This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Evans & Sutherland Reports Third Quarter 2012 Results

“Our outlook for the business remains positive.”

Statements in this press release which are not historical, including statements regarding E&S’ or management’s intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. You can identify these statements by the fact that they use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “should,” “plan,” “goal,” “believe,” “confident” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance together with the negative of such expressions. Among the factors that could cause actual results to differ materially are the following: the Company’s ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; results of the Board's evaluation of alternatives available to enhance value for shareholders; and market and general economic conditions. A further list and description of these risks, uncertainties and other matters can be found in the Company’s reports filed with the Securities and Exchange Commission.
                       
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS INFORMATION
(In thousands, except share and per share data)
(Unaudited)
                  Three Months Ended       Nine Months Ended

September 28, 2012
    September 30, 2011 September 28, 2012     September 30, 2011
 
Sales $ 5,359 $ 6,909 $ 17,922 $ 19,128
Cost of sales   3,299     4,765     11,387     13,229  
Gross profit   2,060     2,144     6,535     5,899  
 
Operating expenses:
Selling, general and administrative (excluding pension) 1,658 1,381 4,409 4,062
Research and development 662 703 1,926 2,189
Pension   590     541     1,699     1,486  
Total operating expenses   2,910     2,625     8,034     7,737  
Operating loss (850 ) (481 ) (1,499 ) (1,838 )
Other expense, net (200 ) (170 ) (601 ) (433 )
Loss on condemnation of property   -     (608 )   -     (608 )
Loss before income tax provision (1,050 ) (1,259 ) (2,100 ) (2,879 )
Income tax provision   (21 )   (24 )   (95 )   (91 )
Net loss $ (1,071 ) $ (1,283 ) $ (2,195 ) $ (2,970 )
 
Net loss per common share - basic and diluted $ (0.10 ) $ (0.12 ) $ (0.20 ) $ (0.27 )
 
Comprehensive Loss
Net loss $ (1,071 ) $ (1,283 ) $ (2,195 ) $ (2,970 )
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities   90     (316 )   194     (313 )
Comprehensive loss $ (981 ) $ (1,599 ) $ (2,001 ) $ (3,283 )
 
                                         
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
(Unaudited)
September 28, 2012 December 31, 2011
Assets
Cash and restricted cash $ 2,276 $ 4,994
Marketable securities 840 1,666
Net receivables, billed and unbilled 5,718 5,496
Inventories, net 3,971 3,624
Prepaid expenses and deposits 401 720
Property, plant and equipment, net 7,872 8,303
Intangibles and other assets   3,049     2,687  
Total assets $ 24,127   $ 27,490  
 
Liabilities and stockholders' deficit
Accounts payable and accrued expenses $ 2,519 $ 3,239
Customer advances and deposits 5,753 6,272
Pension and retirement obligations 32,885 33,073
Debt obligations 5,309 5,291
Other liabilities 1,502 1,480
Stockholders' deficit   (23,841 )   (21,865 )
Total liabilities and stockholders' deficit $ 24,127   $ 27,490  
                                         
BACKLOG
(In thousands)
Unaudited
September 28, 2012 December 31, 2011
 
$ 15,625   $ 17,449  
 

E&S is a registered trademark of Evans & Sutherland Computer Corporation.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,630.27 +189.68 1.09%
S&P 500 2,093.25 +25.61 1.24%
NASDAQ 5,089.2060 +49.43 0.98%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs