Scientific Technologies Incorporated (NASDAQ:STIZ), a leading North
American provider of automation safeguarding technology announced
today the results of operations for the quarter and six months
ended June 30, 2005. Sales for the second quarter of 2005 were
$14,941,000, compared to sales of $15,632,000 in the second quarter
of 2004. Net income for the second quarter of 2005 was $510,000, or
$0.05 per share, compared to net income of $583,000, or $.06 per
share, for the second quarter of 2004. Sales for the six months
ended June 30, 2005 were $29,239,000 compared to $30,272,000 for
the comparable 2004 period. Net income for the first half of 2005
declined to $529,000 or $.05 per basic and diluted share compared
to $907,000 or $.09 per basic and diluted share in the first half
of 2004. Commenting on the results, Joseph J. Lazzara, President
and Chief Executive Officer stated, "The second quarter of 2005
represents a marked improvement over the first quarter of 2005. Our
sales were up 4% for the second quarter of 2005 from the
$14,298,000 in sales achieved in the first quarter of 2005, while
profits increased to $510,000 in the second quarter from $19,000 in
the first quarter of 2005. "We also accomplished a series of
product introductions and training sessions for our distributor
channel, covering 11 cities across North America, commencing during
the later portion of the second quarter and completed in the early
third quarter. As a result of this training, we look forward to
further working with our distributor channel in solving our
customers' automation guarding and sensing problems with an
increased number of products and technologies." Second Quarter
Highlights -0- *T Items of interest for the second quarter
included: -- We introduced and commenced deliveries on the new
OptoShield OS3100 Laser Light Safety Scanner an advanced area
guarding safety scanner which employs laser light to monitor entry
into a user configurable safety detection zone and send a stop
signal to a guarded machine. The scanner can be used to protect
personnel from stationary hazardous machinery and robotic work
cells or moving equipment, such as automatic guided vehicles.
OptoShield features STI-patented Intrusion Indicators that identify
where the safety zone is encroached without the need for difficult
diagnostic searches and an external computer display. Intuitive
set-up software facilitates ease of use and configuration, allowing
the OptoShield to be configured in a large number of area guarding
arrangements. STI is the only US manufacturer of safety laser
scanners. According to a January, 2005 report issued by Venture
Development Corporation on the North American Market for Machine
Automatic Safeguarding Equipment, laser scanners represent the
second highest expected product growth segment, by percentage, in
the safeguarding equipment market from 2004 to 2007, and are
expected to be an estimated $90 million product segment by 2007. --
We introduced our new AS-I Safety Module, which offers our
customers the ability to interface a number of STI products, such
as our safety light curtains and our OS3100 Laser Light Safety
Scanner to the AS-Interface (AS-I) Safety at Work industrial
automation networking system. AS-Interface is a lower level
fieldbus, consisting of a low-cost connection system designed to
operate over a two-wire cable carrying data and power, used
primarily to connect actuators and sensors to a machine control
system. The Safety at Work system is an extension of the AS-I
system, allowing the addition of safety devices to the control
network. -- Our Machine Services Division received its largest
order to date for the LazerSafe, a safeguarding device used on
hydraulic brake presses for operator protection, from an
agricultural product storage and handling systems manufacturer. --
Our Automation Products Group began deliveries of its new product
catalog, the 2005-2006 Selection Guide to Measurement Automation
Products. Featured technologies include ultrasonic sensors,
pressure products, liquid level sensors, solid level sensors, flow
sensors, data monitors and telemetry products, relays and
controllers. Each product category includes a selection guide with
clearly detailed product features, options, application examples,
specifications, schematic/system drawings, dimensions and ordering
information. *T About Scientific Technologies Inc. Scientific
Technologies, Inc. (STI) is a North American leading provider of
