SALT LAKE CITY, UTAH, November 7, 2014, Evans & Sutherland Computer Corporation (E&S) (OTCPK: ESCC)
today reported financial results in its Form 10-Q filing for the third quarter ended September 26, 2014.
Sales for the third quarter were $7.7 million, compared to sales of $8.5 million for the third quarter 2013. Net profit for the quarter was $0.6 million or $0.06 per share compared to a net profit for the third quarter 2013 of $1.0 million or $0.09 per share. Sales for the nine months ended September 26, 2014 were $20.0 million, compared to sales of $18.4 million for the comparable period of 2013. Net loss for the nine months ended September 26, 2014, and for the comparable period of 2013, was $0.8 million or $0.07 per share. Backlog as of September 26, 2014 was $19.9 million compared to backlog of $17.2 million as of December 31, 2013.
Comments from David H. Bateman, President and Chief Executive Officer: "Sales volume and net income for the third quarter of 2014 were slightly lower than the comparable periods of 2013. For the nine month period, sales and gross profit contributions improved in 2014; however, the net loss was comparable due to higher operating expenses in 2014. The higher 2014 operating expenses were due largely to a credit from a settlement of a dispute which reduced expenses in the second quarter of 2013. Also, sales and marketing expenses in 2014 were higher due to a bi-annual tradeshow and the redirection of production and engineering resources to sales and marketing activities. The third quarter compares favorably to the first two quarters of 2014. The improvement was attributable to the timing of work and deliveries on customer projects. The sales backlog and prospects remain strong which supports an encouraging outlook for the remainder of 2014 and into 2015. Cash balances are expected to continue to be variable as a result of the timing of progress payments on customer orders. We continue to believe that sales and overall results for 2014 will be comparable to 2013."
About Evans & Sutherland
Evans & Sutherland in conjunction with its wholly owned subsidiary, Spitz Inc., creates innovative digital planetarium systems and cutting-edge, fulldome show content. E&S has developed Digistar 5, the world's leading digital planetarium with fulldome video playback, real-time computer graphics, and a complete 3D digital astronomy package fully integrated into a single theater system. This technology allows audiences to be immersed in full-color, 3D computer-generated interactive worlds. As a full-service system provider, E&S also offers Spitz domes, SciDome, hybrid planetarium systems including Goto optical mechanical projectors integrated with Digistar 4 and a full range of theater systems from audio and lighting to theater automation. E&S markets include planetariums, science centers, themed attraction venues, and premium large-format theaters. E&S products have been installed in over 1,300 theaters worldwide.
Visit the E&S website at http://www.es.com.
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.
Consolidated Statements of Operations (XLS)
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David H. Bateman
President and CEO
Evans & Sutherland
770 Komas Drive, Salt Lake City, UT 84108