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Reports
Second Quarter 2003 Sales and Earnings
FREMONT, Calif.
August 8, 2003 -- SCIENTIFIC TECHNOLOGIES INCORPORATED (Nasdaq:STIZ)
A leading North American provider of automation safeguarding technology
announced today the results of operations for the quarter and six
months ended June 30, 2003.
Sales for the second quarter of 2003
were $14,273,000, an increase of 11%,
as compared to $12,829,000 recorded
for the same quarter of 2002, with net
income for the quarter of $208,000 or
$.02 per basic and diluted share compared
to $143,000 or $.01 per basic and diluted
share for the second quarter of 2002.
Year to date sales for the six months
ended June 30, 2003 were $27,233,000,
compared to $24,058,000 recorded in
the comparable period of 2002, net income
for the first six months of 2003 was
$298,000, or $.03 per basic and diluted
share compared to a net loss of $64,000
or $.01 per share for the same period
in 2002.
"We
are pleased with our second consecutive
quarter of double digit percentage sales
increases as compared to the same periods
last year," stated Joseph J. Lazzara,
President and Chief Executive Officer.
"Furthermore, sales for the second quarter
of 2003 were 10% ahead of the first
quarter of 2003, while net income more
than doubled, indicating continued top
and bottom line progress. These results
also enable us to report a profitable
first six months in 2003 as compared
to a loss in the first six months of
2002. We have now reported five consecutive
profitable quarters."
"During
the second quarter, our results were
negatively impacted by $160,000 of costs
associated with the relocation of our
Tulare, California operation to an existing
STI facility in Logan, Utah. The relocation
and associated expenses are currently
scheduled to be finalized at the end
of the third quarter of 2003."
Second Quarter Highlights
Highlights for the second quarter included:
-- We received a significant order for
STI equipment used on an Automated Package
Processing System (APPS) program that
will enhance the U.S. Postal Service
existing parcel processing capability.
Lockheed Martin is the prime contractor
for the APPS program, which is valued
at over $300 million. The STI FastScan
provides parcel dimensioning information
while other STI products are employed
as part of the automated machine's safeguarding
controls. Product deliveries are currently
scheduled for the fourth quarter of
2003 and the first half of 2004.
-- We also received an order for the
Florida Department of Transportation
(FDOT) for the STI Vehicle Scanner product
used to detect vehicle separation as
part of FDOT's "One Pass" highway automated
toll collection system. This order is
expected to ship in the third quarter
of 2003.
-- We released two new additions to
the interlock guarding family, the TL4019
and TL4024 switches. These products
meet changing market needs and are fine
examples of our continuing effort to
expand our product portfolio as a complete
safety solution provider. Both switches
offer a unique narrow profile, allowing
mounting on 2-inch square tubing now
used in many "hard guarding" applications.
The TL4019 has a glass-filled polyester
housing and the TL4024 features an anodized
die-cast metal housing. These products
are designed to lock a machine's access
door until it is safe to enter.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI)
is a North American leading provider
of automation safeguarding products
through its Safety Products Group. STI's
safety products are used to protect
workers around machinery, automated
equipment and industrial robots. Our
products serve a wide variety of applications
and markets, including semiconductor,
automotive, electronics manufacturing,
packaging and consumer markets.
STI's Automation Products Group serves
the factory automation, semiconductor,
transportation, oil and gas, consumer
and food processing industries with
a diversified offering of sensing technologies.
Products include level, flow, pressure
sensing, positioning transducers, vehicle
separation, profiling and ultrasonic
sensors and controls.
With headquarters in Fremont, California,
STI was founded over 30 years ago and
employs over 340 people. STI has been
selected twice by Forbes and three times
by Business Week as one of the "world's
best small companies."
This news release contains forward-looking
statements within the meaning of Section
27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange
Act of 1934, including statements regarding
the timing of expenses relating to the
relocation of the Company's Tulare operations,
the timing of future product deliveries
and the Company's efforts to expand
its product portfolios. These statements
are not guarantees of future performance
and are subject to certain risks, uncertainties
and assumptions that are difficult to
predict. Factors that could affect the
Company's actual results include the
level and timing of customer orders,
the mix of products sold, fluctuations
in sales of complementary third party
products with which the Company's products
are sold, the timing of operating expenditures,
general economic conditions in the U.S.
and abroad, competition, the Company's
ability to introduce successful new
products and other factors that are
listed from time to time in the Company's
SEC reports, including but not limited
to the Company's Annual Report to Shareholders,
Form 10-K and reports on Form 10-Q.
