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HEI, Inc. Announces First Quarter 2012 Results

Dépèche transmise le 7 mai 2012 par Business Wire

HEI, Inc. Announces First Quarter 2012 Results

HEI, Inc. Announces First Quarter 2012 Results

MINNEAPOLIS--(BUSINESS WIRE)--HEI, Inc.(Pink Sheets: HEII);(http://www.heii.com) today announced its financial results for the first quarter 2012, which ended on March 31, 2012.

Sales for the first quarter were $9.1 million as compared to $9.7 million for the first quarter of 2011. The Company generated net loss of ($157,000) for the first quarter of 2012 compared to net income of $185,000 for the same period in 2011. Diluted loss per share was ($0.02) for the first quarter of 2012, compared to diluted income per share of $0.02 for the first quarter of 2011.

“Our first quarter results were negatively impacted by a design contract postponed until late in 2012 by one of our customers in our Boulder operation which generated an unexpected loss for the Boulder division. In addition, the expansion underway in our Tempe facility generated some operating inefficiencies during the construction that negatively impacted Tempe’s production. The inefficiencies continued to impact April production. However, the good news is the Tempe construction is nearing completion and operations are beginning to return to pre-expansion levels. For Boulder, we are working to replace the business that was postponed,” said Chief Executive Officer, Mark B. Thomas.

“For our Victoria operation, we succeeded in securing two contracts in April that we have been working on for the past three years providing components to two government contractors in support of the Joint Tactical Radio Systems or JTRS program for the US military. This has been an area of focus for HEI in expanding the markets we serve,” further commented Thomas.

HEI, Inc. designs, develops and manufactures ultra-miniature microelectronics, substrates, systems, connectivity and software solutions for customers engaged in the medical, hearing, telecommunications, military, aerospace, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional and cost effective product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.

FORWARD LOOKING INFORMATION

Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “continue,” and similar words. Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and estimated HEI revenue, cash flow and profits, are forward looking statements. All such forward-looking statements involve risks and uncertainties including, without limitation, adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI’s suppliers, HEI’s ability to satisfy financial or other obligations or covenants set forth in its financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI’s ability to control fixed and variable operating expenses, and other risks detailed in previous HEI SEC filings. Since HEI is no longer reporting to the SEC, readers are cautioned to weigh the potential for additional risk factors based on ongoing business activities and the current economic conditions. The information set forth herein should be read in light of such risks. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.

 

 

HEI, INC.

 

STATEMENTS OF OPERATIONS

 
Three Months Ended
March 31, 2012 April 2, 2011
(In thousands, except share and per share data)
 
Net sales $ 9,065 $ 9,723
Cost of sales   7,656     8,228  
Gross profit 1,409 1,495
 
Operating expenses:
Selling, general and administrative 1,273 1,091
Research, development and engineering   216     143  
Operating income (loss) (80 ) 261
 
Interest expense, net (91 ) (76 )
Other income (expense), net   14     -  
Income (loss) before income taxes (157 ) 185
 
Income tax expense   -     -  
Net income (loss) $ (157 ) $ 185  
 

Income (loss) per common share:

Basic $ (0.02 ) $ 0.02
Diluted $ (0.02 ) $ 0.02
 

Weighted average common shares outstanding:

Basic 10,120,023 9,870,516
Diluted 10,120,023 9,985,492

 

Certain minor reclassifications have been made to our prior period financial information in order to conform to the current year presentation.

   
HEI, INC.
BALANCE SHEETS
 
March 31, 2012 December 31, 2011
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents $ - $ -
Accounts receivable, net 5,333 5,489
Inventories, net 5,173 4,680
Deferred income taxes 447 447
Other current assets   508     253  
Total current assets   11,461     10,869  
 
Property and equipment:
Land 216 216
Building and improvements 4,337 4,337
Fixtures and equipment 27,797 26,676
Accumulated depreciation and amortization   (25,877 )   (25,788 )
Property and equipment, net 6,473 5,441
Security deposit 230 230
Other long-term assets   236     328  
Total assets $ 18,400   $ 16,868  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,829 $ 2,151
Accrued liabilities 1,112 701
Customer deposit liabilities 130 11
Current maturities of long-term liabilities   1,105     927  
Total current liabilities   5,176     3,790  
 
Long-term liabilities:
Deferred income taxes 447 447
Other long-term liabilities, less current maturities 2,675 2,443
Long-term debt, less current maturities   5,955     5,933  
Total long-term liabilities, less current maturities   9,077     8,823  
Total liabilities   14,253     12,613  
 
Commitments and contingencies
 
Shareholders’ equity:
Undesignated stock - -
Convertible preferred stock, $.05 par 2 2
Common stock, $.05 par 506 506
Additional paid-in capital 28,481 28,433
Accumulated deficit   (24,842 )   (24,686 )
Total shareholders’ equity   4,147     4,255  
Total liabilities and shareholders’ equity $ 18,400   $ 16,868  

 

Certain minor reclassifications have been made to our prior period financial information in order to conform to the current year presentation.

Business Wire

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