ALEXANDRIA, Va., Feb. 22 /PRNewswire-FirstCall/ -- Halifax Corporation
(Amex: HX) today announced that the balance sheet as of December 31, 2004, has
been reclassified. An updated balance sheet has been provided to replace the
version issued on February 10, 2005. The only change is that bank debt has
been reclassified from long term to current. This has no effect on any other
aspects of the balance sheet, nor any impact on interest expense on the income
statement for the period.
The updated balance sheet was provided in the Form 10Q Report for the
quarter ended December 31, 2004, and filed earlier today.
Founded in 1967, Halifax Corporation is an enterprise maintenance
solutions company providing a wide range of technology services to commercial
and government customers throughout the United States. The Company's
principal products are high availability hardware maintenance services,
technology deployment and integration services, and secure network program
services. More information regarding Halifax can be found at
http://www.hxcorp.com. The information on the website listed above is not and
should not be considered part of this document. This website is intended to
be an inactive textual reference.
Certain statements made by the Company which are not historical facts may
be considered forward-looking statements, including, without limitation,
statements as to trends, management's beliefs, views, expectations and
opinions, which are based upon a number of assumptions concerning future
conditions that ultimately may prove to be inaccurate. Such forward-looking
statements are subject to risks and uncertainties and may be affected by
various factors that may cause actual results to differ materially from those
in the forward-looking statements. For further information that could affect
the Company's financial statements, please refer to the Company's reports
filed with the Securities and Exchange Commission.
Halifax Corporation
Summary Financial Data
(in 000's except per share amounts)
For the three months For the nine months
Statements of operations ended December 31, ended December 31,
2004 2003 2004 2003
Revenues $ 15,605 $ 13,380 $ 43,847 $ 36,517
Cost of services 15,641 11,802 40,547 32,122
Selling, Marketing, General &
administrative 1,383 1,226 4,038 3,531
Abandonment of facility - - 179 -
Operating (loss) income (1,419) 352 (917) 864
Interest expense (163) (130) (462) (419)
(Loss) income before
income taxes (1,582) 222 (1,379) 445
Income tax expense (benefit) (547) 20 (479) 40
Net (loss) income $ (1,035) $ 202 $ (900) $ 405
Earnings (loss) per common
share - basic: $ (.33) $ .07 $ (.30) $ .16
Earnings (loss) per common
share - diluted: $ (.33) $ .07 $ (.30) $ .16
Weighted average number of
common shares outstanding:
Basic 3,167 2,910 2,982 2,548
Diluted 3,238 2,992 3,032 2,598
Balance Sheets December 31, 2004 March 31, 2004
Current assets
Cash $ 100 $ 430
Trade accounts receivable, net 11,747 9,364
Inventory, net 5,872 5,845
Prepaid expenses and other
current assets 834 599
Deferred tax asset 1,148 1,204
Total current assets 19,701 17,442
Property and equipment, net 1,624 1,598
Goodwill and intangibles, net 7,235 4,606
Other assets 144 149
Deferred tax asset 3,231 2,696
Total assets $ 31,935 $ 26,491
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 8,137 $ 6,723
Bank debt 9,698 -
Deferred maintenance revenue 3,796 2,543
Current portion of long-term debt 517 523
Total current liabilities 22,148 9,789
Long-Term bank debt - 7,227
Other long-term debt 172 19
Subordinated debt - affiliate 2,400 2,400
Deferred income 293 337
Total liabilities 25,013 19,772
Stockholders' equity 6,922 6,719
Total liabilities and stockholders' equity $ 31,935 $ 26,491
SOURCE Halifax Corporation
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Related links:
http://www.hxcorp.com
Company News On-Call:
http://www.prnewswire.com/comp/391950.html
CONTACT:
For investor relations information: Karen
Vahouny of Qorvis Communications, +1-703-744-7809, or
kvahouny@qorvis.com, for Halifax Corporation
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