HATH News and Yahoo Detailed Quote
HATH: Nasdaq SC
Shares Outstanding 4.28 million
Foat 2.4 million shares
52 Week High 19 3/4 - Low 7/8
Hathaway Corporation is engaged in the business of designing, manufacturing and selling advanced systems and instrumentation to the worldwide power and process industries, as well as motion control products to a broad spectrum of customers including telecommunications companies throughout the world. The Company operates primarily in the United States and the United Kingdom and has three joint venture investments in China. The process instrumentation products group manufactures and markets products for the process and power industries including monitoring systems, calibration equipment and process measurement instrumentation. The motion control group offers quality, cost-effective products that suit a wide range of applications in the industrial, medical, military and aerospace sectors, as well as in manufacturing of analytical instruments and computer peripherals.
Last quarter Hathaway Corporation earned 14 cents a share. Earnings could be poised to continue to rise for the immediate future. Hathaway Corporation's Motion Control Division is seeing increasing orders for parts that have been described as vital to fiberoptics telecommunication systems. On April 4th HATH announced that Hathaway's Computer Optical Products subsidiary in Chatsworth, California, a division of Hathaway's Motion Control segment, had received new orders valued at $2,430,000 to supply high-precision, high-resolution brushless DC motors and optical encoders to a leading manufacturer of test instrumentation for the fiberoptic telecommunications industry.
Hathaway Corporation describes some of the growth that they were experiencing prior to this announcement in their 10Q Edgar Report released Feb 14th.
Operating Results
For the second quarter ended December 31, 1999, the Company recognized a net profit of $617,000, or $0.14 per share, compared to a net loss of $346,000, or $.08 per share, for the same period last year. Revenues increased 6% in the second quarter from $10,539,000 last year to $11,151,000 this year.
The Company recognized a net loss of $104,000, or $0.02 per share, for the six months ended December 31, 1999, compared to a net loss of $1,653,000, or $.39 per share, for the six months ended December 31, 1998. Revenues for the first six months increased by 2% from $19,657,000 in fiscal 1999 to $20,056,000 in fiscal 2000.
The 6% increase in revenues for the second quarter and the 2% increase in revenues for the first six months were due to an increase in revenues from the Motion Control segment (Motion Control), partially offset by a decrease in revenues in the Power and Process segment (Power and Process). Sales order backlog is up 42% this year to $18,854,000 at December 31, 1999 from $13,283,000 at December 31, 1998. Backlog for both Motion Control and Power and Process is greater at December 31, 1999 than at December 31, 1998.
Revenues from Motion Control for the second quarter increased 47% from $3,058,000 for the second quarter last year to $4,511,000 for the second quarter this year. Revenues for the six months increased 40% from $6,114,000 for the six months last year to $8,578,000 for the current six-month period. Pretax profit for Motion Control for the second quarter was $721,000 compared to $70,000 last year and, for the six months, pretax profit was $1,346,000 compared to a loss of $24,000 last year. The growth in Motion Control is a reflection of expansion into new markets and broader segments of existing markets.
Power and Process revenues decreased from $7,481,000 for the second quarter ended December 31, 1998 to $6,640,000 for the second quarter this year and from $13,543,000 for the six months last year to $11,478,000 for the same period this year. Power and process realized a pretax profit of $35,000 for the second quarter this year compared to a loss of $440,000 last year. For the six months, power and process had a pretax loss of $1,327,000 compared to a loss of $1,591,000 last year. The improvement in results is primarily due to the Company's success in marketing systems automation products to the deregulated power industry, the release of new products and the success of its Chinese joint venture investments. In addition, backlog for Power and Process orders has strengthened during the six months ended December 31, 1999.
Sales to international customers increased from $3,367,000 in the second quarter of the prior year, to $4,065,000 in the second quarter of the current year. In the first six months, sales to international customers decreased slightly from $6,606,000 in fiscal year 1999 to $6,553,000 in fiscal year 2000.
Investor Contact:
Richard Smith, 303/799-8200
Fax: 303/799-8880
[email protected]