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SMALL BUSINESS
HEI, Inc. Announces Results for the Second Quarter Fiscal 2009
MINNEAPOLIS, Aug. 31 /PRNewswire-FirstCall/ -- HEI, Inc. (Pink Sheets: HEII; http://www.heii.com) today announced its financial results for its second quarter of fiscal year 2009, which ended July 4, 2009.
Net sales for the second quarter were $7,826,000, compared to $10,993,000 for the second quarter of fiscal year 2008. The Company generated a net loss of ($167,000) for the second quarter of fiscal year 2009 compared to net income of $661,000 for the same period of fiscal year 2008. Net sales for the first six months of fiscal year 2009 were $16,709,000, compared to $20,175,000 for the same prior year period. The Company generated a net income of $100,000 through the second quarter of the current fiscal year compared to a net income of $221,000 for the first six months of the prior fiscal year.
HEI CEO, Mark B. Thomas, remarked: "Like many companies, HEI has felt the impact of the current economic conditions that has resulted in less demand for some of our customers' products. As a contract manufacturer, our focus is on expanding our customer base and advancing our technological capabilities. We continue to be diligent in managing our costs in order to maintain a healthy balance sheet and liquidity, while meeting our customers' needs. Although we had positive net income year to date, we are disappointed with showing a loss for the quarter. We are executing our plans to penetrate existing and new markets and we believe that we will be a stronger company in the coming year as we meet the needs of an expanding customer base."
HEI, Inc. designs, develops and manufactures ultra-miniature microelectronics, substrates, systems, and connectivity and software solutions for customers engaged in the medical, hearing, telecommunications, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional and cost effective product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.
Headquarters & Microelectronics Division PO Box 5000,
1495 Steiger Lake Lane,
Victoria, MN 55386
-Advanced Medical Division 4801 North 63rd Street,
Boulder, CO 80301
-High Density Interconnect Division 610 South Rockford Drive,
Tempe, AZ 85281
FORWARD LOOKING INFORMATION
Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "intend," "estimate," "continue," and similar words. Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and the estimated HEI revenue, cash flow and profits, are forward looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, our ability to satisfy financial or other obligations or covenants set forth in our financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI's ability to control fixed and variable operating expenses, and other risks detailed in previous HEI SEC filings. Since HEI is no longer reporting to the SEC, readers are cautioned to weigh the potential for additional risk factors based on ongoing business activities and the current economic conditions in the world economy. The information set forth herein should be read in light of such risks. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.
HEI, Inc.
Summary Financial Statements
------------------------------------------------------------------------
Consolidated and Condensed Balance Sheets
------------------------------------------
July 4, January 3,
2009 2009
---- ----
(Unaudited) (Audited)
(In thousands, except share
and per share data)
Assets
Current assets:
Cash and cash equivalents $7 $7
Accounts receivable, net 4,709 4,686
Inventories 3,093 3,474
Deferred income taxes 435 435
Other current assets 459 835
--- ---
Total current assets 8,703 9,437
----- -----
Net property and equipment 6,242 6,917
Other long-term assets 875 936
--- ---
Total assets $15,820 $17,290
======= =======
Liabilities and Shareholders' Equity
Current liabilities:
Checks issued in excess of cash in bank $55 $509
Current maturities of long-term debt 816 1,026
Accounts payable 1,354 1,434
Customer deposit liabilities 170 73
Accrued liabilities 1,141 1,391
----- -----
Total current liabilities 3,536 4,433
----- -----
Total long-term liabilities, less current
maturities 7,472 8,228
----- -----
Total liabilities 11,008 12,661
------ ------
Shareholders' equity:
Convertible preferred stock and common
stock 484 484
Paid-in capital 28,038 27,955
Accumulated deficit (23,710) (23,810)
------- -------
Total shareholders' equity 4,812 4,629
----- -----
Total liabilities and shareholders' equity $15,820 $17,290
======= =======
HEI, Inc.
Summary Financial Statements
-------------------------------------------------------------------------
Consolidated Statements of Operations - Unaudited
-------------------------------------------------
Three Months Ended Six Months Ended
------------------ ----------------
July 4, June 28, July 4, June 28,
2009 2008 2009 2008
---- ---- ---- ----
(In thousands, (In thousands,
except share and except share and
per share data) per share data)
Net sales $7,826 $10,993 $16,709 $20,175
Cost of sales 6,378 8,587 13,330 16,448
----- ----- ------ ------
Gross profit 1,448 2,406 3,379 3,727
----- ----- ----- -----
Operating expenses:
Selling, general and
administrative 1,333 1,326 2,637 2,601
Research, development and
engineering 223 307 433 616
--- --- --- ---
Total operating expenses 1,556 1,633 3,070 3,217
----- ----- ----- -----
Operating income (loss) (108) 773 309 510
---- --- --- ---
Other income (expenses):
Interest expense, net (61) (139) (215) (303)
Other income, net 2 27 6 14
--- --- --- ---
Net income (loss) $(167) $661 $100 $221
===== ==== ==== ====
Net income (loss) per share -
basic and diluted ($0.02) $0.07 $0.01 $0.02
====== ===== ===== =====
Weighted average shares
outstanding -
basic and diluted 9,720,000 9,547,000 9,678,000 9,547,000
========= ========= ========= =========
SOURCE HEI, Inc.