-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mi+gJM3QH4/ZkT9H35AM2XXhHComiBhnMXlyJcaLbfi/XqiXmuFebk/I3Vgs5Jw2 BSwmgtklp45iTl4aRYaS4g== 0000815910-04-000057.txt : 20040423 0000815910-04-000057.hdr.sgml : 20040423 20040422182440 ACCESSION NUMBER: 0000815910-04-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040422 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROLOGIC INSTRUMENTS INC CENTRAL INDEX KEY: 0000815910 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 221866172 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24712 FILM NUMBER: 04749123 BUSINESS ADDRESS: STREET 1: COLES ROAD AT RTE 42 CITY: BLACKWOOD STATE: NJ ZIP: 08012 BUSINESS PHONE: 609-228-8100 MAIL ADDRESS: STREET 1: COLES ROAD ROUTE 42 CITY: BLACKWOOD STATE: NJ ZIP: 08012 8-K 1 q104earn.txt FORM 8-K FOR EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report - April 22, 2004 (Date of earliest event reported) METROLOGIC INSTRUMENTS, INC. (Exact name of Registrant as specified in its charter) New Jersey 0-24172 22-1866172 (State of incorporation) (Commission file number) (IRS employer identification number) 90 Coles Road, Blackwood, New Jersey, 08012 (Address of principal executive offices, zip code) Area Code (856) 228-8100 (Telephone number) Item 12. Results of Operation and Financial Condition Metrologic Instruments, Inc. (the "Company") is furnishing herewith as Exhibit 99.1 its Press Release dated April 22, 2004 announcing the Company's earnings for the first quarter ended March 31, 2004. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Metrologic Instruments, Inc. press release dated April 22, 2004 announcing the Company's earnings for the first quarter ended March 31, 2004. SIGNATURES Pursuant to requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: April 22, 2004 Metrologic Instruments, Inc. By: /s/ Kevin J. Bratton Kevin J. Bratton Chief Financial Officer METROLOGIC INSTRUMENTS, INC. CURRENT REPORT ON FORM 8-K EXHIBIT INDEX Exhibit No. Page 99.1 Metrologic Instruments, Inc. press release dated 3 April 22, 2004 announcing the Company's earnings for the first quarter ended March 31, 2004. EXHIBIT 99.1 Corporate Headquarters Metrologic Instruments, Inc. 90 Coles Road Blackwood, NJ 08012-4638 [COMPANY LOGO] Tel 856.228.8100 Fax 856.228.6673 (sales) Fax 856.228-0653 (finance/legal) www.metrologic.com Metrologic Announces Financial Results for the First Quarter; Sales and Net Income Exceed High End of Guidance Estimates Blackwood, New Jersey - April 22, 2004 -- Metrologic Instruments, Inc. (NASDAQ-NMS:MTLG), experts in optical image capture and processing solutions that design, manufacture and market sophisticated imaging and scanning solutions for a variety of applications today announced financial results for the first quarter ended March 31, 2004. Sales increased 24.6% to approximately $39.7 million for the first quarter of 2004 compared with $31.9 million for the same period last year. Net income was approximately $5.1 million, or $0.22 diluted earnings per share, compared with net income of $1.9 million, or $0.11 diluted earnings per share, for the same period last year, excluding the one-time gain of $2.2 million resulting from a discount earned on the early repayment of certain subordinated debt and the write-off of certain costs associated with the Company's former credit agreements. Including these items net income for the first quarter of 2003 was $3.8 million, or $0.22 diluted earnings per share. The sales for the first quarter of 2004 exceeded the top end of the Company's previously announced guidance range of $38.5 to $39.5 million. Net income for the first quarter 2004 has also exceeded the high end of the Company's previously announced guidance range of $3.9 million to $4.2 million or $0.17 to $0.18 diluted earnings per share. Net income for the three months ended March 31, 2004 benefited by approximately $0.05 diluted earnings per share due to the decrease in the U.S. dollar relative to other foreign currencies, primarily the euro, as compared with the first quarter of 2003. Commenting on the first quarter results, Metrologic's Chairman and Chief Executive Officer, C. Harry Knowles, stated, "I am gratified with our significant improvements in both sales and net income over 2003. We have continued to improve on our prior successes in both these areas. The continued solidification of our management organization into an effective performance team has been the catalyst for operational and financial success. We are focused on continuing growth in market share, innovation in new products, and our efforts to reduce costs and increase margins." 