Return
to headlines
Reports
First Quarter 2003 Sales and Earnings
FREMONT, Calif., May 2, 2003--Scientific
Technologies Incorporated (Nasdaq:STIZ), a North American leading
provider of automation safeguarding technology, announced today the
results of operations for the quarter ended March 31, 2003. Sales for
the first quarter of 2003 were $12,959,000, an increase of 15%, as
compared to $11,229,000 recorded for the same quarter of 2002, with
net income for the quarter of $90,000 or $.01 per basic and diluted
share, compared to a net loss of $207,000 or $.02 per share for the
first quarter of 2002.
Commenting on the results, Joseph J. Lazzara, President and Chief
Executive Officer, stated: "We are certainly heartened by the
double-digit increase in sales achieved in this quarter over the same
period last year. This was accomplished despite the weak global
economic environment. Furthermore, the transition to a profitable
first quarter in 2003 from a loss in the first quarter of 2002 enabled
us to report our fourth consecutive profitable quarter."
"Our first quarter was also very busy with new product
introductions, including several new optical machine safeguarding
products. We believe these products will help further broaden the
machine guarding solution capability of the STI automation
safeguarding product range."
First Quarter Highlights
The following items occurred or were announced during the first
quarter:
-- STI introduced the PA4600 Series Perimeter Access Guarding
Device, a long range, multiple-beam safeguarding control
system used for guarding the perimeters of robotic cells and
automated machinery. The simple "two-box" design eliminates
the need for a separate controller, saving installation time
and expense.
-- We announced the LazerSafe, an optical guarding system
designed exclusively for hydraulic press brakes. The LazerSafe
uses a flat band of laser light that covers the zone near the
hazardous area of the brake. This unique optical design,
combined with real-time monitoring of the process, provides an
effective solution for operator safety and increased machine
productivity.
-- We also introduced the new MP2100 Protective Light Curtain,
designed to provide a reliable, low-cost guarding solution for
equipment where the safety assessment indicates a low risk of
injury. This product was designed primarily for international
markets, where this type of product has been used in a variety
of low-risk applications.
-- The new PS7600 PartScan verification system is a bin monitor
used in sequential assembly applications. The PS7600 is
operated by an industrial computer to indicate which inventory
bin is selected for the removal of assembly parts. When a hand
entering the bin blocks the PartScan, the scanner signals the
computer that the part has been removed from the correct
location.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a North American leading
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging and
consumer markets.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food
processing industries with a diversified offering of sensing
technologies. Products include level, flow, pressure sensing,
positioning transducers, vehicle separation, profiling and ultrasonic
sensors and controls.
With headquarters in Fremont, California, STI was founded over 30
years ago and employs over 340 people. STI has been selected twice by
Forbes and three times by Business Week as one of the "world's best
small companies."
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, including statements regarding
the future capabilities of STI's machine guarding solutions. These
statements are not guarantees of future performance and are subject to
certain risks, uncertainties and assumptions that are difficult to
predict. Factors that could affect the Company's actual results
include the level and timing of customer orders, the mix of products
sold, fluctuations in sales of complementary third-party products with
which the Company's products are sold, the timing of operating
expenditures, general economic conditions in the U.S. and abroad,
competition, the Company's ability to introduce successful new
products and other factors that are listed from time to time in the
Company's SEC reports, including, but not limited to, the Company's
Annual Report to Shareholders, Form 10-K and reports on Form 10-Q.
Return
to headlines
Reports Return to Profitability in 2002
FREMONT, Calif., March 17, 2003--Scientific Technologies Incorporated (Nasdaq:STIZ), a North American leading provider of automation safeguarding technology announced today the results of operations for the quarter and year ended December 31, 2002.
Sales for the year ended December 31, 2002 were $51,207,000, an increase of 4%, as compared to $49,053,000 recorded in 2001, with net income for the year of $472,000 or $.05 per basic and diluted share compared, to a net loss for the year of $1,425,000 or $.15 per basic and diluted share for the year 2001. Sales for the three months ended December 31, 2002 increased 32% to $14,115,000, compared to $10,724,000 recorded for the same period of 2001. The Company recorded net income of $188,000 or $.02 per basic and diluted share for the fourth quarter of 2002, compared to a net loss of $1,213,000 or $.13 per basic and diluted share during the same period last year.
