StockerYale to Announce Second Quarter Financial Results on August 6, 2002
Company Exhibits Strong Bookings and Increased Revenues in Second Quarter
July 1, 2002
Salem, NH -- StockerYale, Inc. (NASDAQ: STKR), an independent supplier of photonics-based products, today announced that it will release second quarter financial results on August 6, 2002, rather than the previously announced date of July 29, 2002. The release date change was necessary to allow the company sufficient time to review proposals from auditing firms now bidding to replace Arthur Anderson LLP, its current auditor. In the meantime, the company is pleased to provide some preliminary financial guidelines.
Financial Update
Revenues for the second quarter are anticipated to range from between $3.3 to $3.5 million, an increase of 13-21% over the first quarter of 2002. This growth in revenues was a result of new product introductions and increased OEM sales in the Company's laser and LED product lines, as well as a rebound in sales from the machine vision, automotive, and semi-conductor sectors. The Company expects this trend to continue as bookings jumped 60% over first quarter of 2002 to $4.3 million.
In the second quarter of 2002, the Company significantly reduced both capital investments and operating expenses, with the objective of bringing operating costs, including selective R&D projects, in line with forecasted revenues. Savings associated with this program are estimated to be $5 million, or 20% below the annualized actual first quarter 2002 expenses. This realignment of the Company's priorities and short-term objectives will begin to favorably impact financial results in the third quarter.
"StockerYale serves a very diverse base of customers worldwide with its five photonics-based product lines. This diversity, coupled with our focused development of new products, makes us confident that we will be able to sustain our growth for the remainder of the year and into 2003" said Mark W. Blodgett, StockerYale's chairman & chief executive officer.
About StockerYale
StockerYale, Inc., headquartered in Salem, NH, is an independent designer and manufacturer of phase masks, specialty optical fiber, and advanced optical sub-components as well as structured light lasers, specialized fiber optic, fluorescent, and LED technologies for use in a wide range of markets and industries including the telecommunications, aeronautical, utilities, machine vision, industrial inspection, and medical markets.
StockerYale serves a widely varied, international customer base from its corporate offices in Salem and reinvests a significant percentage of its revenues in R&D to meet the future requirements of its customers. StockerYale has offices and subsidiaries in the U.S., Canada, Europe, and the Pacific Rim.
For more information about StockerYale and its innovative products, contact StockerYale, Inc., 32 Hampshire Rd., Salem, NH, 03079. Call 800-843-8011; Fax 603-893-5604; e-mail , or visit the company's website at www.stockeryale.com.
Notice to Investors:
This press release contains forward-looking statements that do not give full weight to all the potential risks, but relate to StockerYale's plans, objectives, and expectations. Thus, actual results may differ materially. All company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
Contact for Press and Analysts:
Fred Pilon, Dir. Investor Relations
StockerYale, Inc.
603-893-8778
This press release also contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, the Company's future operating results and sales trends. Reliance should not be placed on forward looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases, beyond the control of StockerYale, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward looking statements.