SBS Technologies, Inc. Announces Results for Fiscal 1999 3rd Quarter Ended March 31, 1999
Reports Sales Increase of 42% to $26.8 Million Compared to Prior Year's Quarter
SBS Technologies, Inc. ("SBS") ("the Company") (Nasdaq: SBSE) today announced results of its third quarter of fiscal 1999 ended March 31, 1999. The Company reported sales for the quarter of $26.8 million, a 42% increase over the $18.9 million in sales for the third quarter of the prior fiscal year. Net income for the quarter was $3.2 million, compared to $2.6 million of reported net income for the same quarter of the prior fiscal year, a 25% increase. Net income per share - assuming dilution was $0.52, compared to $0.42 reported for the third quarter of fiscal 1998, a 24% increase. The third quarter of fiscal 1999 ended March 31, 1999 included a $0.06 foreign currency transaction gain. For the nine months ended March 31, 1999, sales increased -46%, or $24.7 million, to $78.3 million, from $53.6 million for the same period of the prior fiscal year. Net income for the nine months ended March 31, 1999, increased 22% or $1.6 million to $8.8 million or $1.42 per share from $7.2 million or $1.17 per share for the same period of the prior fiscal year. "The third quarter was a solid quarter in design wins, new orders booked, sales revenue and net income," said Christopher J. Amenson, Chairman and Chief Executive Officer. "SBS performed in line with our expectations during the quarter and should be positioned for continued growth. We believe the European markets for our products remain healthy and the U.S. markets have solidified nicely and should expand going forward. During the quarter just ended, we continued investing heavily in research and development to expand our addressable market and keep our technology lead. We are optimistic that the strength of our product line and continued development in our sales and marketing efforts should combine to contribute to continued growth of our company," Amenson continued. SBS Technologies, Inc. is a leading designer and manufacturer of open-architecture, standard bus embedded computer components that system designers can easily utilize to create a custom solution specific to the user's unique application. SBS product lines include CPU boards, input/output (I/O) modules, avionics modules and analyzers, interconnection and expansion units, telemetry boards, data acquisition software and industrial computers. SBS embedded computer components are used in a variety of applications, such as telecommunications, medical imaging, industrial control and flight instrumentation, in the commercial and aerospace markets. For news releases, product and other information, visit the SBS Web site at www.sbs.com. Certain of the foregoing information are forward-looking statements regarding the future events or the future financial performance of SBS, which are subject to risks and uncertainties. SBS' actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Although it is not possible to predict or identify all of those factors, they may include: general business and economic conditions; customer acceptance of and demand for SBS' new products; SBS' overall ability to design, test and introduce new products on a timely basis; the cyclical nature of the markets addressed by SBS' products; and the risk factors listed from time to time in documents filed by SBS with the Securities and Exchange Commission.