Autologic Information International Announces 2000 First Quarter Results
29 February 2000
Autologic Information International Announces 2000 First Quarter ResultsTHOUSAND OAKS, Calif., Feb. 29 -- Autologic Information International announced today its consolidated financial results for its first quarter of 2000. AUTOLOGIC INFORMATION INTERNATIONAL, INC. AND SUBSIDIARIES SUMMARY OF RESULTS OF OPERATIONS (Dollars in thousands, except per share amounts) For the Quarter Ended January 28, January 29, 2000 1999 Revenues $17, 648 $18,796 Income before income taxes 32 51 Provision for income taxes 14 21 Net Income $18 $30 PER SHARE DATA Net Income -- basic and diluted $0.00 $0.01 Weighted avg. number of shares outstanding -- basic 5,788 5,788 Weighted avg. number of shares outstanding -- diluted 5,788 5,788 Commenting on the results, Dennis Doolittle, President and Vice Chairman, stated that "The first quarter results marked a return to profitability after losses in the three previous quarters. Xitron, our wholly owned subsidiary, continues to perform well with a 16% increase in sales over the same period in the prior year due to strong growth in its OEM business. In addition, orders for the wide versions of both the Computer-to-Plate (CTP) and 3850 film imager have been increasing. "As part of our continuing effort to reduce overhead and restore profitability, a 6% worldwide workforce reduction was implemented in February, with the majority of the layoffs in Thousand Oaks. In addition, as previously announced, the Company terminated its Laser Cinema Recorder Program." Mr. Doolittle continued, "We are confident that our ongoing cost control initiatives, strong debt-free balance sheet and order backlog will continue to be reflected in the coming quarters." Autologic Information International designs, manufactures, markets and services computer-based electronic pre-press systems to the publishing industry worldwide. This press release contains forward-looking statements, which are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. Factors that could cause or contribute to such difference include, but are not limited to, general economic and business conditions (both in the United States and in the overseas markets where the Company distributes products), pressures on margins from competition, the Company's ability to expand its market base, and technological changes. These and other factors are discussed in the Company's Annual Report on Form 10-K for the year ended October 29, 1999 and other reports filed by the Company from time to time with the Securities and Exchange Commission.