|By Business Wire||
|April 2, 2014 11:42 AM EDT||
Evans & Sutherland Computer Corporation (E&S) (OTCPK: ESCC) today reported financial results in its Form 10-K filing for the year ended December 31, 2013.
Sales for 2013 were $29.6 million, compared to sales of $24.9 million for 2012. The net income for 2013 was $1.2 million or $0.11 per share, compared to a net loss of $2.3 million or $0.21 per share for 2012. The total comprehensive income for the year was $11.2 million compared to a comprehensive loss of $2.8 million for 2012. Revenue backlog as of December 31, 2013 was $17.2 million compared to backlog of $15.5 million as of December 31, 2012.
Comments from David H. Bateman, President and Chief Executive Officer:
“Stronger sales for all of our products in 2013 resulted in a larger operating profit for the year as compared to an operating loss for 2012. The net income for 2013 marks the first annual profit reported in several years. The total comprehensive income is primarily attributable to a $10 million decrease in the accounting measurement of our pension and retirement obligations, which was caused by an increase in the discount rate used to measure the pension obligation along with investment gains in pension plan assets.
“We have made significant progress toward the settlement of our Pension Plan liabilities through the distress termination application process. Recent correspondence with the Pension Benefit Guaranty Corporation indicates that the application process will result in a settlement of the Pension Plan liabilities on terms that will enable the Company to continue to operate as a going concern. However, the Company is uncertain of the timing or the ultimate outcome as of the date of our 10-K filing.
“Customer interest in all of our products remains strong and we intend to continue to aggressively pursue opportunities in the digital theater and other markets served by our products, as well as development and improvement of new and innovative products. We expect variable but consistent future sales and gross profits from our current product line at annual levels sufficient to cover or exceed operating expenses, not including the expense of the Pension Plan. With relief from the burden of the Pension Plan, we believe an improved financial position may present opportunities for better results through the availability of credit and stronger qualification for customer projects.
“Our outlook for the business remains positive.”
Statements in this press release which are not historical, including statements regarding E&S’ or management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. You can identify these statements by the fact that they use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “should,” “plan,” “goal,” “believe,” “confident” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance together with the negative of such expressions. Among the factors that could cause actual results to differ materially are the following: the Company’s ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; results of the Board's evaluation of alternatives available to enhance value for shareholders; and market and general economic conditions. A further list and description of these risks, uncertainties and other matters can be found in the Company’s reports filed with the Securities and Exchange Commission.
|CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) INFORMATION|
|(In thousands, except share and per share data)|
|December 31, 2013||December 31, 2012|
|Cost of sales||18,212||16,002|
|Selling, general and administrative||6,024||5,765|
|Research and development||2,382||2,595|
|Total operating expenses||9,371||10,475|
|Operating income (loss)||2,000||(1,569||)|
|Other expense, net||(730||)||(779||)|
|Income (loss) before income tax provision||1,270||(2,348||)|
|Income tax benefit (provision)||(97||)||69|
|Net income (loss)||$||1,173||$||(2,279||)|
|Net income (loss) per common share - basic and diluted||$||0.11||$||(0.21||)|
|Comprehensive income (loss), net of tax|
|Net income (loss)||$||1,173||$||(2,279||)|
|Other comprehensive income (loss):|
|Reclassification of realized gains from sales of marketable|
|securities to net income (loss)||(27||)||$||(7||)|
|Unrealized gain on marketable securities||20||194|
|Reclassification of pension expense to net income (loss)||728||-|
|Decrease (increase) to minimum pension liability||9,334||(720||)|
|Other comprehensive income (loss)||10,055||(533||)|
|Total comprehensive income (loss)||$||11,228||$||(2,812||)|
|CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION|
|December 31, 2013||December 31, 2012|
|Cash and restricted cash||$||4,396||$||2,816|
|Net receivables, billed and unbilled||7,943||6,446|
|Prepaid expenses and deposits||568||453|
|Property, plant and equipment, net||7,405||7,735|
|Intangibles and other assets||2,136||2,963|
|Liabilities and stockholders' deficit|
|Accounts payable and accrued expenses||$||2,616||$||2,471|
|Customer advances and deposits||5,515||5,711|
|Pension and retirement obligations||24,098||33,886|
|Total liabilities and stockholders' deficit||$||25,702||$||24,250|
|December 31, 2013||December 31, 2012|
E&S is a registered trademark of Evans & Sutherland Computer Corporation.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Sep. 2, 2015 11:15 AM EDT Reads: 489
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Sep. 2, 2015 11:15 AM EDT Reads: 1,606
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Sep. 2, 2015 11:15 AM EDT Reads: 178
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Sep. 2, 2015 11:00 AM EDT Reads: 1,555
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Sep. 2, 2015 11:00 AM EDT Reads: 226
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Sep. 2, 2015 10:45 AM EDT Reads: 1,549
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Sep. 2, 2015 10:30 AM EDT Reads: 519
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
Sep. 2, 2015 10:30 AM EDT Reads: 1,991
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Sep. 2, 2015 10:00 AM EDT Reads: 274
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 2, 2015 10:00 AM EDT Reads: 195
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Sep. 2, 2015 10:00 AM EDT Reads: 813
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Sep. 2, 2015 09:45 AM EDT Reads: 1,618
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Sep. 2, 2015 09:45 AM EDT
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Sep. 2, 2015 09:45 AM EDT Reads: 557
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Sep. 2, 2015 09:30 AM EDT Reads: 1,542