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Conolog Reports Results for the Six Months Ended January 31, 2009
-- Revenues at a five year high -
SOMERVILLE, N.J., March 18, 2009 /PRNewswire-FirstCall via COMTEX/ -- Conolog
Corporation (CNLGD) announced today the results for the six months ended January
31, 2009.
Product revenues for the six months ended January 31, 2009 totaled $945,640,
representing an increase of 81% from $522,727 reported for the same six month
period last year. The Company attributes this to increased orders.
Product cost (material and direct labor) for the six months ended January 31,
2009 totaled $234,363, or 25% of Product revenues, a net reduction of 13% from
the previous year. The Company attributes this improvement to continued use of
improved assembly standards under ISO-9000. Gross profit for the six months ended
January 31, 2009 amounted to $711,277, or 75%, a direct result of increased sales
this fiscal year. Selling, general and administrative expenses for the six months
ended January 31, 2009 amounted to $1,133,547, a 50% reduction or $1,055,443 from
the same period last year. Non-cash non-operating expenses for the six-month
period amounted to $543,459 which included induced conversion cost; amortization
of deferred debenture discount and debenture costs.
As a result of the above, the Company reported a net loss from operations of
($665,924) compared to a loss of ($4,177,068), or a per share loss of ($.21)
compared to a ($3.36) per share loss for the six months ended January 31, 2009
and 2008, respectively.
About Conolog Corporation
Conolog Corporation is a provider of digital signal processing and digital
security solutions to electric utilities worldwide. The Company designs and
assembles electromagnetic products to the military and provides engineering and
design services to a variety of industries, government organizations and public
utilities nationwide. The Company's INIVEN division is a provider of a line of
digital signal processing systems, including transmitters, receivers and
multiplexers.
Contact: Conolog Corporation: Robert Benou, Chairman, 908/722-8081
Forward-looking statements in this release are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward looking statements involve risks and uncertainties,
including, without limitation, continued acceptance of the Company's products,
increased levels of competition, new products introduced by competitors, and
other risks detailed from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission.
[Financial Tables Follow]
CONOLOG CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
ASSETSJanuary 31, 2009July 31, 2008
------
(Unaudited)(Audited)
--------------------
Current Assets:
Cash and cash equivalents$728,668$680,647
Certificate of deposit-600,182
Accounts receivable,net of allowance298,261360,846
Prepaid expenses374,83526,477
Current portion of note receivable14,86414,864
Inventory1,087,055850,507
Other current assets551,937568,529
--------------
Total Current Assets3,055,6203,102,052
------------------
Property and equipment:
Machinery and equipment1,357,0531,357,053
Furniture and fixtures429,765429,765
Automobiles34,09734,097
Computer software209,380209,380
Leasehold improvements30,26530,265
------------
Total property and equipment2,060,5602,060,560
Less: accumulated depreciation(1,955,725)(1,951,725)
--------------------
Net Property and Equipment104,835108,835
--------------
Other Assets:
Deferred financing fees, net of
amortization59,006295,030
Note receivable, net of current
portion73,06280,495
------------
Total Other Assets132,068375,525
--------------
TOTAL ASSETS$3,292,523$3,586,412
====================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------January 31, 2009July 31, 2008
(Unaudited)(Audited)
--------------------
Current Liabilities:
Accounts payable$188,304$165,601
Accrued expenses-61,957
Current convertible debenture,
net of discount575,485824,853
--------------
Total Current Liabilities763,7891,052,411
----------------
----------------
Total Liabilities763,7891,052,411
----------------
Stockholders' Equity
Preferred stock, par value $.50;
Series A; 4% cumulative;
500,000 shares authorized;
155,000 shares issued and
outstanding at January 31, 2009
and July 31, 2008 , respectively.77,50077,500
Preferred stock, par value $.50;
Series B; $.90 cumulative;
2,000,000 shares authorized;
1,197 shares issued and outstanding
at January 31, 2009
and July 31, 2008 , respectively.597597
Common stock, par value $0.01;
30,000,000 shares authorized;
2,882,215 and 2,787,469 shares
issued and outstanding at
January 31, 2009 and July 31, 2008
respectively including 9 shares
held in treasury.28,82327,875
Contributed capital50,039,40350,003,695
Accumulated deficit(47,485,855)(46,819,932)
Treasury shares at cost(131,734)(131,734)
Deferred compensation-(604,110)
Prepaid consulting-(19,890)
---------
Total Stockholders' Equity2,528,7342,534,001
------------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY$3,292,523$3,586,412
====================
CONOLOG CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three MonthsFor the Six Months
Ended January 31,Ended January 31,
2009200820092008
----------------
OPERATING REVENUES
Product revenue$488,959$338,174$945,640$522,727
--------------------------------
Cost of product revenue
Materials and Labor
used in production130,33193,453234,363196,602
Write down of obsolete
inventory parts---100,000
-------------
Total Cost of
product revenue130,33193,453234,363296,602
---------------------------
Gross Profit (Loss)
from Operations358,628244,721711,277226,125
Selling, general and
administrative
expenses614,4031,316,6041,133,5472,188,990
----------------------------------
Loss Before Other
Income (Expenses)(255,775)(1,071,883)(422,270)(1,962,865)
------------------------------------
OTHER INCOME (EXPENSES)
Interest expense(14,140)(11,313)(69,274)(11,351)
Interest income2,48332,29313,81248,907
Induced conversion
cost(25,406)-(205,911)(944,362)
Write off of discount
on converted debt---(705,088)
Amortization of
deferred loan discount(50,762)(141,016)(101,524)(349,939)
Amortization of
deferred loan cost(118,012)(126,185)(236,024)(252,370)
--------------------------------
Total Other
Income (Expense)(205,837)(246,221)(598,921)(2,214,203)
----------------------------------
Loss before provision
for income taxes(461,612)(1,318,104) (1,021,191)(4,177,068)
Provision for
income taxes(355,267)-(355,267)-
--------------------
NET LOSS APPLICABLE
TO COMMON SHARES$(106,345) $(1,318,104)$(665,924) $(4,177,068)
========================================
NET LOSS PER BASIC
AND DILUTED
COMMON SHARE$(0.03)$(0.92)$(0.21)$(3.36)
========================
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING3,127,0791,427,076*3,123,7361,241,363*
====================================
* Represents retroactive application of 1:4 reverse stock split.
SOURCE Conolog Corporation
http://www.conolog.com
Copyright (C) 2009 PR Newswire. All rights reserved
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