Superconductive Components, Inc.
Restatement of 1st And 2nd Quarter 2000 Results
J.R. Gaines , Jr.,
COLUMBUS, Ohio -- October 6, 2000 -- Superconductive Components, Inc. (OTC Bulletin Board: SCCI) today announced it was restating its operating results for the first two quarters of the current fiscal year. Unaudited net sales of $796,346 for the three months ended March 31, 2000 compared with unaudited net sales of $601,917 for the same period in 1999. Unaudited losses for the first three months were $(18,939), or $(0.02) per share, compared with unaudited results of $21,979, or $0.02 per share, for the same period in 1999. There were 1,397,398 weighted average shares outstanding at 3/31/2000, compared to 1,207,417 weighted average shares at 3/31/1999.
Unaudited net sales of $703,368 for the three months ended June 30,2000, compared with unaudited net sales of $592,737 for the same period in 1999. Unaudited losses for second three months were $(75,208), or $(.06) per share, compared with unaudited results of $(35,171) or $(.03) per share, for the same period in 1999. There were 1,344,030 weighted average shares outstanding at 6/30/2000, compared to 1,207,417 weighted average shares at 6/30/1999.
2000 1999 2000 1999
1st QTR 1st QTR 2nd QTR 2nd QTR
Revenues $796,346 $601,917 $703,368 $592,737
Earnings $(18,939) $21,979 $(75,208) $(35,171)
Share $(.01) $.02 $(.06) $(.03)
Dr. Edward R. Funk, Chairman, President and Chief Executive Officer, stated "These revised financial results are being issued in concert with our efforts to re-list our common stock with the NASD via registration with the SEC, and also as a result of our compliance with generally accepted accounting principles, applied on a consistent basis. These changes primarily reflect additional increases in a reserve for aged inventory. The increase in this reserve does not in any way effect the Company's cash position."
This document contains forward-looking statements that reflect the views of management with respect to future events and financial performance. These forward-looking statements are subject to certain uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors include, but are not limited to, the words "anticipates," "believes," "estimates," "expects," "plans," "projects," "targets" and similar expressions which identify forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date the statements were made.
Superconductive Components, Inc., headquartered in Columbus, Ohio, manufactures superconductors for wire used in magnets and cables, sensors for biomedical applications, and circuitry for computing, wireless and other applications. Its wholly owned division, Target Materials, Inc., manufactures thin film materials for photovoltaics, flat panel displays, electronic switches, hardness and decorative coatings. The company sells its products in the US and over 40 foreign countries. For additional information contact J.R. Gaines, Jr., Vice President, at 614-486-0261, URL www.superconductivecomp.com .