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Technology Stocks : EXCEL TECHNOLOGY-XLTC

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To: glen yasue who wrote (339)8/1/2000 1:54:12 AM
From: KLP  Read Replies (1) of 348
 
Excel Technology Reports Record Revenues and Profits for the Second Quarter of 2000
23% Increase in Revenues and 65% Increase in Earnings

NEW YORK, Jul 13, 2000 (BUSINESS WIRE) -- Excel Technology, Inc. (NASDAQ: XLTC chart, msgs) today announced the results for the quarter ended June 30, 2000. Revenues for the period increased $4.9 million to $26.4 million, an increase of 23%, from the $21.5 million from the same period in 1999. After tax profits were $4.1 million, an increase of $1.6 million (65%), from $2.5 million for the second quarter of last year. Net earnings per share on a diluted basis for the quarter increased 55% to $0.34 per share from $0.22 per share for the same period in 1999.

J. Donald Hill, Chairman and CEO commented, "All our divisions performed exceptionally, resulting in another record quarter. Revenue growth continues to be strong, coupled with superior operating profit margins and strong cash generation. We continue to take strides towards becoming the global leader in laser based solutions for industry and science." Antoine Dominic, President and Chief Operating Officer added, "The pace of new product introductions during the first six months of 2000 was significantly higher than in prior periods, due to our commitment and emphasis on research and development. In addition, we are increasing our investments globally in marketing, sales, applications, engineering and manufacturing resources to further penetrate new global markets. Our future progress will continue to be a direct result of our intense product and global market development. We believe our future is bright."

This news release contains forward-looking statements including those relating to future revenues, earnings and operating profit margins, corporate opportunities and market opportunities for new products. Actual results could vary materially from the forward looking statements due to many factors, including many micro and macro factors that can affect revenue and earnings, a wide variety of difficulties in identifying, closing and digesting acquisitions; and market acceptance of and the ability to efficiently manufacture effective new products.

Excel and its wholly-owned subsidiaries develop, manufacture and market laser systems and electro-optical components for electronic, semiconductor, other industrial, scientific and medical applications.
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