Commenting on the results, Joseph J. Lazzara, President and Chief Executive Officer stated, "We are pleased with our return to profitability in 2002. During 2002, we increased sales by 4% and increased gross profit by 13% over 2001. The fourth quarter of 2002 also demonstrated good progress with sales increasing 32% and gross profit increasing 54% over the same period in 2001, when the US economy suffered with the tragic events of September 11, 2001."
"We were heartened by the loyalty, dedication and performance of our employees who participated in our cost reduction programs during 2002, which contributed in large measure to our improved results."
Fourth Quarter Highlights
The following items occurred or were announced during the fourth quarter:
We announced the relocation of our Tulare, California operations to our facility in Logan, Utah. We anticipate the combination of these two Automation Product Group Divisions will result in enhanced customer support, more efficient operations and improved margins.
We completed deliveries to the Pennsylvania Turnpike Commission for a major expansion of their automated toll collection system, which utilizes the STI Vehicle Scanner to detect vehicle detection and separation as part of the toll collection system.
We introduced a new, ergonomically designed ESD5020 Enabling Switch Device which helps to provide operator access during set-up, programming, trouble-shooting or servicing of robotic or automated machines. This product is available with a wide selection of holder kits for easy integration into a number of applications.
We also introduced the new T3008 miniature, tongue-operated safety interlock switch. This tamper-resistant switch is designed for use on smaller machines in space restricted applications.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a North American leading provider of automation safeguarding products through its Safety Products Group. STI's safety products are used to protect workers around machinery, automated equipment and industrial robots. Our products serve a wide variety of applications and markets, including semiconductor, automotive, electronics manufacturing, packaging and consumer markets.
STI's Automation Products Group serves the factory automation, semiconductor, transportation, oil and gas, consumer and food processing industries with a diversified offering of sensing technologies. Products include level, flow, pressure sensing, positioning transducers, vehicle separation, profiling and ultrasonic sensors and controls.
With headquarters in Fremont, California, STI was founded over 30 years ago and employs over 340 people. STI has been selected twice by Forbes and three times by Business Week as one of the "world's best small companies."
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the level of customer support, the efficiency of operations and the improvement of gross margins in our Automated Product Group Divisions. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the level and timing of customer orders, the mix of products sold, fluctuations in sales of complementary third party products with which the Company's products are sold, the timing of operating expenditures, general economic conditions in the U.S. and abroad, competition, the Company's ability to introduce successful new products and other factors that are listed from time to time in the Company's SEC reports, including but not limited to the Company's Annual Report to Shareholders, Form 10-K and reports on Form 10-Q.
Return
to headlines
Reports Third Quarter and Nine Month Profits
FREMONT, Calif., October 31, 2002--Scientific
Technologies Incorporated (Nasdaq:STIZ) a leading North American
provider of automation safeguarding technology announced today the
results of operations for the quarter ended September 30, 2002.
Sales for the three months ended September 30, 2002 increased 9%
to $12,836,000, compared to $11,821,000 recorded for the same period
of 2001. Net income was $348,000 or $.04 per diluted share compared to
$167,000 or $.02 per diluted share for the same period last year. Year
to date sales for the nine months ended September 30, 2002 were
$36,538,000, compared to $37,725,000 recorded in the comparable period
of 2001, with net income for the first nine months of 2002 of
$284,000, or $.03 per share, compared to a net loss $211,000 or $.02
per share for the same period in 2001.
Joseph J. Lazzara, President and Chief Executive Officer noted,
"With a profitable third quarter, we continued to make progress over
the results from a year ago and the second quarter. Although sales
grew by only 1% when compared to the second quarter of 2002, gross
margin increased to 45% of sales, which resulted in the $348,000, or
$.04 per diluted share, net income for the third quarter of 2002
versus $143,000 or $.02 per diluted share for the second quarter. This
performance also enabled STI to show a profit of $.03 per diluted
share for the nine months of 2002 over a loss of $.02 in the same
period in 2001. Given the volatile economy, we continue to remain
cautious, although encouraged, for the balance of the year 2002."
Third Quarter Highlights
The following items occurred or were announced over the past
quarter:
-- We launched 14mm resolution versions of our innovative MS4600
family and MC4700 family products. The 14mm resolution
products offer unique price/performance points that provide
very cost effective "finger detection" solutions and
significantly expand our product offerings.
