BEI Technologies Reports Fiscal 2001 First Quarter Operating
Income of $0.23 Per Share
SAN FRANCISCO, Jan. 23 BEI Technologies, Inc.
reported that for the fiscal 2001 first quarter ended
December 30, 2000, earnings from operations were $3,292,000, or $0.23 per
share, up 162% compared to $1,256,000, or $0.09 per share, in the fiscal 2000
first quarter. Net sales for the quarter increased 37.8% to $60.2 million
compared with $43.7 million in the 2000 first quarter, according to Charles
Crocker, chairman and chief executive officer.
Crocker commented, "Sales of core industrial sensors and component
products, including encoders, motors and actuators, increased slightly in
comparison with the prior year's first quarter. We also managed a modest
increase in business with our government program customers. Our major sales
increase from the prior year's first quarter was in deliveries of GyroChip(R)
yaw sensors to customers in the automotive stability control market.
Shipments of these sensors approximately doubled from the unit total of the
prior year's first quarter."
Gross margin for the quarter was 29.0% versus 26.4% for the same quarter
last year and reflects the continuing trend of favorable impacts from process
improvements, higher levels of automation and higher production throughout the
company but particularly in our automotive lines. Selling, general and
administrative expenses as a percent of sales improved to 15.3% of sales in
the first quarter of fiscal 2001 from 16.1% in the first quarter of fiscal
2000, due to a higher revenue base.
Crocker continued, "Despite uncertainty in industrial and automotive
markets, our first quarter of fiscal 2001 was strong in revenue, gross margin
improvement and earnings per share. The effects of economic uncertainty on
our business continue to be difficult to predict. Our automotive memory seat
business has slowed but demand for our GyroChip sensors has not been impacted.
The migration of stability control systems to new platforms may equalize the
impact of lower platform production."
"Despite management's diligent efforts, continuing softness in both the
industrial and automotive sectors may affect growth and profitability in
future quarters. If the present softening in these sectors should continue,
revenue and earnings for the company in future quarters may fall below the
levels achieved in the first quarter," Crocker concluded.
BEI TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
December 30, September 30,
2000 2000
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $9,668 $12,296
Investments 8,094 7,252
Trade receivables, net 31,134 33,067
Inventories, net 30,795 31,084
Other current assets 7,826 7,863
Total current assets 87,517 91,562
Property, plant and equipment, net 36,971 36,010
Acquired technology 3,152 3,093
Goodwill 1,937 2,085
Other assets, net 5,257 5,538
$134,834 $138,288
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable $14,304 $18,926
Accrued expenses and other liabilities 29,091 30,694
Current portion of long-term debt 7,096 134
Total current liabilities 50,491 49,754
Long-term debt, less current portion 29,608 36,614
Other liabilities 3,001 2,824
Stockholders' equity 51,734 49,096
$134,834 $138,288
BEI TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands except per share amounts)
Unaudited
Quarter Ended
December 30, January 1,
2000 2000
Net sales $60,221 $43,728
Cost of sales 42,727 32,169
17,494 11,559
Selling, general and administrative expenses 9,185 7,046
Research, development and related expenses 2,302 1,755
Income from operations 6,007 2,758
Interest expense 636 687
Other income 165 26
Income before income taxes 5,536 2,097
Provision for income taxes 2,244 841
Net income $3,292 $1,256
Earnings per Common Share
Basic Earnings per Common Share
Net income per common share $0.24 $0.09*
Weighted average shares outstanding 13,841 14,360*
Diluted Earnings per Common and
Common Equivalent Share
Net income per common and common
equivalent share $0.23 $0.09*
Weighted average shares outstanding 14,358 14,678*
* Net income per share and weighted average shares outstanding have been
adjusted to reflect a one-for-one stock dividend to shareholders of
record on October 30, 2000.
BEI TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Unaudited
Quarter Ended
December 30,
January 1,
2000 2000
Net income $3,292 $1,256
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Depreciation and Amortization 2,600 1,990
Other (4,673) (4,360)
Net cash provided (used) by operating activities 1,219 (1,114)
Net cash used in investing activities (2,843) (689)
Net cash provided (used) by financing activities (1,004) (814)
Net decrease in cash and cash equivalents (2,628) (2,617)
Cash and cash equivalents at beginning of period 12,296 3,181
Cash and cash equivalents at end of period $9,668 $564
