Halifax Announces Fiscal 2009 Financial Results
“Net Income of
Revenues for of fiscal year 2009 were
The Company reported operating income of
The Company reported net income of
“Financial performance has improved on virtually every front, under performing contracts have been eliminated, margins are improving, working capital is growing and bank debt continues to decline.”
For the quarter ended
McNew added, “We have every reason to believe that our return to profitability is sustainable going forward and as noted in a recent announcement, our supply chain services program (Enterprise Logistics Solutions) is being well received by the business process outsourcing community on both a domestic and international basis and is affording us a variety of higher margin growth opportunities. Our legacy maintenance business has its challenges but given the current state of our sales pipeline it appears to be on track for an acceptable performance in the coming year.”
The Company will host a conference call for investors at
Founded in 1967, Halifax Corporation of
Certain statements made by the Company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management’s beliefs, views, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors described in the Risk Factors section in the Company’s Annual Report on Form 10-K that may cause actual results to differ materially from those in the forward-looking statements. For further information that could affect the Company’s financial statements, please refer to the Company’s reports filed with the Securities and Exchange Commission.
Halifax Corporation
Summary Financial Data
(in 000's except per share amounts)
For the
three months For the year
Statements of operations ended March 31, ended March 31,
------------------------ 2009 2008 2009 2008
---- ---- ---- ----
Revenues $8,005 $8,993 $34,048 $43,873
Operating costs and expenses 6,733 8,714 28,568 40,259
----- ----- ------ ------
Gross profit 1,272 279 5,480 3,614
Selling, marketing, general &
administrative 1,004 1,166 4,230 4,594
Provision for loss from settlement of
litigation - - - 410
Transaction costs - - - 458
--- --- --- ---
Operating income (loss) 268 (887) 1,250 (1,848)
Other income 26 4 28 31
Interest expense (81) (120) (337) (654)
--- ---- ---- ----
Income (loss) before income taxes 213 (1,003) 941 (2,471)
Income tax expense (benefit) (28) (48) 38 (18)
--- --- -- ---
Net income (loss) $241 $(955) $903 $(2,453)
---- ----- ---- -------
Earnings per common share - basic: $.08 $(.30) $.28 $(.77)
==== ===== ==== =====
Earnings per common share - diluted: $.08 $(.30) $.28 $(.77)
==== ===== ==== =====
Weighted average number of common shares
outstanding:
Basic 3,175 3,175 3,175 3,175
Diluted 3,175 3,175 3,179 3,175
----- ----- ----- -----
Balance Sheets
--------------
March 31, March 31,
2009 2008
----- -----
Current assets
Cash $766 $232
Trade accounts receivable, net 6,794 10,206
Inventory, net 2,588 3,240
Prepaid expenses and other current
assets 208 220
--- ---
Total current assets 10,356 13,898
Property and equipment, net 727 1,001
Goodwill and intangibles, net 3,292 3,580
Other assets 56 111
------- -------
Total assets $14,431 $18,590
------- -------
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued
expenses $4,546 $5,280
Deferred maintenance revenue 2,072 4,309
Current portion of long-term debt 331 276
Bank debt 2,545 4,448
Auxiliary line of credit - 60
Income taxes payable 67 35
-- --
Total current liabilities 9,561 14,408
Other long-term debt 141 325
Subordinated debt - affiliate 1,000 1,000
Deferred income 40 99
-- --
Total liabilities 10,742 15,832
Stockholders' equity 3,689 2,758
------- -------
Total liabilities and stockholders'
equity $14,431 $18,590
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SOURCE Halifax Corporation of