<PAGE> 1
EXHIBIT 99.3
PRESS RELEASE
ADVANCED LIGHTING TECHNOLOGIES ANNOUNCES
FIRST QUARTER OPERATING RESULTS
SOLON, OHIO, NOVEMBER 6, 2000 - ADVANCED LIGHTING TECHNOLOGIES, INC. (NASDAQ:
ADLT) announced today the results of its operations for the first quarter of
fiscal 2001 ended September 30, 2000.
Sales for the first quarter fell 6% to $52.9 million from $56.2 million in the
comparable year-ago quarter. Income from operations improved slightly to $3.00
million from $2.96 million in the comparable period a year earlier. Results for
the quarter improved to a net loss of $521,000 versus a net loss of $782,000 a
year ago and diluted earnings per share declined to $.05 loss per share versus a
$.04 loss per share a year ago. The $.05 loss per share includes a $.03
unfavorable impact due to the preferred shares accretion from the GE investment
in October 1999.
Included in ADLT's net sales is $533,000 of DSI telecommunication product sales,
which reflects an increase of 60% over the year-ago quarter sales of $334,000.
Commenting on the first quarter results, Wayne R. Hellman, Chairman and CEO
said, "Although our first quarter sales were less than the year-ago quarter, we
are encouraged by the growth in our income from operations as compared to the
period a year earlier. We attribute this to continued improvement in our Pulse
Start product line sales, which grew 59%, our APL materials sales growth of 20%
and the continuing efficiencies at our Indian operation. These gains were offset
by the continued managed decline of non-metal halide sales of 9% and the changes
in the foreign currency exchange rates from a year ago negatively impacting our
sales in Europe and Australia. Due to the strong dollar, the reported sales for
these operations were reduced by approximately $843,000 from what these sales
would have been at the year earlier exchange rate. In addition, DSI's
non-telecom sales were down 44% due to the Company's transitioning of its
emphasis to the telecommunications market resulting in a reduction in earnings."
Please refer to the attached statements of operations for additional information
on the first quarter results.
Also today, ADLT separately announced new business developments at its DSI
subsidiary.
Except for historical information contained herein, the matters discussed in
this news release are forward-looking statements that involve risks and
uncertainties. As discussed in the Company's SEC filings, covenants in the
Company's bank credit facility, the indenture relating to the Company's 8%
Senior Notes and the Company's agreements with General Electric Company limit
certain corporate actions. As a result, implementation of certain strategic
alternatives relating to the telecommunications unit may require consent or
require replacement of these ADLT financing sources. The Company has no
assurance that such consents or replacement financing can be obtained in a
manner to permit timely implementation
<PAGE> 2
of these strategic alternatives. Other risks and uncertainties include the
timely development and market acceptance of new products, the ability to provide
adequate incentives to retain and attract key employees, the impact of
competitive products and pricing, and other risks detailed from time-to-time in
the Company's EDGAR filings with the Securities and Exchange Commission. In
particular, see "Risk Factors" in the Company's Form 10-K for the fiscal year
ended June 30, 2000. Without limiting the foregoing, the words "believes,"
"anticipates," "plans," "expects" and similar expressions are intended to
identify forward-looking statements. The Company's actual results could differ
materially from those anticipated in these forward-looking statements.
Advanced Lighting Technologies, Inc. is an innovation-driven designer,
manufacturer, and marketer of metal halide lighting products, including
materials, system components, systems, and production equipment with operations
and affiliates in North America, Europe, the Pacific Rim and Australia.
For further information, contact:
Lisa Barry
Advanced Lighting Technologies, Inc.
440/836-7111
<PAGE> 3
ADVANCED LIGHTING TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share dollar amounts)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
-----------------------------
2000 1999
------------- -------------
<S> <C> <C>
Net sales $ 52,864 $ 56,180
Costs and expenses:
Cost of sales 31,889 34,844
Marketing and selling 10,070 10,175
Research and development 3,491 3,495
General and administrative 3,707 4,035
Amortization of intangible assets 703 675
------------- -------------
Income from operations 3,004 2,956
Other income (expense):
Interest expense (3,764) (3,790)
Interest income 224 220
Income from equity investments 39 50
------------- -------------
Loss before income taxes and minority interest (497) (564)
Income taxes 20 218
------------- -------------
Loss before minority interest (517) (782)
Minority interest in income of consolidated subsidiary (4) -
------------- -------------
Net loss $ (521) $ (782)
============= =============
Loss per share -- basic and diluted $ (.05) $ (.04)
============= =============
Weighted average shares outstanding:
Basic and diluted 20,955 20,284
============= =============
</TABLE>
