AskMuncher
3 years ago
$CSTI Costar Technologies, Inc. Announces Financial Results For the Second Quarter Ended June 30, 2021
Press Release | 08/12/2021
Costar Technologies, Inc. Announces Financial Results For the Second Quarter Ended June 30, 2021
($ in thousands except per share amounts)
PR Newswire
COPPELL, Texas, Aug. 12, 2021
COPPELL, Texas, Aug. 12, 2021 /PRNewswire/ -- Costar Technologies, Inc. (the "Company") (OTC Markets Group: CSTI) announced today its financial results for the second quarter ended June 30, 2021.
Financial Results for the Quarter Ended June 30, 2021
Revenues of $14,717, a 0.5% increase compared to the second quarter of 2020.
Operating expenses, excluding second quarter 2020 restructuring costs of $635, were down 13.3% to $4,615, compared to $5,321 in the second quarter of 2020.
GAAP net income of $4,862, or $2.94 per diluted share, compared to GAAP net loss of $498, or ($0.31) per diluted share, in the second quarter of 2020.
Adjusted earnings of $371, or $0.22 per diluted share, compared to $508, or $0.32 per diluted share, for the quarter ended June 30, 2020. Adjusted earnings, a non-GAAP measure, is defined below.
Adjusted EBITDA of $783, compared to $650 for the quarter ended June 30, 2020. Adjusted EBITDA, a non-GAAP measure, is defined below.
Scott Switzer, the Company's Interim Chief Executive Officer stated, "The second quarter of 2021 presented a recovering but difficult global business environment. Our revenues rebounded from the first quarter of 2021 and the continued reduction in our operating expenses drove improved profitability. We launched our NDAA compliant cameras with enhanced artificial intelligence and pedestrian detection, expanding our target market and meeting customer needs. The Costar team has continued to show great resilience in a challenging situation. The strength of the team and the progress of our business transformation confirms the direction for the years ahead."
Sarah Ryder, the Company's Chief Financial Officer went on to say, "Our second quarter revenues were consistent with the prior year despite increases in sales quotation activity and order volumes. The global chip shortage and shipping and logistics issues experienced in the second quarter caused delays, pushing several orders to the third and fourth quarters of 2021. We enter the third quarter with a strong sales backlog as we continue to manage supply chain and logistics challenges. Our overall debt position decreased from $19,600 to $13,300 due to improved cash management and full forgiveness of our Payroll Protection Program loan in June 2021. In addition the Company is eligible to receive an Employee Retention Credit for the first three quarters of 2021. This credit results in a significant decrease in our payroll tax obligation, estimated to be approximately $2,550 over the three quarters."
The Company's independent auditors completed their analysis of the Company's financial condition. The Independent Auditor's Report, including financial statements and applicable footnote disclosures, is available on our website at www.costartechnologies.com.
Non-GAAP Financial Measures
The Company defines adjusted earnings, a non-GAAP measure, as net income (loss) excluding stock-based compensation, amortization of acquisition-related intangible assets, restructuring costs, PPP loan forgiveness and accrual of Employee Retention Credit. The Company defines adjusted EBITDA, a non-GAAP measure, as earnings before interest, taxes, depreciation, amortization, stock-based compensation, restructuring costs, PPP loan forgiveness and accrual of Employee Retention Credit. The following tables reconcile the non-GAAP financial measures disclosed in this release to GAAP net income (loss):
Quarter
Ended
6/30/21
Quarter
Ended
6/30/20
Six Months
Ended
6/30/21
Six Months
Ended
6/30/20
Adjusted Earnings
371
508
(110)
664
Less:
Stock-Based Compensation
(31)
(53)
(35)
(85)
Intangible Amortization
(314)
(318)
(628)
(635)
Restructuring Costs
(635)
(635)
PPP Loan Forgiveness
3,060
3,060
Accrual of Employee Retention Credit
1,776
1,776
Net Income (Loss)
4,862
(498)
4,063
(691)
Quarter
Ended
6/30/21
Quarter
Ended
6/30/20
Six Months
Ended
6/30/21
Six Months
Ended
6/30/20
Adjusted EBITDA
783
650
665
1,150
Less:
Interest
(255)
(207)
(500)
(498)
Income Taxes (Benefit)
(57)
178
(67)
243
Depreciation
(100)
(113)
(208)
(231)
Intangible Amortization
(314)
(318)
(628)
(635)
Stock-Based Compensation
(31)
(53)
(35)
(85)
Restructuring Costs
(635)
(635)
PPP Loan Forgiveness
3,060
3,060
Accrual of Employee Retention Credit
1,776
1,776
Net Income (Loss)
4,862
(498)
4,063
(691)
These reconciliations of GAAP to non-GAAP measures should be considered together with the Company's financial statements. These non-GAAP measures are not meant as a substitute for GAAP but are included solely for informational and comparative purposes. The Company's management believes that this information can assist investors in evaluating the Company's operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company's financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs, manufactures, 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". Costar was ranked as the 40th largest company in a&s magazine's Security 50 for 2020. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the Company's ability to grow revenue and earnings, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.
