Sutron Reports Third Quarter 2014 Results
(firmenpresse) - STERLING, VA -- (Marketwired) -- 11/13/14 -- Sutron Corporation (NASDAQ: STRN) today announced results for the third quarter and nine months ended September 30, 2014.
Third Quarter 2014 Results
Third quarter revenue of $6.6 million, down $516,000 year over year
Net income of $118,000, down $369,000 year over year
Cash of $8.1 million, down 6% from prior year period
Backlog of $15.3 million, up 23% from prior year end and up 24% year over year
Sutron reported revenue of $6.6 million for the third quarter of 2014, down 8% from $7.1 million in the same period in 2013. Net income for the third quarter of 2014 was $118,000 compared to net income of $487,000 in the third quarter of 2013. The Company reported third quarter income of $0.02 per basic and diluted share as compared to income of $0.10 per basic and diluted share in the third quarter of 2013.
For the first nine months of calendar year 2014, Sutron recorded revenue of $19.1 million compared to $19.9 million during the first nine months of 2013. Sutron reported a net loss of $264,000 for the first nine months of 2014 compared to net income of $464,000 for the same period of 2013. The first nine months loss in 2014 results in a loss of $0.05 per basic and diluted share as compared to income of $0.09 per basic and diluted share in the first nine months of 2013.
The Company''s backlog as of September 30, 2014 was approximately $15.3 million, up 23.1% from the $12.4 million backlog as of December 31, 2013, and up 24.4% from the $12.3 million backlog as of September 30, 2013. The Company recorded $22.2 million in bookings for the first nine months of 2014, an increase of approximately 8.5% from the $20.4 million recorded in the first nine months of 2013.
Sutron ended the third quarter of 2014 with $8.1 million in cash and cash equivalents, down from $9.1 million at December 31, 2013 and down from $8.6 million at June 30, 2014. Cash used by operating activities during the first nine months of 2014 was $234,871 as compared to $116,201 cash generated by operating activities through the first nine months of 2013. For the first nine months of 2014, Sutron used $559,741 in cash in investing activities compared to $1,464,108 in cash used in investing activities through the first nine months of 2013, primarily related to the Company''s acquisition of Sabio Instruments. Through the first nine months of 2014, the Company''s investment in its new Surface Mount Technology ("SMT") machinery has been $527,000. Due to the cash used in operating activities and the investment in SMT machinery, Free Cash Flow for the first nine months of 2014 was negative $761,871 compared to Free Cash Flow of negative $82,871 for the first nine months of 2013. 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 are disappointed that a number of the larger projects we have been pursuing throughout the year continue to be delayed. We remain hopeful that some of these projects will be closed by the end of 2014. In addition to pursuing these existing projects, we continue to build an additional pipeline of opportunities, and see many potential projects in the global market."
"We are encouraged that our historical business segments continue to perform consistently. Our HPD, ISD, and India departments, which comprise our legacy business, have contributed a combined pre-tax $157,000 to our bottom line through the first nine months of 2014. Operations of our recently acquired divisions, MeteoStar and Sabio, have resulted in a pre-tax net loss of $665,000 through the first nine months of 2014. We believe, however, that our investments in these divisions will generate positive contributions in the coming quarters. We continue to be excited about the opportunity we have with MeteoStar and Sabio to build end-to-end solutions that will enable us to deliver tailored solutions to our customers. With MeteoStar, we are progressing the development of their state of the art LEADS6© weather forecasting and displaying software. With MeteoStar''s software, our legacy business'' dataloggers and systems, and our modeling and systems integration expertise, we plan to deliver to our global customer base an end-to-end solution in the hydrological and meteorological market. We are pursuing a number of opportunities that will validate this initiative. With Sabio, our R&D efforts are developing new ambient air analyzers that will enable us to develop an innovative end-to-end solution in the Air Quality market. These are new products for Sutron that are being designed to offer distinct advantages over existing market offerings. We expect to bring these solutions to the Air Quality market in the coming quarters. We continue to integrate our new SMT machinery into our processes. We have begun producing our own printed circuit boards for a number of our products and continue expanding the capability to additional products. We expect to see reductions in our cost structure and an enhanced ability to deliver our products to market faster."
"We are encouraged that our bookings of new orders for the first nine months of 2014 are up 8.5% year over year and believe that trend, together with a backlog of $15.3 million as of September 30, 2014, and the progress we are making in developing end-to-end solutions to take to market, are positioning Sutron for better performance in the coming quarters."
The Company will hold a shareholder call to discuss its third quarter results at . The dial-in details for the call are:
For those not able to dial in for the call, the call will be recorded and uploaded to our website -- .
Sutron Corporation, headquartered in Sterling, Virginia, is a project driven business. We provide hydrological, meteorological, oceanic, air quality 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.
See accompanying notes to consolidated financial statements.
See accompanying notes to consolidated financial statements.
See accompanying notes to consolidated financial statements.
See accompanying notes to consolidated financial statements.
Glen Goold
Chief Financial Officer
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Datum: 13.11.2014 - 11:35 Uhr
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