Costar Technologies, Inc. Announces Financial Results for the
Second Quarter Ended June 30, 2013
BORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em;
PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt;
BORDER-RIGHT:1pt
BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse;
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt
COPPELL, Texas, Aug. 16, 2013 /PRNewswire/ -- Costar
Technologies, Inc. (the "Company") (OTC Markets Group: CSTI),
reported its unaudited financial results for the quarter ended
June 30, 2013 that have been compiled
by the independent accounting firm Rothstein, Kass & Company,
P.C.
Highlights
- Net income of $438, or
$0.30 basic earnings per share, for
the three months ended June 30, 2013,
as compared to $58, or $0.04 basic earnings per share, for the three
months ended June 30, 2012. For the
six months ended June 30, 2013 and
2012 the Company had net income of $1,034, or $0.71
basic earnings per share, and $649,
or $0.45 basic earnings per share,
respectively.
- Sales increased 32% for the second quarter of 2013 as compared
to the same period for 2012. Sales increased 19% for the six month
period ended June 30, 2013 as
compared to the same period in 2012.
- The Company paid down its line of credit to $0 and ended the quarterly period with
$706 in cash.
- Book value increased to $6.24 per
share.
Financial Results, Second Quarter of 2013 as Compared to Second
Quarter of 2012
Revenue for the second quarter of 2013 totaled $6,219, as compared to revenue of $4,709 for the second quarter of the prior year,
an increase of 32%. The increase was mainly due to several
retailers opening new stores and increasing remodels.
Gross profit for the second quarter of 2013 totaled $1,828. This compares to gross profit of
$1,331 for the second quarter of
2012, an increase of 37%. The Company realized continued strong
sales of its DVR line and growth in its IP product segment,
resulting in improved margins.
Selling, general and administrative expenses from continuing
operations for the second quarter of 2013 totaled $1,384. This compares to selling, general and
administrative expenses from continuing operations of $1,236 for the second quarter of 2012, an
increase of 12%. The increase of $148
was due to the hiring of four sales and support employees in the
latter half of 2012 to stimulate future growth, along with
increased commissions and other incentive compensation related to
the Company's current performance.
Net income for the second quarter of 2013 was approximately
$438, or $0.30 basic earnings per share. This compares to
net income for the second quarter of 2012 of $58, or $0.04 basic
earnings per share.
Financial Results, Six Months Ended June
30, 2013 as Compared to Six Months Ended June 30, 2012
Revenue from continuing operations for the six months ended
June 30, 2013 totaled $13,528, an increase of 19% as compared to
revenue of $11,325 for the same
period last year.
Gross profit for the six months ended June 30, 2013 totaled $3,978. This compares to gross profit of
$3,265 for the six months ended
June 30, 2012.
Selling, general and administrative expenses for the six months
ended June 30, 2013 totaled
$2,929. This compares to selling,
general and administrative expenses of $2,525 for the six months ended June 30, 2012, an increase of 16%.
Net income for the six months ended June
30, 2013 was approximately $1,034, or $0.71
basic earnings per share, as compared to net income for the same
period in 2012 of $649, or
$0.45 basic earnings per
share.
James Pritchett, President and Chief
Executive Officer of the Company, stated, "We are pleased to
announce that the Company is debt free for the first time in its
history. This completes our turnaround that began in
2008. The new additions to our sales team and the new network
product offerings continue to provide year-over-year improvement.
Our product mix, coupled with strategic product purchases, resulted
in improving gross profit margins. While we remain cautiously
optimistic due to the slow economic recovery, we are encouraged by
our results and are dedicated to continue to deliver on our
commitment of strong earnings and double digit sales growth."
The Company's outside independent accountants completed their
analysis of the Company's financial condition. The Independent
Accountants Compilation Report, including financial statements and
applicable footnote disclosures, as well as a more detailed version
of this release, are available on our website at
www.costartechnologies.com.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs and distributes a
range of security solution products including surveillance cameras,
lenses, digital video recorders and high-speed domes. The Company
also develops, designs and distributes industrial vision products
to observe repetitive production and assembly lines, thereby
increasing efficiency by detecting faults in the production
process. Headquartered in Coppell,
Texas, the Company's shares currently trade on the OTC
Markets Group under the ticker symbol "CSTI".
Cautionary Statement Regarding Forward Looking
Statements
This document contains forward-looking statements that involve
risks and uncertainties, as well as assumptions, that if they never
materialize or prove incorrect, could cause the results of the
Company to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements
generally are identified by the words "expects," "anticipates,"
"believes," "intends," "estimates," "should," "would," "strategy,"
"plan" and similar expressions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. The risks, uncertainties and
assumptions include developments in the marketplace for our
products, competition, related products and services and general
economic conditions, as well as other risks and uncertainties.
Accordingly, we cannot give assurance that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the Company.
CONTACT:
|
Scott Switzer
|
|
Chief Financial Officer
|
|
Costar Technologies, Inc.
|
|
(469) 635-6800
|
SOURCE Costar Technologies, Inc.