VISUALIZATION
Evans & Sutherland Reports Second Quarter Results
- Written by: Writer
- Category: VISUALIZATION
SALT LAKE CITY, UT -- Evans & Sutherland Computer Corp. (E&S(R)) (Nasdaq:ESCC) today reported financial results for the three months ended June 28, 2002. All results are unaudited. For the three months ended June 28, 2002, E&S reported total sales of $34.2 million compared to $48.1 million in the same period of 2001, an operating loss of $0.3 million compared to an operating loss of $4.6 million in the same period of the previous year, and a net loss of $0.7 million or $0.07 per share, compared to a net loss of $5.1 million or $0.50 per share in 2001. Comments From James R. Oyler, President and Chief Executive Officer: "Our operating results have continued to improve, compared to both the prior year and the prior quarter. Gross profit as a percentage of revenue reached its highest level since 1999. During the quarter, we lowered costs by reducing employment and taking other restructuring actions. "While some restructuring was planned, we implemented deeper cuts than originally planned to improve future results even if economic recovery is delayed. The associated restructuring charges were offset by previously announced changes in our defined benefit pension plan. "During the quarter we announced a major new product, the EP(TM)-1000CT visual system for the commercial aviation market, with early deliveries to key airlines including Lufthansa and KLM. We expect the combination of new products and cost reductions to support continued improvement in operating results. "While current market conditions are unusually hard to forecast, we continue to believe we will achieve a return to profitability in the second half of this year." Evans & Sutherland produces high-quality visual systems for simulation, training, and visualization in defense and commercial applications; digital theaters; and related applications throughout the world. Visit the E&S Web page at http://www.es.com.