You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS SHOWN IN THOUSANDS)
June 30 2021
December 31, 2020
(Reviewed)
(Audited)
ASSETS
Current assets
Cash and cash equivalents
$
2
$
480
Accounts receivable, less allowance for doubtful accounts
of $225 and $175, respectively
7,677
8,579
Inventories
12,762
14,225
Prepaid expenses and other current assets
3,952
2,170
Total current assets
24,393
25,454
Non-current assets
Property and equipment, net
325
533
Deferred financing costs, net
20
Intangible assets, net
5,783
6,411
Goodwill
5,574
5,574
Right of use assets, net
1,705
2,185
Other non-current assets
109
149
(661)
Total non-current assets
13,496
14,872
Total assets
$
37,889
$
40,326
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
5,149
$
4,591
Accrued expenses and other current liabilities
4,873
5,141
Line of credit
10,110
13,024
Current maturities of long-term debt, net of unamortized
financing fees
3,199
3,592
Current maturities of lease liabilities
955
1,049
Total current liabilities
24,286
27,397
Long-Term liabilities
Payroll Protection Program loan
3,025
Deferred tax liability
116
116
Non-current maturities of lease liabilities
916
1,340
Total long-term liabilities
1,032
4,481
Total liabilities
25,318
31,878
Stockholders' Equity
Preferred stock
Common stock
3
3
Additional paid-in capital
157,746
157,686
Accumulated deficit
(140,657)
(144,720)
Less common stock held in treasury, at cost
(4,521)
(4,521)
Total stockholders' equity
12,571
8,448
Total liabilities and stockholders' equity
$
37,889
$
40,326
COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS SHOWN IN THOUSANDS, EXCEPT NET INCOME PER SHARE)
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
(Reviewed)
(Reviewed)
(Reviewed)
(Reviewed)
Net revenues
$
14,717
$
14,640
$
25,499
$
31,668
Cost of revenues
9,728
9,154
16,690
19,532
Gross profit
4,989
5,486
8,809
12,136
Selling, general and administrative
expenses
3,764
4,198
7,365
9,383
Engineering and development expense
851
1,123
1,618
2,555
Restructuring costs
635
635
4,615
5,956
8,983
12,573
Income (loss) from operations
374
(470)
(174)
(437)
Other expenses
Interest expense
(255)
(207)
(500)
(498)
Other income, net
4,800
1
4,804
1
Total other income (expenses), net
4,545
(206)
4,304
(497)
Income (loss) before taxes
4,919
(676)
4,130
(934)
Income tax provision (benefit)
57
(178)
67
(243)
Net income (loss)
$
4,862
$
(498)
$
4,063
$
(691)
Net income (loss) per share:
Basic
$
2.94
$
(0.31)
$
2.47
$
(0.43)
Diluted
$
2.94
$
(0.31)
$
2.46
$
(0.43)
Weighted average shares outstanding:
Basic
1,652
1,597
1,648
1,593
Diluted
1,655
1,597
1,650
1,593
Cision View original content:https://www.prnewswire.com/news-releases/costar-technologies-inc-announces-financial-results-for-the-second-quarter-ended-june-30-2021-301354823.html
AskMuncher
3 years ago
$CSTI Costar Technologies, Inc. Announces Financial Results For the Fourth Quarter and Year Ended December 31, 2020
Press Release | 03/29/2021
Costar Technologies, Inc. Announces Financial Results For the Fourth Quarter and Year Ended December 31, 2020
($ in thousands except per share amounts)
PR Newswire
COPPELL, Texas, March 29, 2021
COPPELL, Texas, March 29, 2021 /PRNewswire/ -- Costar Technologies, Inc. (the "Company") (OTC Markets Group: CSTI) announced today its financial results for the fourth quarter and year ended December 31, 2020.
