ATP Reports Strong Increase in Revenues and Earnings
ROSWELL, Ga., July 30 - Advanced Technical Products, Inc. (NASDAQ:ATPX), a producer of advanced composite structures and chemical and biological defense systems, today reported revenues from continuing operations for the quarter ended June 29, 2001 were $52.08 million compared to $44.71 million in 2000, an increase of 16.5%. Net income from continuing operations for the second quarter of 2001 was $3.35 million compared to $1.57 million for the second quarter of 2000, an increase of 113.4%. Diluted earnings per share increased to $0.56 from $0.28 for the same period a year ago.
Revenues from continuing operations for the six months ended June 29, 2001 were $94.43 million compared to $86.07 million for the comparable period in 2000, an increase of $8.36 million or 9.7%. Net income from continuing operations for the six-month period ended June 29, 2001 was $4.92 million compared to $3.29 million for the comparable period in 2000, an increase of $1.63 million or 49.5%. Diluted earnings per share for the six-month period in 2001 were $0.83 compared to $0.59 for the comparable period in 2000, an increase of $0.24 per share.
During the second quarter, the Company completed the sale of the operations of its Alcore division. As a result, an additional charge of $1.38 million was made to discontinued operations.
"Operating income for the first half of this year increased to $10.55 million from $8.17 million, excluding certain non-recurring charges of $1.3 million in the same period last year. Operating margin increased to 11.2% compared to 9.5% last year. Operating margin growth continues to outpace top line growth," said Garrett L. Dominy, President & CEO.
Since the beginning of the second quarter, ATP's Intellitec has been awarded contract options for additional Lightweight Camouflage Screen Systems by the U.S. Army's Communications -- Electronic Command and for Improved Chemical Agent Monitors by the U.S. Army's Soldier and Biological Chemical Command. Intellitec also received a contract from Honeywell Engines and Systems for the production of a jet engine fan duct utilizing the resin transfer molding (RTM) process.
In addition, ATP's Marion Composites has been awarded a $22 million contract from Lockheed Martin Aeronautics Company to produce composite airframe parts for the U.S. Air Force F-22 Raptor. Marion Composites also received a contract as a new supplier of nose radomes for the Boeing 747-400, 757 and Next Generation 737 airplane programs. Additionally, Marion Composites was awarded a contract by FIAR S.p.A. of Milan, Italy for fighter aircraft nose radomes.
Advanced Technical Products, Inc.'s divisions include Intellitec, Lincoln Composites, Lunn Industries and Marion Composites. The Company's products are used in a variety of applications in the aerospace and defense industries, as well as commercial markets. ATP designs, develops, and manufactures high- performance radomes, aircraft components, rocket motor cases, pressure vessels, fuel tanks, shelter systems and other advanced composite products utilizing various production capabilities. The Company is also a leader in the design, development and manufacture of biological and chemical detection and protection systems. ATP also designs and manufactures electronic products for the specialty vehicle market. Further information on Advanced Technical Products, Inc. is available at www.atpx.com
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements regarding certain assumptions that the company believes it will deliver on long term contracts. Such statements speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable securities laws. Certain factors beyond ATP's control could cause results to differ materially from those in these forward-looking statements. Risk factors include general market conditions, dependence on the aerospace and defense industries, the level of military expenditures and competition in the markets for ATP's products, and are more fully described in filings with the Securities and Exchange Commission.