       Short-Term Loans Payable                       243,373         63,623
       Accounts Payable and Accrued Expenses          260,745         32,961
       Other Liabilities                                3,190          8,375
         Total Current Liabilities                   $535,867       $122,157
       Long-Term Convertible Notes Payable                 --      1,520,318
     Stockholders' Investment:
       Common Stock, $.01 Par Value;
        10,000,000 Shares Authorized; 3,650,660
        Issued in 1999 and 4,019,039 issued in 2000   $36,507        $39,493
       Less: 11,316 Shares Reacquired and
        Held in Treasury                                (113)          (113)
                                                      $36,394        $39,380
       Capital Contributed in Excess of Par Value   1,816,316      4,060,287
       Retained Earnings                                   --             --
       Accumulated Deficit                        (1,130,405)    (1,549,060)
                                                    $ 722,305     $2,550,607
         Total Liabilities and Stockholders'
          Investment                               $1,258,172     $4,193,082
 
 
                            TECH LABORATORIES, INC.
                            STATEMENT OF OPERATIONS
                           DECEMBER 31, 1999 and 2000
 
                                                       1999           2000
     Sales                                           $689,190     $1,017,518
     Costs and Expenses:
       Cost of Sales                                  472,790        651,460
       Selling, General, and
        Administrative Expenses                       861,174        818,552
                                                    1,333,964      1,470,012
     Income/(Loss) From Operations                 ($644,774)     ($452,494)
     Other Income (Expenses):
       Interest Income                                 $1,150        $63,543
       Interest Expense                              (11,305)       (29,704)
                                                    ($10,155)      ($33,839)
       Income/(Loss) Before Income Taxes          ($ 654,929)     ($418,655)
       Provision for Income Taxes                          --             --
     Net Income/(Loss)                             ($654,929)     ($418,655)
       Accum. Earnings/(Deficit)
        Beginning of Year                          ($475,476)   ($1,130,405)
       Accum. Earnings/(Deficit) End of Year     ($1,130,405)   ($1,549,060)
     Primary Income/(Loss) Per Share                  ($0.18)        ($0.10)
     Fully Diluted Income/(Loss) Per Share            ($0.13)        ($0.08)
 
     Contact:  Bernard M. Ciongoli
         Tel:  973-427-5333
      e-mail:  techlabs@ultracom.net
 
 

SOURCE Tech Laboratories, Inc.
    NORTH HALEDON, N.J., April 3 /PRNewswire/ --
 Tech Laboratories, Inc. (OTC Bulletin Board:    TCHL) announced it filed its
 annual report on Form 10-KSB for the year ended December 31, 2000.  The
 company reported that sales revenue increased to $1,017,518 for year ended
 December 31, 2000 as compared to $689,190 for the year ended December 31,
 1999.  The company's net loss for 2000 was ($418,655) compared to ($654,909)
 for 1999, an improvement of 36.1%.  Primary earnings per share for the year
 were ($0.10) versus ($0.18) for the prior comparable period.
     In fiscal year 2000, compared to 1999, the decrease in net loss was due
 directly to sales of the company's higher margin sensor and DynaTraX(TM)
 products partially offsetting the company's market expansion costs for
 DynaTraX products.
     Commenting on the results, Bernard M. Ciongoli, Tech Labs' president,
 stated, "2000 was a significant year for Tech Laboratories, a year that saw
 the company develop new markets for our DynaTraX technology which has allowed
 us to enter the ever growing Internet/IP and Telecommunications industry."
 Mr. Ciongoli stated further that, "Tech Labs is now positioned to market its
 products after a year of significant effort and expense for market expansion,
 which we believe will enable us to achieve future profitable growth."
     The DynaTraX Digital Matrix Switch is a protocol independent digital
 network management tool.  It resides between the physical layer and
 distribution layer of a network and allows for the simple management of entire
 network structures and remote multiple sites networks, all from a single
 desktop workstation.
     Tech Laboratories, through its subsidiary, Tech Labs Community Networks,
 Inc. ("TLCN") offers residential communities a bundled turnkey solution for
 digital broadband networks.  Residential communities in Florida will be the
 first to launch TLCN's voice, video and data solutions, with many other
 communities nationwide to follow.  Tech Laboratories will use its Tech Labs
 Connect structured cabling equipment, including home connectivity boxes, wall
 outlets, cables, and the DynaTraX Matrix Switch technology, to provide a
 gateway device for delivery of broadband-bundled communication services.
     Tech Laboratories, Inc., through its subsidiary Tech Logistics, Inc., also
 manufactures and sells an infrared perimeter intrusion detection system (IDS).
 The IDS system has been approved by the US Air Force for inclusion in the
 Tactical Automated Security System's (TASS) $500 million program.  The IDS
 System has been sold to Los Alamos National Laboratories, and is the subject
 of a blanket order to provide 50 IDS Systems to the US Air Force.
     To view video on DynaTraX(TM), go to the Tech Laboratories, Inc. website,
 http://www.techlabsinc.com, click on "Global Network Management
 Communications," and download video.
 