-- We announced the MCF4700 -- the next generation of "flexible"
or cascadeable light curtain from STI, following on the
success of three previous "flex" generations. The MCF4700
utilizes the latest, industry-leading technology shared with
other MC4700 family products. It offers segmented solutions
that can guard multiple openings or be used in "L," "U" or
other uniquely shaped protection zones, eliminating the need
for mirrors or multiple conventional light curtains.
-- We launched our new SGE Series Safety Contact Strip, offering
the latest technology and fewer components for significantly
reduced assembly time and costs. Safety Contact Strips are
pressure sensitive strips applied to the edges of guards,
doors, and gates that move and are used to detect an object,
such as a hand, caught between moving and fixed sections.
-- We added two new safety monitoring relays to the STI family of
safety monitoring relays. The SR18A is ideal for 2-hand
control, E-Stop, and safety guarding applications where 5
safety outputs are required. The SR19E functions as a safety
monitoring expansion relay designed to provide an additional 8
safety outputs when used with the SR18A safety monitoring
relay.
-- We released the new T5007 Compact Universal Tongue-Operated
Safety Interlock Switch, designed specifically for use in
tight spaces. These switches are vibration resistant to
prevent the unwanted opening of guard doors on vibrating
machines, and can be used on doors with a swing radius as
small as 2.5 inches.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging and
consumer markets. Our web site is located at www.sti.com.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food
processing industries with a diversified offering of sensing
technologies. Products include level, flow, pressure sensing,
positioning transducers, vehicle separation, profiling and ultrasonic
sensors and controls.
With headquarters in Fremont, STI was founded over 30 years ago
and employs over 350 people. STI has been selected twice by Forbes and
three times by Business Week as one of the "world's best small
companies."
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, including statements regarding
operating results for the balance of 2002. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Factors
that could affect the Company's actual results include the level and
timing of customer orders, the mix of products sold, fluctuations in
sales of complementary third party products with which the Company's
products are sold, the timing of operating expenditures, general
economic conditions in the U.S. and abroad, competition, the Company's
ability to introduce successful new products and other factors that
are listed from time to time in the Company's SEC reports, including
but not limited to the Company's Annual Report to Shareholders, Form
10-K and reports on Form 10-Q.
Return
to headlines
Reports Increase in Second-Quarter
Profits
FREMONT, Calif., July 25, 2002--Scientific Technologies Incorporated
(Nasdaq:STIZ), a North American leading provider of automation safeguarding
technology, announced today the results of operations for the quarter
ended June 30, 2002.
Sales for the three months ended June 30, 2002, increased 9% to
$12,653,000, compared to $11,581,000 recorded for the same period
of 2001. Net income was $143,000, or $.02 per diluted share, compared
to a net loss of $959,000, or $.10 per share, for the same period
last year. Year-to-date sales for the six months ended June 30,
2002, were $23,701,000, compared to $25,904,000 recorded in the
comparable period of 2001, with a net loss for the first six months
of 2002 being $64,000, or $.01 per share, as compared to a net loss
$378,000, or $.04 per share, for the same period in 2001.
Joseph J. Lazzara, President and Chief Executive Officer, noted:
"We are pleased that our second-quarter results were profitable,
and are encouraged by improvements sequentially over the first quarter
of 2002. Sales grew by 15% and gross margin remained constant at
44% of sales, resulting in the $143,000 profit for the second quarter
of 2002. We continue to be negatively affected by the volatile global
economy, however, and remain cautious, although encouraged, given
the second-quarter results, about our expectations for the balance
of the year 2002."
Second-Quarter Highlights
The following items occurred or were announced over the past quarter:
-- STI commenced deliveries of the new MCJ4700 Safety Light Curtain.
The MCJ4700 is a jointed multi-segmented, multi-plane safety light
curtain that does not require cabling between segments. Each segment
is connected via an innovative electro-mechanical joint. The advantage
of the MCJ4700 is its highly configurable design, used to provide
a precise protection zone when guarding a machine's hazardous point
of operation.
-- STI was awarded two U.S. patents for its innovative MCJ4700 product.
-- We announced our MS4600-EP Explosion Proof Safety Light Curtain
and also introduced a new product guide to explosion proof light
curtains. The guide includes product information and specifications
on several optical safeguarding products rated for explosive environments,
often found in industries such as chemical processing, waste water,
petroleum and pharmaceuticals.