Financial Results for the Quarter Ended December 31, 2020
Revenues of $12,972, a 23.4% decrease compared to the fourth quarter of 2019.
Operating expenses were down 31.2% to $4,368, compared to $6,348 in the fourth quarter of 2019. The $6,348 of operating expenses in the fourth quarter of 2019 excludes $498 relating to the change in earnout fair.
GAAP net income of $12 or $0.01 per diluted share, compared to GAAP net loss of $1,467, or ($0.94) per diluted share, in the fourth quarter of 2019.
Adjusted earnings of ($156), or ($0.09) per diluted share, compared to ($531), or ($0.34) per diluted share, for the quarter ended December 31, 2019. Adjusted earnings, a non-GAAP measure, is defined below.
Adjusted EBITDA of $140, compared to ($286) for the quarter ended December 31, 2019. Adjusted EBITDA, a non-GAAP measure, is defined below.
Financial Results for the Year Ended December 31, 2020
Revenues of $60,367, a 13.2% decrease compared to the prior year.
Operating expenses, net of a goodwill impairment loss of $939 and restructuring costs of $635, were down 19.4% to $21,368, compared to $28,117 in 2019. The $28,117 of operating expenses in 2019 excludes $498 relating to the change in earnout fair.
GAAP net loss of $8,971, or ($5.59) per diluted share, compared to a GAAP net loss of $2,698, or ($1.72) per diluted share, in 2019.
Adjusted earnings of $880, or $0.55 per diluted share, compared to ($494), or ($0.32) per diluted share, for the year ended December 31, 2019. Adjusted earnings, a non-GAAP measure, is defined below.
Adjusted EBITDA of $2,264, compared to $617 for the year ended December 31, 2019. Adjusted EBITDA, a non-GAAP measure, is defined below.
Scott Switzer, the Company's Interim Chief Executive Officer stated, "In 2020 Costar Technologies faced the many challenges of COVID-19 and the associated impact to the business. The Costar team responded, developed and executed a restructuring plan to right size the business while not losing sight of new product development and the needs of our customers. We expanded our product portfolio to include a new line of NDAA compliant cameras and solutions. As we look to 2021, we are seeing evidence of increased activity in key markets as many of our customers return to full operations and resume projects that were placed on hold with the global pandemic."
Sarah Ryder, the Company's Chief Financial Officer went on to say, "The unification of our departments through our One Costar initiative drove efficiencies in many areas of the business, allowing us to generate positive income in the fourth quarter of 2020. The result of the unification also drove company-wide efficiencies which led to a large reduction in operational expenses. I am encouraged with how well the organization has adopted the One Costar Initiative and continue to be optimistic with the recent increase we are seeing in sales activity."
The Company's independent auditors completed their analysis of the Company's financial condition. The Independent Auditor's Report, including financial statements and applicable footnote disclosures, is available on our website at www.costartechnologies.com.