     This announcement contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  Such statements are
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those presently anticipated or projected.  Tech
 Laboratories, Inc. cautions investors not to place undue reliance on
 forward-looking statements, which speak only as to management's expectations
 on this date.
 
                            TECH LABORATORIES, INC.
                                 BALANCE SHEETS
                           DECEMBER 31, 1999 and 2000
 
                                     ASSETS
 
                                                        1999          2000
     Current Assets:
       Cash                                          $162,925     $2,523,446
       Marketable Securities, at the
        Lower of Cost or Market                        61,453         64,333
       Accounts Receivable, net of
        Allowance of $10,000 in 2000, 1999             57,697         93,952
       Inventories                                    816,703      1,286,838
       Prepaid Expense                                  4,055          4,055
         Total Current Assets                      $1,102,833     $3,972,624
     Property, Plant, and Equipment at Cost
       Leasehold Improvements                           2,247          2,247
       Machinery, Equipment, and Instruments          379,815        467,100
       Furniture and Fixtures                          75,899         81,603
                                                     $457,961       $550,950
       Less:  Accumulated Depreciation
        & Amortization                                314,162        342,551
       Net, Property, Plant, and Equipment           $143,799       $208,399
     Other Assets                                     $11,540        $12,059
         Total Assets                              $1,258,172     $4,193,082
 
 
                            TECH LABORATORIES, INC.
                                 BALANCE SHEETS
                           DECEMBER 31, 1999 and 2000
 
                    LIABILITIES AND STOCKHOLDERS' INVESTMENT
 
                                                       1999           2000
     Current Liabilities:
       Current Portion of Long-Term Debt              $28,559        $17,198
       Short-Term Loans Payable                       243,373         63,623
       Accounts Payable and Accrued Expenses          260,745         32,961
       Other Liabilities                                3,190          8,375
         Total Current Liabilities                   $535,867       $122,157
       Long-Term Convertible Notes Payable                 --      1,520,318
     Stockholders' Investment:
       Common Stock, $.01 Par Value;
        10,000,000 Shares Authorized; 3,650,660
        Issued in 1999 and 4,019,039 issued in 2000   $36,507        $39,493
       Less: 11,316 Shares Reacquired and
        Held in Treasury                                (113)          (113)
                                                      $36,394        $39,380
       Capital Contributed in Excess of Par Value   1,816,316      4,060,287
       Retained Earnings                                   --             --
       Accumulated Deficit                        (1,130,405)    (1,549,060)
                                                    $ 722,305     $2,550,607
         Total Liabilities and Stockholders'
          Investment                               $1,258,172     $4,193,082
 
 
                            TECH LABORATORIES, INC.
                            STATEMENT OF OPERATIONS
                           DECEMBER 31, 1999 and 2000
 
                                                       1999           2000
     Sales                                           $689,190     $1,017,518
     Costs and Expenses:
       Cost of Sales                                  472,790        651,460
       Selling, General, and
        Administrative Expenses                       861,174        818,552
                                                    1,333,964      1,470,012
     Income/(Loss) From Operations                 ($644,774)     ($452,494)
     Other Income (Expenses):
       Interest Income                                 $1,150        $63,543
       Interest Expense                              (11,305)       (29,704)
                                                    ($10,155)      ($33,839)
       Income/(Loss) Before Income Taxes          ($ 654,929)     ($418,655)
       Provision for Income Taxes                          --             --
     Net Income/(Loss)                             ($654,929)     ($418,655)
       Accum. Earnings/(Deficit)
        Beginning of Year                          ($475,476)   ($1,130,405)
       Accum. Earnings/(Deficit) End of Year     ($1,130,405)   ($1,549,060)
     Primary Income/(Loss) Per Share                  ($0.18)        ($0.10)
     Fully Diluted Income/(Loss) Per Share            ($0.13)        ($0.08)
 
     Contact:  Bernard M. Ciongoli
         Tel:  973-427-5333
      e-mail:  techlabs@ultracom.net
 
 SOURCE  Tech Laboratories, Inc.