2004 Guidance Increased: The Company expects second quarter sales of approximately $39.0 million to $40.0 million. Net Income for the second quarter is expected to be approximately $3.9 million to $4.4 million or $0.17 to $0.19 diluted earnings per share assuming that the average value of the euro is $1.15 US dollars to the euro. For the full year of 2004, Metrologic expects sales to be approximately $163 million to $168 million, and net income to be in the range of $18.1 million to $19.5 million, or $0.78 to $0.84 diluted earnings per share. The earnings estimate for 2004 assumes that the average value of the euro is approximately $1.13 U.S. dollars to the euro. The 2004 net income estimate is an increase from the Company's previous estimate of $17.4 million to $18.5 million, or $0.75 to $0.80 diluted earnings per share. The increase in projected net income is based on an increase in projected sales of existing and new products as well as additional manufacturing and engineering cost reductions that are now in process. About Metrologic Metrologic designs, manufactures and markets bar code scanning and high-speed automated data capture systems solutions using laser, holographic and vision-based technologies. Metrologic offers expertise in 1D and 2D bar code reading, portable data collection, optical character recognition, image lift, and parcel dimensioning and singulation detection for customers in retail, commercial, manufacturing, transportation and logistics, and postal and parcel delivery industries. In addition to its extensive line of bar code scanning and vision system equipment, the company also provides laser beam delivery and control systems to semi-conductor and fiber optic manufacturers, as well as a variety of highly sophisticated optical systems. Metrologic products are sold in more than 110 countries worldwide through Metrologic's sales, service and distribution offices located in North and South America, Europe and Asia. Forward-Looking Statement Forward-looking statements contained in this release are highly dependent upon a variety of important factors which would cause actual results to differ materially from those reflected in such forward looking statements. Specifically, the factors that could cause actual results to differ from expectations include: The timing, introduction and market acceptance of Metrologic's new products including, but not limited to the Stratos; foreign currency fluctuations with the US dollar; pricing pressures; competitive factors; sales cycles of Metrologic's products; Metrologic's ability to control manufacturing and operating costs which affect future profitability; technological changes in the scanner industry, specifically vision-based technologies; availability of patent protection for Metrologic's camera, vision-based technologies, and other products; the resolution of litigation; general economic conditions; and the potential impact of terrorism and international hostilities.. When used in this release and documents referenced, the words "believes", "expects", "may", "should", "seeks", or "anticipates", and similar expressions as they relate to Metrologic or its management are intended to identify such forward-looking statements. For additional factors, please see Metrologic's reports filed with the Securities and Exchange Commission. Metrologic's Contact for Investor Relations: Dale Fischer - Vice President Phone: (856) 228-8100 Email: d.fischer@metrologic.com Metrologic Instruments, Inc. Condensed Consolidated Statements of Operations (amounts in thousands, except per share data) Three Months Ended March 31, 2004 2003 ---- ---- (Unaudited) Sales $ 39,700 $ 31,871 Cost of sales 20,049 19,105 -------- -------- Gross profit 19,651 12,766 Selling, general and administrative expenses 9,374 7,407 Research and development expenses 1,723 1,761 -------- -------- Operating income 8,554 3,598 Net interest income (expense) 11 (459) Other expense (326) (555) Gain on extinguishment of debt - 2,200 --------- -------- Income before income tax expense 8,239 4,784 Income tax expense 3,131 982 --------- -------- Net income $ 5,108 $ 3,802 ========= ======== Earnings per share: Basic $ 0.24 $ 0.23 Diluted $ 0.22 $ 0.22 Weighted average number of common shares outstanding Basic 21,151 16,418 Diluted 22,967 17,063 Metrologic Instruments, Inc. Condensed Consolidated Balance Sheets (all amounts in thousands) March 31, December 31, 2004 2003 ---- ---- (Unaudited) Cash and cash equivalents $ 50,767 $ 48,817 Accounts receivable, net 27,362 27,369 Inventories, net 19,134 16,972 Other current assets 5,252 5,450 Property, plant and equipment, net 16,819 16,940 Goodwill and other intangibles, net 28,841 24,148 Other assets 120 204 -------- -------- Total assets $148,295 $139,900 ======== ======== Accounts payable and accrued expenses $ 21,852 $ 19,000 Debt 4,194 5,527 Other liabilities 7,801 7,765 Total shareholders' equity 114,448 107,608 -------- -------- Total liabilities and shareholders' equity $148,295 $139,900 ======== ======== Supplemental Sales Data Three Months Ended March 31, % % 2004 2003 Total Growth ------- ------- ------ ------ By Geography North America: POS/OEM $ 8,937 $ 9,161 22.5% (2.4%) AOA 8,325 5,058 21.0% 64.6% EMEA 16,929 13,757 42.6% 23.1% Asia/ROW 3,471 1,524 8.8% 127.8% South America 2,038 2,371 5.1% (14.0%) ------- ------- ------ $39,700 $31,871 100.0% 24.6% By Business Segment POS/OEM $31,105 $26,666 78.4% 16.6% Industrial Scanning 5,209 3,084 13.1% 68.9% Advanced Optical Systems 3,386 2,121 8.5% 59.6% ------- ------- ------ $39,700 $31,871 100.0% 24.6% POS/OEM: New Products Introduced in 2003 $ 1,069 $ 10 3.4% NA Introduced 2000-2002 19,756 16,657 63.5% 18.6% Introduced prior to 2000 10,280 9,999 33.1% 2.8% ------- ------- ------ $31,105 $26,666 100.0% 16.6% -----END PRIVACY-ENHANCED MESSAGE-----