Sutron Reports Second Quarter 2013 Results
(firmenpresse) - STERLING, VA -- (Marketwired) -- 08/13/13 -- Sutron Corporation (NASDAQ: STRN) today announced results for the second quarter and six months ended June 30, 2013.
Second Quarter 2013 Highlights
Revenue of $6.3 million, down 2% from Q1 2013
Backlog of $14.6 million, up 11% from Q1 2013
Cash of $7.1 million, up 42% from Q1 2013
First Half 2013 Highlights
Record Revenue of $12.8 million, up 21% from prior year period
Backlog of $14.6 million as of mid-year, up 11% from prior year period
Sutron reported revenue of $6.3 million for the second quarter of 2013, down 7% from $6.8 million in the second quarter of 2012. This decrease was primarily driven by decreased international project activity. The net loss for the second quarter of fiscal year 2013 was $53,170 compared to net income of $551,670 in the second quarter of fiscal year 2012. This result was primarily due to the impact of the decline in revenue and to increased research and development investments. The Company reported a second quarter loss of $0.01 per basic and diluted share as compared to earnings of $0.12 per basic share and $0.11 per diluted share in the second quarter of 2012.
For the first six months of calendar year 2013, Sutron recorded record revenue of $12.8 million, a 21% increase compared to $10.5 million during the first six months of 2012. Sutron reported a net loss of $22,968 for the first six months of 2013 compared to $475,561 of net income for the same period of 2012. The first six months loss results in $0.00 per basic and diluted share as compared to earning $0.10 per basic share and $0.09 per diluted share in the first six months of 2012.
The Company's backlog as of June 30, 2013 was approximately $14.6 million, up 11% from the backlog as of June 30, 2012.
Sutron ended the second quarter of 2013 with $7.1 million in cash and cash equivalents, up from $5 million at March 31, 2013. Cash generated by operating activities during the first six months of 2013 was $167,222 as compared to cash generated by operating activities through the first six months of 2012 of $394,908. Capital expenditures were $164,747 for the first six months of 2013 compared to $30,264 for the first six months of 2012. As a consequence, Free Cash Flow for the first six months of 2013 was $2,475 compared to Free Cash Flow of $364,644 for the first six months of 2012. Sutron defines Free Cash Flow as net cash provided or used by operating activities less cash used in the purchase of property and equipment.
Raul McQuivey, Chairman and Chief Executive Officer, said, "We have been affected this year by a perceptible slowdown in international project tender activity as well as the cancellation of some tenders prior to anticipated awards. While our second quarter results were largely impacted by these developments, we are encouraged by our record first six month's revenue of $12.8 million and our backlog of $14.6 million. After funding our recent acquisitions of Sabio and MeteoStar with cash, we have been able to build back to a strong cash balance of $7.1 million. We also continue to invest in new product development in these new divisions and, while this has increased our expenses in the near term, we anticipate that these investments will contribute to increased profitability in the upcoming quarters. As evidenced by this quarter's results, our business remains highly project driven through competitive tender and, thus, we expect periodic fluctuations in bookings and revenue due to the uncertain timing of governmental approval and funding processes."
Sutron Corporation, headquartered in Sterling, Virginia, is a project driven business. We provide hydrological, meteorological, oceanic and aviation real-time data collection products, systems, software and services to a diversified customer base of federal, state, local and foreign governments, engineering companies, universities, hydropower companies and other commercial entities. Our quarterly results may fluctuate substantially based upon contract awards that are difficult to project in terms of timing and may be delayed due to differing time frames in securing government approvals and funding.
The statements in this press release that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements include without limitation any statements regarding our expected future financial position, results of operations, cash flows, EBITDA, financing plans, business strategy, bookings, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "should" and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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Datum: 13.08.2013 - 08:47 Uhr
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