COMPANY CONTACTS:
Kenneth Traub
President and Chief Executive Officer
Tel. (914) 593-0809
KTRAUB@ABNH.COM
Alan Goldstein
Vice President and Chief Financial Officer
Tel. (914) 593-0844
AGOLDSTEIN@ABNH.COM
AMERICAN BANK NOTE HOLOGRAPHICS REPORTS
FIRST QUARTER FINANCIAL RESULTS
Elmsford, NY - May 7, 2004 – American Bank Note Holographics, Inc. (“ABNH”) (OTC Bulletin Board: ABHH) a world leader in the origination, production and marketing of holograms for security applications, today announced financial results for the first quarter ended March 31, 2004.
Net income for the first quarter of 2004 was $0.4 million, or $0.02 per share, compared with net income of $0.2 million, or $0.01 per share, for the first quarter of 2003. Sales for the first quarter of 2004 were $5.0 million, compared with $4.5 million for the first quarter of 2003.
Kenneth H. Traub, president and CEO of ABNH, commented, “We are pleased to report a continued improvement in operating performance in the first quarter. We have also continued to build upon the strong position we have established in document security markets and invested in new product development and marketing initiatives to support future growth. Our transaction card business has returned strongly and we anticipate continued strength in this market going forward. We also commenced new identification document programs as well as new pharmaceutical projects which we anticipate will contribute to our growth.”
more
ABNH REPORTS FIRST QUARTER FINANCIAL RESULTS/2
About American Bank Note Holographics, Inc.
American Bank Note Holographics is a world leader in the origination,
production, and marketing of holograms. The Company’s products are used
primarily for security applications such as counterfeiting protection and authentication
of transaction cards, identification cards, documents of value, consumer and
industrial products as well as for packaging and design applications. ABNH is
headquartered in Elmsford, NY. For more information, visit www.abnh.com
# # #
ABNH Forward-Looking Statement
This news release includes forward-looking statements that involve risks and uncertainties. Although the Company believes such statements are reasonable, it can make no assurance that such statements will prove to be correct. Such statements are subject to certain factors that may cause results to differ materially from the forward-looking statements. Such factors include the risk factors discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, a copy of which may be obtained from the Company without charge. The Company undertakes no obligation to publicly release results of any of these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.
This release and prior releases are available on the ABNH Web site at www.abnh.com
-Financial Tables to Follow-
ABNH REPORTS FIRST QUARTER FINANCIAL RESULTS/3
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
BALANCE SHEETS
(In thousands, except share data)
March 31, |
December 31, |
||
2004 |
2003 |
||
| (Unaudited) |
|||
| ASSETS | |||
| Current Assets: | |||
| Cash and cash equivalents | $ 11,843 |
$11,341 |
|
| Accounts receivable, net of allowance for | |||
| doubtful accounts of $180 | 3,292 |
3,174 |
|
| Inventories | 2,342 |
2,386 |
|
| Deferred income taxes | 961 |
981 |
|
| Prepaid expenses | 285 |
385 |
|
| Other | 75 |
150 |
|
--------- |
--------- |
||
| Total current assets | 18,798 |
18,417 |
|
| Machinery, equipment and leasehold improvements, | |||
| net of accumulated depreciation and amortization | |||
| of $9,397 and $9,238 | 2,499 |
2,490 |
|
| Other assets | 100 |
113 |
|
--------- |
--------- |
||
| Total Assets | $ 21,397 |
$ 21,020 |
|
========= |
========= |
||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current Liabilities: | |||
| Accounts payable | $ 581 |
$ 687 |
|
| Accrued expenses | 1,488 |
1,627 |
|
| Customer advances | 52 |
49 |
|
| Income taxes payable | 185 |
- |
|
--------- |
--------- |
||
| Total current liabilities | 2,306 |
2,363 |
|
| Deferred income taxes | 1,240 |
1,208 |
|
--------- |
--------- |
||
| Total liabilities | 3,546 |
3,571 |
|
--------- |
--------- |
||
| Commitments and contingencies | |||
| Stockholders' Equity: | |||
| Preferred stock, authorized 5,000,000 shares; | |||
| no shares issued or outstanding | - |
- |
|
| Common stock, par value $.01 per share, authorized | |||
| 40,000,000 shares; issued and outstanding | |||
| 18,483,720 shares | 185 |
185 |
|
| Additional paid-in capital | 23,994 |
23,994 |
|
| Accumulated deficit | (6,328) |
(6,730) |
|
--------- |
--------- |
||
| Total Stockholders' Equity | 17,851 |
17,449 |
|
--------- |
--------- |
||
| Total Liabilities and Stockholders' Equity | $ 21,397 |
$ 21,020 |
|
| ========= | ========= |
ABNH REPORTS FIRST QUARTER FINANCIAL RESULTS/4
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Three Months Ended
March 31, |
|||
2004 |
2003 |
||
| Revenue: | |||
| Sales | $ 5,034 |
$ 4,538 |
|
| Royalty income | 10 |
44 |
|
------- |
------- |
||
5,044 |
4,582 |
||
| Costs and expenses: | |||
| Cost of goods sold | 2,270 |
2,016 |
|
| Selling and administrative | 1,683 |
1,763 |
|
| Research and development | 283 |
268 |
|
| Depreciation and amortization | 160 |
179 |
|
------- |
------- |
||
4,396 |
4,226 |
||
------- |
------- |
||
| Operating income | 648 |
356 |
|
| Interest income | 23 |
25 |
|
------- |
------- |
||
| Income before provision for income taxes | 671 |
381 |
|
| Provision for income taxes | 269 |
162 |
|
------- |
------- |
||
| Net income | $ 402 |
$ 219 |
|
======= |
======= |
||
| Net income per share: | |||
| Basic and diluted | $ 0.02 |
$ 0.01 |
|
======= |
======= |
||