Company Reports Revenue Growth of 26% and Net Income Growth of 78%;
Thirteenth Consecutive Quarter of Profitability
ALEXANDRIA, Va., Aug. 11 /PRNewswire-FirstCall/ -- Halifax Corporation
(Amex: HX) today announced its financial results for the quarter ended June
30, 2004.
Revenues were $13.4 million for the quarter ended June 30, 2004, compared
to $10.7 million for the same period in 2003, an increase of 26%. The revenue
growth primarily resulted from increases related to the start-up of several
new contracts in both high availability maintenance services and secure
network services. Operating income was $286,000 for the 2004 first quarter
versus $199,000 for last year's comparable quarter, an increase of 43%.
Net income for the first quarter of 2004 rose 78% to $91,000, or $0.03 per
basic and diluted share, versus $51,000 or $0.02 per basic and diluted share,
for the comparable quarter of last year.
Charles McNew, president and chief executive officer, noted, "We are
pleased to deliver another quarter of improving financial results, and we have
continued to strengthen the balance sheet and produce growth in shareholders'
equity. We're proud to report the 13th consecutive quarter of profitability
for our Company.
"We are receiving increased visibility for the unique approach we have
implemented in the Enterprise Maintenance Solutions marketplace, as we've
carefully developed our partner model," he added. "This is continuing to
stimulate meaningful growth opportunities in a market that has been
characterized by intense competition."
McNew concluded, "We are optimistic about our future prospects. We have a
strong pipeline of future business opportunities, an improving backlog and an
extremely busy workforce. We believe we are well positioned to grow our
existing core business, while continuing to improve profitability and
shareholder value."
The Company will host a conference call for investors at 11 a.m. EDT on
Wednesday, August 11, 2004, to review the financial and operational results
for the quarter. The conference call phone number is 888-214-7567 for U.S.
callers and 414-537-1808 for international callers. The conference call
replay will be available from 1 p.m. EDT on Thursday, August 12, 2004, to
1 p.m. EDT on Friday, August 13, 2004. The replay number is 800-633-8284 for
U.S. callers and 402-977-9140 for international callers. The reservation
number is 21204868.
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 on Halifax can be found at http://www.hxcorp.com.
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)
Statements of operations For the three months ended
June 30,
2004 2003
Revenues $13,441 $10,676
Operating income 286 199
Other income - 4
Interest expense (139) (147)
Income tax expense (56) (5)
Net income $91 $51
Earnings per common share -- basic: $.03 $.02
Earnings per common share -- diluted: $.03 $.02
Weighted average number of common
shares outstanding:
Basic 2,913 2,176
Diluted 2,958 2,187
Balance Sheets June 30, March 31,
2004 2004
Current assets
Cash $97 $430
Trade accounts receivable, net 10,922 9,364
Inventory, net 5,806 5,845
Prepaid expenses and other current assets 664 599
Deferred tax asset 1,149 1,204
Total current assets 18,638 17,442
Property and equipment, net 1,520 1,598
Goodwill and intangibles, net 4,573 4,606
Other assets 142 149
Deferred tax asset 2,696 2,696
Total assets $27,569 $26,491
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $6,763 $6,723
Deferred maintenance revenue 3,260 2,543
Current portion of long-term debt 523 523
Total current liabilities 10,546 9,789
Long-Term bank debt 7,454 7,246
Subordinated debt -- affiliate 2,400 2,400
Deferred income 323 337
Total liabilities 20,723 19,772
Stockholders' equity 6,846 6,719
Total liabilities and stockholders' equity $27,569 $26,491
SOURCE Halifax Corporation
 back to top
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
|
