Net sales for the second quarter were
HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged for the medical equipment and medical device, hearing, communications, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturability 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 from time to time in
HEI's SEC filings. We undertake no obligation to update these statements to
reflect ensuing events or circumstances, or subsequent actual results. See the
risk factor section in annual report on Form 10K for year ended
HEI, Inc. Summary Financial Statements - Unaudited Consolidated Statements of Operations Three Months Ended Six Months Ended March 1, March 3, March 1, March 3, 2008 2007 2008 2007 (In thousands except (In thousands except per share and share per share and share data) data) Net sales $9,968 $9,906 $19,960 $22,012 Cost of sales 8,298 9,218 16,310 19,992 Gross profit 1,670 688 3,650 2,020 Operating expenses: Selling, general and administrative 1,221 1,301 2,561 3,121 Research, development and engineering 315 609 640 1,319 Total operating expenses 1,536 1,910 3,201 4,440 Operating income (loss) 134 (1,222) 449 (2,420) Other income (expenses): Interest expense, net (176) (409) (371) (769) Other income (expense), net (3) 19 131 26 Income (loss) from continuing operations (45) (1,612) 209 (3,163) Income (loss) from discontinued operations - 41 - (16) Net income (loss) $(45) $(1,571) $209 $(3,179) Income (loss) per share - basic and diluted: Income (loss) per share from continuing operations ($0.00) $(0.17) $0.02 ($0.33) Income (loss) per share from discontinued operations $0.00 $0.00 $0.00 ($0.00) Net income (loss) per share ($0.00) $(0.17) $0.02 ($0.33) Weighted average shares outstanding - basic and diluted 9,543,000 9,509,000 9,543,000 9,543,000 Consolidated and Condensed Balance Sheets March 1, 2008 September 1, 2007 (In thousands except per share and share data) Assets Current assets: Cash and cash equivalents $18 $177 Accounts receivable, net 4,391 4,449 Inventories 4,207 3,260 Deferred income taxes 528 528 Other current assets 408 321 Total current assets 9,552 8,735 Net property and equipment 5,449 5,891 Other long-term assets 1,040 1,076 Total assets $16,041 $15,702 Liabilities and Shareholders' Equity Current liabilities: Checks issued in excess of cash in bank $583 $191 Current maturities of long-term debt 730 848 Accounts payable 2,689 3,215 Accrued liabilities 2,695 1,493 Total current liabilities 6,697 5,747 Total long-term liabilities, less current maturities 5,718 6,595 Total liabilities 12,415 12,342 Shareholders' equity: Convertible preferred stock and common stock 480 480 Paid-in capital 27,816 27,763 Accumulated deficit (24,670) (24,883) Total shareholders' equity 3,626 3,360 Total liabilities and shareholders' equity $16,041 $15,702
SOURCE HEI, Inc.