Non-GAAP Financial Measures
The Company defines adjusted earnings, a non-GAAP measure, as net income (loss) excluding stock-based compensation and amortization of acquisition-related intangible assets. The Company defines adjusted EBITDA, a non-GAAP measure, as earnings before interest, taxes, depreciation, amortization and stock-based compensation. The following tables reconcile the non-GAAP financial measures disclosed in this release to GAAP net income (loss):
Quarter
Ended
12/31/20
Quarter
Ended
12/31/2019
Year Ended
12/31/20
Year Ended
12/31/19
Adjusted Earnings
(156)
(531)
880
(494)
Less:
Stock-Based Compensation
(73)
(115)
(185)
(412)
Intangible Amortization
(319)
(323)
(1,272)
(1,294)
Contingent Consideration Fair Value Adjustment
(498)
(498)
Restructuring Costs
(635)
Impairment Loss
(939)
Revaluation of Deferred Tax Asset
(4,614)
Modification to Inventory Reserve Policy
560
(2,206)
Net Income (Loss)
12
(1,467)
(8,971)
(2,698)
Quarter
Ended
12/31/20
Quarter
Ended
12/31/2019
Year Ended
12/31/20
Year Ended
12/31/19
Adjusted EBITDA
140
(286)
2,264
617
Less:
Interest
(213)
(314)
(916)
(1,320)
Income Taxes (Benefit)
29
187
(4,624)
661
Depreciation
(112)
(118)
(458)
(452)
Intangible Amortization
(319)
(323)
(1,272)
(1,294)
Stock-Based Compensation
(73)
(115)
(185)
(412)
Contingent Consideration Fair Value Adjustment
(498)
(498)
Restructuring Costs
(635)
Impairment Loss
(939)
Modification to Inventory Reserve Policy
560
(2,206)
Net Income (Loss)
12
(1,467)
(8,971)
(2,698)
These reconciliations of GAAP to non-GAAP measures should be considered together with the Company's financial statements. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company's management believes that this information can assist investors in evaluating the Company's operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company's financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs, manufactures 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". Costar was ranked as the 40th largest company in a&s magazine's Security 50 for 2020. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the Company's ability to grow revenue and earnings, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.
You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS SHOWN IN THOUSANDS)
December 31, 2020
December 31, 2019
ASSETS
Current assets
Cash and cash equivalents
$
480
$
1
Accounts receivable, less allowance for doubtful accounts
of $175 and $396, respectively
8,579
9,056
Inventories
14,225
20,196
Prepaid expenses and other current assets
2,170
2,295
Total current assets
25,454
31,548
Non-current assets
Property and equipment, net
533
910
Deferred financing costs, net
20
59
Deferred tax asset, net
4,514
Intangible assets, net
6,411
7,683
Goodwill
5,574
6,513
Right of use assets, net
2,185
3,131
Other non-current assets
149
149
Total non-current assets
14,872
22,959
Total assets
$
40,326
$
54,507
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
4,591
$
5,639
Accrued expenses and other current liabilities
5,141
5,879
Line of credit
13,024
15,953
Current maturities of long-term debt, net of unamortized
financing fees
3,592
781
Contingent purchase price
1,490
Current maturities of notes payable, unrelated party
583
Current maturities of lease liabilities
1,049
990
Total current liabilities
27,397
31,315
Long-Term liabilities
Long-term debt, net of current maturities and
unamortized financing fees
3,592
Payroll Protection Program loan
3,025
Deferred tax liability
116
Non-current maturities of lease liabilities
1,340
2,389
Total long-term liabilities
4,481
5,981
Total liabilities
31,878
37,296
Stockholders' Equity
Preferred stock
Common stock
3
3
Additional paid-in capital
157,686
157,478
Accumulated deficit
(144,720)
(135,749)
Less common stock held in treasury, at cost
(4,521)
(4,521)
Total stockholders' equity
8,448
17,211
Total liabilities and stockholders' equity
$
40,326
$
54,507
COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS SHOWN IN THOUSANDS, EXCEPT NET INCOME PER SHARE)
For the Three Months Ended December 31,
For the Years Ended December 31,
2020
2019
2020
2019
Net revenues
$
12,972
$
16,938
$
60,367
$
69,526
Cost of revenues
8,408
11,433
40,857
42,960
Gross profit
4,564
5,505
19,510
26,566
Selling, general and administrative expenses
3,587
5,037
17,035
22,395
Engineering and development expense
781
1,311
4,333
5,722
Restructuring costs
635
Impairment loss
939
Change in fair value of contingent
purchase price
498
498
4,368
6,846
22,942
28,615
Income (Loss) from operations
196
(1,341)
(3,432)
(2,049)
Other expenses
Interest expense
(213)
(314)
(916)
(1,320)
Other income, net
1
1
10
Total other expenses, net
(213)
(313)
(915)
(1,310)
Income (Loss) before taxes
(17)
(1,654)
(4,347)
(3,359)
Current income tax (benefit) expense
(6)
597
(6)
123
Deferred income tax expense (benefit)
(23)
(784)
4,630
(784)
Net Income (Loss)
$
12
$
(1,467)
$
(8,971)
$
(2,698)
Net income (loss) per share:
Basic
$
0.01
$
(0.94)
$
(5.60)
$
(1.72)
Diluted
$
0.01
$
(0.94)
$
(5.60)
$
(1.72)
Weighted average shares outstanding:
Basic
1,625
1,568
1,603
1,568
Diluted
1,645
1,568
1,603
1,568
Cision View original content:http://www.prnewswire.com/news-releases/costar-technologies-inc-announces-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2020-301258032.html
SOURCE Costar Technologies, Inc.