-- During the second quarter we completed shipment of a significant
order for our Vehicle Scanner product to the Pennsylvania Turnpike
Commission for use in their electronic toll collection.
-- STI's Automation Sensor Division moved to a new, custom-built
facility in Logan, Utah, in June 2002. The Division had been in
three locations and is now centralized in one facility, which contains
sales, administration, engineering and manufacturing functions.
-- The Company promoted James M. Vella to Vice President and General
Manager, Automation Products Group. Mr. Vella has been with STI
for 16 years holding positions with increasing levels of responsibility,
including finance, marketing and management.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a North American leading
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets. Our web site is located at www.sti.com.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
With headquarters in Fremont, STI was founded over 30 years ago
and employs over 330 people. STI has been selected twice by Forbes
and three times by Business Week as one of the "world's best small
companies."
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including statements
regarding operating results for the balance of 2002. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Factors that could affect the Company's actual results include the
level and timing of customer orders, the mix of products sold, fluctuations
in sales of complementary third-party products with which the Company's
products are sold, the timing of operating expenditures, general
economic conditions in the U.S. and abroad, competition, the Company's
ability to introduce successful new products and other factors that
are listed from time to time in the Company's SEC reports, including,
but not limited to, the Company's Annual Report to Shareholders,
Form 10-K and reports on Form 10-Q.
Return
to headlines
Reports First Quarter
2002 Sales and Earnings
FREMONT, Calif., May 1, 2002--Scientific Technologies Incorporated
(Nasdaq:STIZ) today announced sales of $11,048,000 for the three
months ended March 31, 2002, compared to $14,323,000 recorded for
the same period in 2001.
Net loss for the first quarter of 2002 was $207,000, or $.02 per
share compared to a net profit of $580,000, or $.06 per diluted
share in the first quarter of 2001.
Joseph J. Lazzara, President and Chief Executive Officer noted,
"Although our first quarter results continued to be negatively impacted
by global economic conditions, we were encouraged by improvements
sequentially over the fourth quarter of 2001. Revenue grew by 5%,
gross margin increased to 45% of sales compared to 37% in the 2001
fourth quarter, and our loss was reduced to $207,000 or $.02 per
share from $1,213,000 or $.13 per share in the final quarter of
2001."
"In addition, we are pleased to report the receipt of a significant
order for Vehicle Scanners from the Pennsylvania Turnpike Commission
during the first quarter. We anticipate that the revenue associated
with this order will be recognized during the second quarter of
this year. STI's Vehicle Scanner is used in electronic toll collection
applications to determine the presence of and verify the separation
between vehicles to trigger the toll collection."
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
With headquarters in Fremont, STI was founded over 30 years ago
and employs over 330 people. STI has been selected twice by Forbes
and three times by Business Week as one of the "world's best small
companies."
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including statements
regarding the recognition of revenues in the second quarter of 2002.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are
difficult to predict. Factors that could affect the Company's actual
results include the level and timing of customer orders, the mix
of products sold, fluctuations in sales of complementary third party
products with which the Company's products are sold, the timing
of operating expenditures, general economic conditions in the U.S.
and abroad, competition, the Company's ability to introduce successful
new products and other factors that are listed from time to time
in the Company's SEC reports, including but not limited to the Company's
Annual report to Shareholders, Form 10-K and reports on Form 10-Q.
Return
to headlines
Reports Fourth Quarter
and Year End 2001 Results
FREMONT, Calif., March 13, 2002--Scientific Technologies Incorporated
(Nasdaq:STIZ), a North American leading provider of automation safeguarding
technology, announced today the results of operations for the quarter
and year ended December 31, 2001.
Sales for the three months ended December 31, 2001 were $10,565,000,
compared to $15,572,000 recorded for the same period of 2000. The
Company recorded a net loss of $1,213,000 or $.13 per basic and
diluted share for the quarter compared to net income of $1,222,000
or $.13 per basic and diluted share during the same period last
year. Year to date sales for the year ended December 31, 2001 were
$48,289,000, as compared to $59,263,000 recorded in 2000, with a
net loss for the year of $1,425,000 or $.15 per basic and diluted
share compared to net income of $5,631,000 or $.58 per basic and
diluted share for the year 2000.
Commenting on the results, Joseph J. Lazzara, President and Chief
Executive Officer, stated, ``Fiscal year 2001 was extremely disappointing
for STI, as this constituted our first annual loss in 17 years.