automation safeguarding products and services through its Safety
Products Group. STI's Optical Sensor Division (OSD) provides safety
products that are used to protect workers around machinery,
automated equipment and industrial robots. Our products serve a
wide variety of applications and markets, including semiconductor,
automotive, electronics manufacturing, packaging and consumer
markets. STI's Machine Services Division (MSD) provides safety
services such as: safeguarding equipment installations, machine
safety assessments, and the design and custom fabrication of
guarding solutions. MSD specializes in machinery services including
the repair, relocation, installation and service of fabricating
machinery. MSD serves customers in a variety of industries,
including metal fabrication, aerospace, electronics, building
materials, automotive and food processing. Our web site is located
at www.sti.com STI's Automation Products Group serves the factory
automation, semiconductor, transportation, oil and gas, consumer
and food processing industries with a diversified offering of
sensing technologies. Products include level, flow, pressure
sensing, positioning transducers, vehicle separation, profiling and
ultrasonic sensors and controls. Further information is available
at the Group's web sites: www.automationsensors.com, and
www.stiscanners.com. Forward-Looking Statements Certain statements
in this press release, including statements regarding the expected
growth of the laser scanner market, are forward-looking statements
that are subject to risks and uncertainties. These risks and
uncertainties, which could cause STI's results to differ materially
from the forward-looking statements, include: economic and
political conditions in domestic and international markets;
declining market demand for laser scanners or industrial safety and
security products generally; introduction of or increased demand
for alternative products; potential errors, defects, design flaws
or other problems with laser scanner products; changes in
regulations relating to industrial safety and security products;
and the other risks detailed from time to time in STI's Securities
and Exchange Commission filings and reports, including STI's annual
report filed on Form 10-K and quarterly reports filed on Form 10-Q.
STI disclaims any obligation to update information contained in any
forward-looking statement. -0- *T SCIENTIFIC TECHNOLOGIES
INCORPORATED AND SUBSIDIARIES Condensed Consolidated Income
Statement (Amounts in thousands except per share data) (Unaudited)
Three months ended Six months ended June 30, June 30, 2005 2004
2005 2004 ------- ------- ------- ------- Sales $14,941 $ 15,637 $
29,239 $ 30,272 Cost of sales 8,771 9,204 17,591 17,770 -------
------- ------- ------- Gross profit 6,170 6,433 11,648 12,502
Operating expenses 5,509 5,566 11,017 11,156 ------- -------
------- ------- Operating income (loss) 661 867 631 1,346 Interest
and other income 89 73 150 117 ------- ------- ------- -------
Income (loss) before taxes 750 940 781 1,463 Provision for
(benefit) from income taxes 240 357 252 556 ------- ------- -------
------- Net income (loss) $ 510 $ 583 $ 529 $ 907 ======= =======
======= ======= Basic and diluted net income (loss) per share $ .05
$ .06 $ .05 $ .09 ======= ======= ======= ======= Shares used to
compute net income (loss) per share 9,772 9,811 9,770 9,797 =======
======= ======= ======= Condensed Consolidated Balance Sheet
(Amounts in thousands) June 30, Dec. 31, 2005 2004 --------
-------- Assets Current assets: Cash and cash equivalents $ 1,141 $
1,107 Short-term investments 2,379 2,350 Accounts receivable 8,372
7,746 Inventories 10,077 10,584 Other assets 5,152 5,161 --------
-------- Total current assets 27,121 26,948 Property, plant and
equipment, net 3,271 3,470 Goodwill, intangibles and other
non-current assets 2,841 2,918 -------- -------- Total assets $
33,233 $ 33,336 ======== ======== Liabilities and shareholders'
equity Current liabilities: Bank overdraft $ 51 $ 517 Accounts
payable 3,587 3,246 Accrued expenses 3,436 3,920 Current portion of
capital lease with Parent 68 68 -------- -------- Total current
liabilities 7,142 7,751 Capital lease with Parent 62 96 Long-term
tax liability 118 118 -------- -------- Total liabilities 7,322
7,965 Shareholders' equity 25,911 25,371 -------- -------- Total
liabilities and shareholders' equity $ 33,233 $ 33,336 ========
======== *T
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