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CSP Inc. Reports Fourth-Quarter And Year-End Fiscal 2012 Financial Results

Stocks in this article: CSPI

CSP's Systems segment includes the MultiComputer Division, which designs and manufactures commercial high-performance computer signal processing systems for a variety of complex real time applications in defense and commercial markets.  The Company's MODCOMP Inc. subsidiary, also part of its Service and Systems Integration segment was founded in 1970, and has offices in the U.S., U.K. and Germany. Modcomp provides solutions and services for complex IT environments including storage and servers, unified communications solutions, IT security solutions and consulting services. More information about CSP is available on the company's website at www.cspi.com

To learn more about MODCOMP, Inc., consult www.modcomp.com .

The CSP, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14484

Safe Harbor  

The Company wishes to take advantage of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, royalty revenues related to E-2D Hawkeye aircraft, strong sales growth was driven by continued demand from hosting customers and reversal of $3.0 million of valuation allowance for the deferred tax asset. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.

PRESS RELEASE
     
CSP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
     
     
  September 30, 2012 September 30, 2011
     
Assets    
     
Current assets:    
 Cash and short-term investments  $ 20,493  $ 15,874
 Accounts receivable, net 12,145 13,148
 Officer life insurance settlement receivable 2,172  --
 Inventories 6,276 6,777
 Other current assets 3,620 2,079
     
 Total current assets 44,706 37,878
Property, equipment and improvements, net 991 833
Other assets 5,369 4,397
     
Total assets  $ 51,066  $ 43,108
     
     
Liabilities and Shareholders' Equity    
     
Current liabilities  $ 18,168  $ 15,870
Pension and retirement plans 9,431 9,056
Non-current liabilities 426 286
     
Shareholders' equity 23,041 17,896
     
Total liabilities and shareholders' equity  $ 51,066  $ 43,108
 
 
PRESS RELEASE
         
CSP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data )
         
         
  /---------Three Months Ended------/ /---------Twelve Months Ended----/
  September 30 2012 September 30 2011 September 30 2012 September 30 2011
Sales:        
 Product $15,976 $11,950 $59,583 $54,734
 Service  6,355 4,650 25,224 18,911
         
 Total sales 22,331 16,600 84,807 73,645
         
Cost of sales:        
 Product 12,952 9,179 50,226 44,810
 Service  3,725 3,450 14,160 12,466
         
 Total cost of sales 16,677 12,629 64,386 57,276
         
 Gross Profit 5,654 3,971 20,421 16,369
         
Operating expenses:        
 Engineering and development  419 325 1,720 1,785
 Selling, general & administrative 5,019 3,640 15,847 13,775
         
 Total operating expenses 5,438 3,965 17,567 15,560
Proceeds from officer life insurance settlement 2,115  -- 2,115  --
         
Operating income 2,331 6 4,969 809
         
         
Other income (expense), net 2 (39) (100) (94)
         
Income (loss) before income taxes 2,333 (33) 4,869 715
         
 Income taxes expense (benefit) (2,600) 59 (1,740) 346
         
Net income (loss)  $4,933 ($92) $6,609 $369
         
         
Net income (loss) per share - basic $1.44 ($0.03) $1.93 $0.11
         
Weighted average shares outstanding - basic 3,363 3,407 3,362 3,439
         
Net income (loss) per share - diluted $1.43 ($0.03) $1.91 $0.10
         
Weighted average shares outstanding - diluted 3,405 3,407 3,405 3,482
CONTACT: Gary Levine
         Chief Financial Officer
         CSP Inc.
         Tel:  978.663.7598 ext. 1200
         Fax: 978.663.0150

CSP Inc. Logo

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