During the fourth quarter of 2001, the industrial automation and
capital goods markets were reeling from the financial impact of
September 11 and our results for the quarter were negatively affected
by the reduction in business. From a financial perspective, this
was especially disheartening, as the Company had completed a profitable
third quarter and had looked for continued recovery in the balance
of the year.
"Nevertheless, we proceeded to take actions to enhance the long-term
performance of STI, with initiatives including the continuation
of our Research and Development programs, which yielded several
exciting new products introduced in 2001, such as the MCJ Series,
a unique jointed safety light curtain, and the MG Series, a rugged
light curtain designed to withstand tough automotive environments.
Furthermore, with the acquisition of Dunn Sales, Inc. this past
year, we added service, machinery repair and safety product installation
to increase our range of automation safeguarding products and services.
"In addition, the Board of Directors decided that, in light of
current economic conditions and the quarterly results, STI would
not declare a dividend for the quarter. Moreover, the Company will
continue the cost reduction programs that commenced in April 2001.
"We were heartened by the loyalty, dedication and performance of
our employees who participated in our cost reduction programs during
2001, a year of emotional and economic difficulties.''
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
With headquarters in Fremont, STI was founded over 30 years ago
and employs over 330 people. STI has been selected twice by Forbes
and three times by Business Week as one of the ``world's best small
companies.''
Return
to headlines
Reports Profitable Third
Quarter 2001 Results
FREMONT, Calif., October 30, 2001--Scientific Technologies Incorporated
(Nasdaq:STIZ) North America's leading provider of automation safeguarding
technology announced today the results of operations for the quarter
ended September 30, 2001. Sales for the three months ended September
30, 2001 were $11,821,000, compared to $14,992,000 recorded for
the same period of 2000. The Company recorded net income of $167,000
or $.02 per share for the quarter compared to net income of $1,604,000
or $.17 per diluted share during the same period last year. Year
to date sales for the nine months ended September 30, 2001 were
$37,725,000, as compared to $43,691,000 recorded in the comparable
period of 2000, with a net loss for the first nine months of 2001
of $211,000, or $.02 per share compared to net income $4,409,000
or $.46 per diluted share for the same period last year.
Commenting on the results of the quarter, Joseph J. Lazzara, President
and Chief Executive Officer stated, "During the quarter our semiconductor
equipment, industrial automation, machine tooling and capital goods
customers continued to be negatively affected by a slowing US economy
which resulted in a revenue slowdown at STI. This slow down, coupled
with a shift in our traditional sales mix to products with a higher
relative cost, caused a drop in gross margins and operating results
as compared to the comparable periods in 2000. In spite of this
we were able to record a small profit as a result of continued cost
control measures initiated in the second quarter. The profit of
$167,000 or $.02 per share in the third quarter of 2001 was an improvement
from a loss of $959,000 or $.10 per share in the second quarter
of 2001." Lazzara also noted that sales for the third quarter were
positively impacted by the inclusion of a full quarter of sales
by Dunn Sales, which was acquired in June 2001.
Lazzara continued, "The Board of Directors decided that, in light
of current economic conditions and the quarterly results, STI would
not declare a dividend for the quarter. In addition, the Company
will continue the cost reduction program that commenced in April
2001, into the fourth quarter."
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
With headquarters in Fremont, STI was founded nearly 30 years
ago and employs over 350 people. STI has been selected twice by
Forbes and three times by Business Week as one of the "world's best
small companies."
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Reports Second Quarter
2001 Results
FREMONT, Calif., August 2, 2001--SCIENTIFIC TECHNOLOGIES INCORPORATED
(Nasdaq:STIZ) North America's leading provider of automation safeguarding
technology announced today the results of operations for the quarter
ended June 30, 2001. Sales for the three months ended June 30, 2001
were $11,581,000, compared to $15,209,000 recorded for the same
period of 2000. The Company experienced a net loss of $959,000 or
$.10 per share for the quarter compared to net income of $1,652,000
or $.17 per diluted share during the same period last year. This
was the Company's first net loss in 14 years. Year to date sales
for the six months ended June 30, 2001 were $25,904,000, as compared
to $ 28,699,000 recorded in the comparable period of 2000, with
the net loss for the first six months of 2001 being $378,000, or
$.04 per share as compared to net income $2,805,000 or $.29 per
diluted share for the same period last year.
