Quarterly Revenue Increase of 30%, Company Posts Fifth Consecutive
Quarter of Sequential Earnings Growth
ALEXANDRIA, Va., July 25 /PRNewswire-FirstCall/ -- Halifax Corporation
(Amex: HX) today announced its financial results for the quarter ended June
30, 2002.
Revenues were $14 million compared to $10.8 million in the first quarter
of last year, a 30% increase. The increase was principally due to improved
recurring revenue from several long-term Enterprise Maintenance contracts and
significant growth related to the Federal Communications services provided to
the U.S. Army.
Net income was $143,000, or $0.07 per basic and diluted share, for the
first quarter of fiscal 2003 compared to $18,000, or $0.01 per basic and
diluted share, for the same quarter of fiscal 2002.
According to Charles McNew, president and chief executive officer, "Our
aggressive pursuit of the managed services IT marketplace is continuing to
transform our Company, as evidenced by improvement in both gross profit
margins and revenues. The targeted outsourcing niches we serve in both the
government and commercial sectors are growing. Our backlog stands at a
healthy $68.4 million, as of June 30, 2002."
He added, "We are proud of our recent performance, which includes five
consecutive quarters of earnings growth and a 30% increase in revenues over
last year's comparable quarter. With continued growth potential in our core
businesses, prospects for the expansion of our IT services to the federal
government and the outsourcing services provided to the large systems
integrators, we believe, despite a highly competitive marketplace, that the
Company is positioned for sustainable long-term growth."
The Company will host a conference call for investors at 11 a.m. EDT on
Thursday, July 25, 2002, to review the financial and operational results for
the quarter. The conference call phone number is 888-343-1842 for U.S.
callers and 212-271-4775 for international callers. The conference call
replay will be available from 1 p.m. EDT on Thursday, July 25, 2002, to 1 p.m.
EDT on Friday, July 26. The replay number is 800-633-8284 for U.S. callers
and 402-977-9140 for international callers; the reservation number is
20769446.
Founded in 1967, Halifax Corporation is a managed services company
providing a wide range of information technology services to commercial and
government customers throughout the United States. The Company's principal
products are Enterprise Maintenance Solutions, Seat Management/IT Solutions,
and Federal Communications Services.
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, 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 thousands, except share and per share amounts)
Statements of operations For the three months ended June 30,
2002 2001
Revenues $ 14,015 $ 10,817
Operating income 339 190
Interest expense (181) (157)
Income tax expense (15) (15)
Net income $ 143 $ 18
Earnings per common share - basic: $ .07 $ .01
Earnings per common share- diluted: $ .07 $ .01
Weighted average number of
common shares outstanding:
Basic 2,175,613 2,023,436
Diluted 2,192,906 2,023,436
Balance Sheets June 30, 2002 March 31, 2002
Current assets $ 15,590 $ 14,646
Non-current assets 4,953 5,029
Total assets $ 20,543 $ 19,675
Current liabilities $ 10,278 $ 9,203
Non- current liabilities 11,402 11,752
Total liabilities $ 21,680 $ 20,955
Stockholders' deficit (1,137) (1,280)
Total liabilities and
stockholders' deficit $ 20,543 $ 19,675
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:
Karen Vahouny of Qorvis Communications,
+1-703-744-7809, or kvahouny@qorvis.com, for Halifax Corporation
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