AskMuncher
4 years ago
$CSTI Costar Technologies, Inc. Announces Date of 2020 Annual Meeting of Stockholders
Press Release | 09/17/2020
Costar Technologies, Inc. Announces Date of 2020 Annual Meeting of Stockholders
PR Newswire
COPPELL, Texas, Sept. 17, 2020
COPPELL, Texas, Sept. 17, 2020 /PRNewswire/ -- Costar Technologies, Inc. (the "Company") (OTC Markets Group: CSTI) announced today that the Company's 2020 Annual Meeting of Stockholders will be held on October 29, 2020 at 10:00 a.m. local time at its corporate headquarters located at 101 Wrangler Drive, Suite 201, Coppell, Texas 75019. The Company also announced that it has set the close of business on September 16, 2020 as the record date for determining the stockholders entitled to receive notice of and vote at the annual meeting.
The Company anticipates mailing its proxy statement to stockholders on or around September 25, 2020, which will include a description of the matters to be considered at the annual meeting. Stockholders may also obtain a copy of the 2020 proxy statement when it is available, as well as other information concerning the Company, at www.costartechnologies.com.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs, manufactures 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". Costar was ranked as the 35th largest company in a&s magazine's Security 50 for 2019. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward-looking statements, including statements regarding the Company's ability to grow revenue and earnings, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.
You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
Cision View original content:http://www.prnewswire.com/news-releases/costar-technologies-inc-announces-date-of-2020-annual-meeting-of-stockholders-301133659.html
SOURCE Costar Technologies, Inc.
rrojarom
6 years ago
CohuHD Costar Awarded US$2.4 Million Surveillance Video Camera Contract for Major Critical Infrastructure Project in Saudi Arabia
Dec 05, 2017
OTC Disclosure & News Service
-
CohuHD Costar Awarded US$2.4 Million Surveillance Video Camera Contract for Major Critical Infrastructure Project in Saudi Arabia
RISE 4290HD expands the reach of CohuHD Costar products into long-range, day/night applications for 24/7 critical infrastructure monitoring
PR Newswire
COPPELL, Texas, Dec. 5, 2017
COPPELL, Texas, Dec. 5, 2017 /PRNewswire/ -- CohuHD Costar, a Costar Technologies, Inc. company (OTC Markets Group: CSTI) announced today that it has been awarded a $2.4 million video surveillance camera contract for a major critical infrastructure project in Saudi Arabia. With the recent introduction of the RISE 4290HD series, CohuHD Costar expands the reach of its RISE series platform into long-range, day/night, thermal video surveillance applications. Working with one of the leading security solutions providers and systems integrators in the Middle East, the RISE 4290HD will provide 24/7 video surveillance for a major critical infrastructure project in Saudi Arabia. This large-scale deployment of RISE 4290HD cameras marks another important milestone for the RISE platform that requires the cameras to operate under extreme environmental conditions and at long distances.
"We're seeing increased demand for rugged cameras that can provide long-range video 24/7 in a variety of environmental conditions. The RISE 4290HD does this, and does it at a price point we believe makes it very attractive for applications such as critical infrastructure and intelligent traffic systems. We expect this project to be the first of many major security monitoring projects for the 4290HD around the world," stated Doug Means, Senior VP and GM of CohuHD Costar.