Commenting on the results of the quarter, Joseph J. Lazzara, president
and chief executive officer stated, "During our second quarter,
markets served by STI such as semiconductor equipment, industrial
automation, machine tooling and capital goods have been negatively
affected by slowing US economic conditions. These conditions served
to impact STI's operating results lowering gross margins through
reduced sales volumes, increases to reserves and a shift in our
traditional sales mix to products carrying higher relative costs
of sales. One time charges of $1,217,000 ($754,000 or $.08 per share
after taxes) were related to increases in reserves for accounts
receivable and inventories, and credits associated with STI's termination
of two distributor relationships. The latter items, resulted from
inventory returned in accordance with our agreements with these
distributors."
Lazzara continued, "STI has had 57 profitable quarters and we continue
to review all expense levels as we weather the current economic
slowdown. From a Board level, it has been decided that, in light
of current economic conditions and the quarterly results, STI would
not declare a dividend for the quarter. In addition, the Company
has expanded a cost reduction program that commenced in April 2001,
which will continue into the third quarter with even greater focus
on closing sales and qualifying our pipeline of sales activities.
During the second quarter STI also acquired Dunn Sales Inc., a
leading provider of safeguarding equipment installation, rebuilding,
repair and maintenance of fabricating machinery. This acquisition
serves to help diversify revenue streams for STI and is in keeping
with our drive to become the leading single source for safeguarding
products, solutions, maintenance and services."
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets. Our web site is located at www.sti.com
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
Further information is available at the Group's web sites: www.automationsensors.com,
www.stiscanners.com and www.fibermonitoring.com.
With headquarters in Fremont, STI was founded nearly 30 years ago
and employs over 350 people. STI has been selected twice by Forbes
and three times by Business Week as one of the "world's best small
companies."
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Announces Increased
Quarterly Dividend for Ninth Consecutive Year
FREMONT, Calif., June 14, 2001--Scientific Technologies Incorporated
("STI") (Nasdaq:STIZ) today announced that it will pay a regular
quarterly dividend of $.0525 per share on all outstanding shares
of its Common Stock.
This dividend will be payable on July 5, 2001 to all shareholders
of record as of June 23, 2001. This dividend represents a 5.0% increase
over the dividend of $.05 per share paid to STI shareholders in
the comparable quarter in 2000.
This is the 41st consecutive quarterly dividend paid by STI, the
fourteenth consecutive year that the Company paid a dividend and
the ninth consecutive year that STI has increased the dividend amount.
STI cannot assure that the Company's financial performance or cash
requirements will allow it to pay dividends to its shareholders
in the future.
Scientific Technologies, Inc. (STI) is the leading North American
provider of automation safeguarding products and services through
its Safety Products Group. STI's safety products are used to protect
workers around machinery, automated equipment and industrial robots.
Our products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets. Our web site is located at www.sti.com.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
Further information is available at the Group's web sites: www.automationsensors.com,
www.stiscanners.com and www.fibermonitoring.com.
With headquarters in Fremont, STI was founded nearly 30 years
ago and employs over 400 people. STI has been selected twice by
Forbes and three times by Business Week as one of the "world's best
small companies."
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to headlines
Acquires Dunn Sales
Inc.
FREMONT, Calif., June 12, 2001-- Scientific Technologies Inc. (Nasdaq:STIZ)
("STI") the North American leader in the manufacturing and marketing
of specialty automation safeguarding products, announced today the
completion of their acquisition of all the outstanding stock of
Dunn Sales Inc. ("DSI.").
The transaction, to be accounted for under the purchase method
of accounting, is an all cash transaction.
Commenting on the acquisition, Joseph J. Lazzara, president and
chief executive officer of STI stated: "We are delighted with the
transaction. The acquisition of DSI is in keeping with our commitment
of making people safe and productive by incorporating DSI's extensive
experience in safeguarding equipment installation and machine services
such as the repair, rebuilding and preventative maintenance of fabricating
machinery. In conjunction with STI's 300 distributor locations across
the U.S., the acquisition of DSI positions STI as the leading single
source for automation safeguarding products, solutions and services.
Together, I believe our two companies can expand the breadth and
reach of our products and services and capitalize on the tremendous
cross selling opportunities that this acquisition provides."
Following the closing of the acquisition, the operational headquarters
for DSI will remain in Anaheim, California. Gary Dunn, DSI founder,
will continue in his capacity as president of DSI, with DSI a wholly
owned subsidiary of STI.
