Scientific Technologies Incorporated (NASDAQ:STIZ), a leading North
American provider of automation safeguarding products, announced
today the results of operations for the three and twelve month
periods ended December 31, 2005. Sales for the fourth quarter of
2005 increased 25% to a record $16,917,000, as compared to sales of
$13,549,000 for the same quarter of 2004. Sales for the year ended
December 31, 2005 were $61,158,000, also a record and a 5% increase
over the $58,425,000 recorded in 2004. Net income for the fourth
quarter of 2005 was $1,183,000, or $.12 per common and diluted
share, compared to a net loss for the fourth quarter of 2004 of
$4,832,000, or $.50 per share. Included in the net loss for the
fourth quarter of 2004 is an intangible asset impairment charge of
$4,815,000 and commission expense of approximately $600,000
associated with the settlement of a lawsuit with a former sales
representative organization. Net income for fiscal year 2005 was
$3,374,000, or $.35 per common and diluted share, compared to a net
loss for fiscal year 2004 of $5,118,000, or $.53 per share.
Included in the net loss for the year ended December 31, 2004 are
intangible asset impairment charges of $6,817,000 and the $600,000
lawsuit settlement described above. Commenting on the results,
Joseph J. Lazzara, President and Chief Executive Officer, stated,
"We are very pleased to report a new record for revenues for both a
quarter and for the full year. The sales growth of 25% for the
fourth quarter of 2005 over the same period in 2004 was very
gratifying, as we saw increased sales from both our Safety Products
Group and Automation Products Group. On a sequential basis, revenue
for the fourth quarter of 2005 increased 13% over the third quarter
of 2005. "Finally, it was very rewarding to finish 2005 with net
income of $.35 per share for the year, compared with a loss of $.53
for 2004. Based on the progress we have made in 2005 over the prior
year, we continue to be encouraged with our prospects for the
future." Fourth Quarter Highlights Recent items of interest
include: -- STI's Safety Products Group received a Product of the
Year award for its innovative OptoShield OS3100 Laser Light Safety
Scanner -- an advanced area guarding scanner which employs laser
light to monitor entry into a user-configurable safety detection
zone and send a stop signal to a guarded machine. The award honors
the top new products as voted on by the readers of PLANT
ENGINEERING magazine. The OptoShield was introduced by STI during
the second quarter of 2005. -- STI's Automation Product Group
introduced the RPA Series Level Measurement Sensors. These highly
reliable measuring sensors are designed to augment mechanical tank
level indicators and convert this older style method to one capable
of an electronic output, useful for remote monitoring applications.
The RPA Sensors are designed primarily for tank level measurement
in oil field applications. About Scientific Technologies Inc.
Scientific Technologies, Inc. (STI) is a North American leading
provider of automation safeguarding products and services through
its Safety Products Group. STI's Optical Sensor Division (OSD)
provides safety products that are used to protect workers around
machinery, automated equipment and industrial robots. Our products
serve a wide variety of applications and markets, including
semiconductor, automotive, electronics manufacturing, packaging and
consumer markets. STI's Machine Services Division (MSD) provides
safety services such as safeguarding equipment installations,
machine safety assessments, and the design and custom fabrication
of guarding solutions. MSD specializes in machinery services
including the repair, relocation, installation and service of
fabricating machinery. MSD serves customers in a variety of
industries, including metal fabrication, aerospace, electronics,
building materials, automotive and food processing. Our web site is
located at www.sti.com STI's Automation Products Group serves the
factory automation, semiconductor, transportation, oil and gas,
consumer and food processing industries with a diversified offering
of sensing technologies. Products include level, flow, pressure
sensing, positioning transducers, vehicle separation, profiling and
ultrasonic sensors and controls. Further information is available
at the Group's web sites: www.automationsensors.com, and
www.stiscanners.com. Forward-Looking Statements Certain statements
in this press release, including statements regarding future
prospects, sales and financial results and the impact of product
introductions, are forward-looking statements that are subject to
risks and uncertainties. These risks and uncertainties, which could
cause STI's results to differ materially from the forward-looking
statements, include: economic and political conditions in domestic
and international markets; declining market demand for industrial
safety and security products generally; introduction of or
increased demand for alternative products; potential errors,
defects, design flaws or other problems with our products; changes
in regulations relating to industrial safety and security products;
and the other risks detailed from time to time in STI's Securities
and Exchange Commission filings and reports, including STI's annual
report filed on Form 10-K and quarterly reports filed on Form 10-Q.
STI disclaims any obligation to update information contained in any
forward-looking statement. -0- *T SCIENTIFIC TECHNOLOGIES
INCORPORATED Condensed Consolidated Income Statement (Amounts in
thousands except per share data) (Unaudited) Three months ended
Twelve months ended December 31, December 31, 2005 2004 2005 2004
-------- -------- --------- --------- Sales $ 16,917 $ 13,550 $
61,158 $ 58,425 Intangibles write down -- 3,479 -- 4,206 Cost of
sales 9,482 9,426 35,658 36,372 -------- -------- ---------
--------- Gross profit 7,435 645 25,500 17,847 Intangibles write
down -- 1,336 -- 2,611 Operating expenses 5,982 6,512 22,350 23,094
-------- -------- --------- --------- Operating income (loss) 1,453
(7,203) 3,150 (7,858) Interest and other income 308 22 544 216
-------- -------- --------- --------- Income (loss) before taxes
1,761 (7,181) 3,694 (7,642) Provision (benefit) for income taxes
578 (2,349) 320 (2,524) -------- -------- --------- --------- Net
income (loss) $ 1,183 $ (4,832)$ 3,374 $ (5,118) ======== ========
========= ========= Basic and diluted net income (loss) per Share $
.12 $ (.50)$ .35 $ (.53) ======== ======== ========= =========
Shares used to compute net income (loss) per share 9,783 9,741
9,775 9,741 ======== ======== ========= ========= Condensed
Consolidated Balance Sheet (Amounts in thousands) (Unaudited)
December 31, December 31, 2005 2004 ------------ ------------
Assets Current assets: Cash and cash equivalents $ 7,253 $ 2,940
Accounts receivable 9,085 7,746 Inventories 8,414 10,584 Other
assets 2,640 5,161 --------- ---------- Total current assets 27,392
26,431 Property, plant and equipment, net 3,224 3,470 Goodwill,
intangibles and other assets 4,397 2,918 --------- ---------- Total
assets $ 35,013 $ 32,819 ========= ========== Liabilities and
shareholders' equity Current liabilities: Accounts payable $ 2,480
$ 3,246 Accrued expenses 3,661 3,920 Current portion of capital
lease with Parent 68 68 --------- ---------- Total current
liabilities 6,209 7,234 Capital lease with Parent 28 96 Deferred
income tax liability -- 118 --------- ---------- Total liabilities
6,237 7,448 Shareholders' equity 28,776 25,371 --------- ----------
Total liabilities and shareholders' equity $ 35,013 $ 32,819
========= ========== *T
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