The RISE 4290HD Series dual-spectrum positioning system is the latest addition to CohuHD Costar's RISE family of products and has been awarded the 2017 GSN Airport, Seaport, Border Security Award for Best Long-Range/High-Res Camera by Government Security News. The RISE 4290HD Series combines crystal clear HD visible spectrum imaging along with standard resolution LWIR thermal night vision imaging.
The RISE 4290HD is designed to operate in harsh weather with its purged and pressurized IP67 enclosure protection to eliminate the effects of water intrusion, pollutants and corrosives. The ultra-rugged design of all CohuHD RISE products allows the company to offer a lifetime warranty against water ingress.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs, manufactures 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". Costar was ranked 41 in a&s magazine's Security 50 for 2016. Security 50 is an annual ranking of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on financial performance.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including but not limited to statements related to the demand for our products and future projects, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. You can identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.
You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
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SOURCE Costar Technologies, Inc.
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BRIG_88
10 years ago
Costar Technologies, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2013
Highlights for the Year Ended December 31, 2013 vs December 31, 2012
Net income increased by 222%, to $1,907, from $592, the third consecutive profitable year.
Revenue increased 35%, to $26,476, from $19,581.
Earnings per share were $1.31 (shown in whole amounts) compared to $0.41 per share.
The Company increased its cash position to $1,637 from $114, and owed $0 on its line of credit.
Financial Results, Fourth Quarter of 2013 as Compared to Fourth Quarter of 2012
Revenue for the fourth quarter of 2013 totaled $4,331, as compared to revenue of $4,220 for the fourth quarter of the prior year, an increase of approximately 3%. The increase was primarily due to the continuation in remodel activity and new store openings by several of the Company's customers.
Gross profit for the fourth quarter of 2013 totaled $923. This compares to gross profit of $1,215 for the fourth quarter of 2012, a decrease of 24%. The Company experienced a one-time write-down of cost of goods sold of $551 related to the prepayment of inventory. The supplier in question is experiencing serious financial difficulty and there is substantial doubt regarding the receipt of the ordered product or the return of the prepaid funds. The Company is exploring its options with respect to this vendor and has qualified a new vendor to provide a substitute product.
Selling, general and administrative expenses for the fourth quarter of 2013 totaled $1,163. This compares to selling, general and administrative expenses of $1,285 for the fourth quarter of 2012, a decrease of 9%. The decrease of $122 was primarily due to a reduction of incentive based compensation and a decline in bank fees.
Net (loss) income for the fourth quarter of 2013 was approximately $(177), or $(0.12) earnings per share. This compares to net (loss) for the fourth quarter of 2012 of $(59), or $(0.04) earnings per share.
Financial Results, Year Ended December 31, 2013 Compared to Year Ended December 31, 2012
Revenue for the year ended December 31, 2013 totaled $26,476, an increase of 35% as compared to revenue of $19,581 for the same period last year. The increase was primarily due to a surge in remodel activity and new store openings by several of the Company's customers.
Gross profit for the year ended December 31, 2013 totaled $7,467. This compares to gross profit of $5,673 for the year ended December 31, 2012. The rise is due to a more favorable overall sales and product mix, including increased interest in the Company's higher margin network product line.
Selling, general and administrative expenses for the year ended December 31, 2013 totaled $5,598. This compares to selling, general and administrative expenses of $4,987 for the year ended December 31, 2012, an increase of 12%. The increase of $611 was primarily 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 improved performance.
Net income for the year ended December 31, 2013 was approximately $1,907, or $1.31 earnings per share, as compared to net income of $592, or $0.41 earnings per share for the year ended December 31, 2012.
James Pritchett, President and Chief Executive Officer of the Company, stated, "The Company's performance in 2013 generated record profits, positively positioning the Company for future opportunities. One of our largest retail customers significantly increased their remodel program in 2013, making up for a limited number of remodels in the prior two years due to a weak economy. We are pursuing additional revenue opportunities in 2014 to offset the temporary increase in sales caused by this "catch up" period, which we estimate increased 2013 revenue by approximately $3,000 to $4,000. We are encouraged by our results and are dedicated to delivering on our commitment of strong earnings and averaged double digit sales growth over a multiyear span."
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