About Dunn Sales:
Founded in 1988, DSI is a privately held company located in Anaheim,
California, offering both safety and machinery services. The company
provides safety services such as: safeguarding equipment installations,
machine safety assessments, and the design and custom fabrication
of guarding solutions. Furthermore, DSI specializes in machinery
services including the repair, rebuilding, relocation, sales, installation
and service of fabricating machinery. Over the past decade, DSI
has become one of the largest and most recognized independent fabricating
machinery service, sales and maintenance companies domiciled in
the western United States. DSI serves customers in a variety of
industries, including metal fabrication, aerospace, electronics
and food processing. Further information on DSI is available at:
www.dunnsales.com.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets. Our web site is located at www.sti.com.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
Further information is available at the Group's web sites: www.automationsensors.com,
www.stiscanners.com and www.fibermonitoring.com.
With headquarters in Fremont, STI was founded 30 years ago and
employs 350 people. STI has been selected twice by Forbes and three
times by Business Week as one of the "world's best small companies."
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including with respect
to STI's ability to address market opportunities for machinery services,
installations, safety evaluations and repairs. In addition to the
risks generally associated with acquisitions, such as the successful
integration of operations and retention of employees, the DSI acquisition
will subject STI to additional risks and uncertainties. For example,
there can be no assurance that DSI will continue to: successfully
provide its safety and machinery services, that its services will
receive widespread market acceptance, that following the acquisition
DSI's customers will continue to utilize DSI services at levels
at or above pre-acquisition levels, that STI will be able to identify
and capitalize on cross selling opportunities, that STI will be
able to integrate these services successfully in its sales channels
or that any such sales will be incremental to STI's business. In
addition, the market for fabricating machine services is subject
to competition, and price pressure. These risks and uncertainties
could cause STI's actual results to differ materially from those
anticipated. Risks generally associated with STI's business are
discussed in the documents STI files from time to time with the
Securities and Exchange Commission, including its Form 10-K for
fiscal 1999 and 2000 and its Form 10-Q for the quarters ended March
31, 2001, June 30, 2000 and September 30, 2000.
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Reports First Quarter
2001 Sales and Earnings
FREMONT, Calif., May 3, 2001--SCIENTIFIC TECHNOLOGIES INCORPORATED
(Nasdaq:STIZ) today announced sales of $14,323,000 for the three
months ended March 31, 2001, compared to $13,490,000 recorded in
2000, an increase of 6%.
Net income for the first quarter of 2001 was $580,000, or $.06
per diluted share compared to $1,154,000, or $.12 per diluted share
in the first quarter of 2000, a decline of 50%.
Joseph J. Lazzara, President and Chief Executive Officer noted,
"First quarter shipments were positively impacted by the full quarter
contribution of PSI-Tronix Technologies, which was acquired late
in the first quarter of 2000. PSI-Tronix is a major part of the
Automation Products Group. Our first quarter sales and operating
results were negatively affected by economic conditions in the U.S.
industrial automation and capital goods markets. The Safety Products
Group also experienced a shift in sales mix to products carrying
a higher relative cost of sales. In light of the soft U.S. economy,
we initiated a cost reduction program in the Company on April 1,
2001."
During the first quarter of 2001, STI commenced shipments of two
new safety light curtains, the MC 4700 and the MG 4600 Series. An
ultracompact transmitter and receiver allow the MC 4700 to be mounted
on small automatic assembly machines and other applications where
a standard safety light curtain was previously too large. The rugged
MG 4600 series was designed to meet the stringent safeguarding requirements
of automotive applications.
About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a leading North American
provider of automation safeguarding products through its Safety
Products Group. STI's safety products are used to protect workers
around machinery, automated equipment and industrial robots. Our
products serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging
and consumer markets.
STI's Automation Products Group serves the factory automation,
semiconductor, transportation, oil and gas, consumer and food processing
industries with a diversified offering of sensing technologies.
Products include level, flow, pressure sensing, positioning transducers,
vehicle separation, profiling and ultrasonic sensors and controls.
Further information is available at the Group's web sites: www.automationsensors.com,
www.stiscanners.com and ww.fibermonitoring.com.
With headquarters in Fremont, STI was founded nearly 30 years
ago and employs over 400 people. STI has been selected twice by
Forbes and three times by Business Week as one of the "world's best
small companies."
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