Hi-Shear Technology Corporation (AMEX:HSR), Torrance, CA, today
announced that net income for its third quarter ended February 29,
2008 is $769,000 or $0.11 per share, as compared to $844,000, or
$0.12 per share, for the same period last year and reflects
efficiencies in manufacturing processes that resulted in faster
product cycle time. Higher general, selling and administrative
expenses were incurred during the quarter compared to the same
period last year due to additional legal costs. Revenues recognized
during the quarter were $6,299,000 and 17% higher than the
$5,383,000 for the same quarter last year. Product gross margins
for the quarter were $2,624,000, or 42% of revenues, compared to
$2,192,000, or 41% of revenues, in the same period last year. Net
income for the nine months ended February 29, 2008 grew 37% to
$3,225,000 or $0.47 per share as compared to $2,356,000, or $0.35
per share, for the same period last year. Revenues of $18,526,000
represent a 27% increase over the revenues of $14,575,000 for the
same nine month period last year. Growth in product demand and
manufacturing volume drove the increased revenue and net income. A
dividend of $0.40 per share or approximately $2,725,600 was issued
by the Company payable on April 11, 2008, to shareholders of record
as of the close of business April 01, 2008. This dividend
represents an increase of approximately 14% over the $0.35 per
share dividend issued to shareholders of record on October 5, 2007.
Hi-Shear Technology provides pyrotechnic, mechanical, and
electronic products to the aerospace and defense market in
applications where safety, performance and high reliability are
essential. It develops and produces advanced systems and products
that are primarily used worldwide in space satellites, launch
vehicles, national defense, and government programs. This release,
as it relates to product announcements and other Company matters,
contains forward-looking statements, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, risks related to market acceptance of and demand for
the Company�s products, dependence on the uncertainty of government
budgetary issues, primary government contracts, and intellectual
property rights. The Company�s Form 10-QSB was filed with the
Securities and Exchange Commission on April 14, 2008. The 10-QSB
will be available through Edgar or can be downloaded through
Hi-Shear�s website at www.hstc.com, or contact Linda A. Nespole at
(310) 784-7821. FINANCIAL INFORMATION FINANCIAL STATEMENTS BALANCE
SHEETS � � � February 29, � � May 31, 2008 2007 (Unaudited) �
ASSETS: Current Assets: Cash and cash equivalents $ 2,019,000 $
997,000 Accounts receivable, net 13,515,000 13,025,000 Inventories,
net 1,647,000 1,569,000 Deferred income taxes 1,185,000 976,000
Prepaid expenses and other current assets 332,000 142,000 Total
current assets $ 18,698,000 $ 16,709,000 � Land 846,000 846,000
Equipment, net 2,051,000 2,141,000 Total assets $ 21,595,000 $
19,696,000 � LIABILITIES AND STOCKHOLDERS' EQUITY: Current
Liabilities: Trade accounts payable 1,011,000 793,000 Accrued
liabilities 2,454,000 2,253,000 Deferred revenue 760,000 206,000
Current portion of obligations under capital leases 40,000 40,000
Total current liabilities $ 4,265,000 $ 3,292,000 � Deferred income
taxes 252,000 288,000 Obligation under capital leases (less current
portion) 44,000 73,000 Total liabilities $ 4,561,000 $ 3,653,000 �
Stockholders' Equity Preferred stock, $1.00 par value; 500,000
shares authorized; no shares issued 0 0 Common stock, $.001 par
value - 25,000,000 shares authorized; 6,814,041 and 6,784,957
shares issued and outstanding at February 29, 2008 and May 31,
2007, respectively 7,000 7,000 Additional paid-in capital 7,716,000
7,567,000 Retained earnings 9,311,000 8,469,000 Total stockholders'
equity $ 17,034,000 $ 16,043,000 � Total liabilities and
stockholders' equity $ 21,595,000 $ 19,696,000 HI-SHEAR TECHNOLOGY
CORPORATION STATEMENTS OF OPERATIONS (UNAUDITED) � � � � � � � �
Nine-Month Period Ended Three-Month Period Ended February 29,
February 28, February 29, February 28, 2008 2007 2008 2007 �
Revenues $ 18,526,000 $ 14,575,000 $ 6,299,000 $ 5,383,000 � Cost
of Revenues 10,045,000 8,233,000 � 3,675,000 3,191,000 � Gross
Margin 8,481,000 6,342,000 2,624,000 2,192,000 � Selling, General
and Administrative Expenses 3,395,000 2,467,000 1,548,000 834,000 �
Operating Income 5,086,000 3,875,000 1,076,000 1,358,000 � Interest
Income, Net 39,000 0 19,000 0 � Income before Income Tax Expense
5,125,000 3,875,000 1,095,000 1,358,000 � Income Tax Expense
1,900,000 1,519,000 326,000 514,000 � Net Income $ 3,225,000 $
2,356,000 $ 769,000 $ 844,000 � � Earnings per Common Share - Basic
$ 0.47 $ 0.35 $ 0.11 $ 0.12 Earnings per Common Share - Diluted $
0.47 $ 0.35 $ 0.11 $ 0.12 � Weighted # Common Shares Outstanding:
Basic 6,806,000 6,775,000 6,816,000 6,776,000 Diluted 6,822,000
6,796,000 6,837,000 6,796,000
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