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Previous: SWIFT ENERGY CO, 8-K, 1999-08-04 |
Next: MITEL CORP, 10-Q, 1999-08-04 |
Results of Second Quarter 1999 Operations
The table below sets forth for the second quarter and first half of 1999 and
1998 the percentage of net sales represented by certain items in the company's
Consolidated Statement of Operations.
Product sales and total revenue increased significantly during the three
months ended June 30, 1999 as a result of higher sales of thermal target
products. Operating income also increased significantly from a loss in 1998
to a pretax income of $52,911 in 1999.
Gross margin improved due to product mix and improved manufacturing
efficiency, increasing to 47.6% from 44.6%. G & A Expenses were higher due
primarily to increased marketing expense but declined as a percentage of sales
to 39.7% from 49.4% due to increased sales.
For the six month period, total sales and operating income were higher in 1999
than in 1998. Gross profit as a percentage of sales increased to 47.9% from
40.5%. G & A expenses were slightly higher but declined as percentage of
sales to 42.2% from 52.1%
The company has paid off its bank debt, and its interest costs are also lower.
The company recorded a non-recurring gain of $104,112 in first quarter 1999
from recovery of assets purchased with funds embezzled from the company.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TVI Corporation
By: /s/ Allen E. Bender
Allen E. Bender, President
August 3, 1999
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998 DEC-31-1999 DEC-31-1998
<PERIOD-END> JUN-30-1999 JUN-30-1998 JUN-30-1999 JUN-30-1998
<CASH> 53,175 23,704 53,175 23,704
<SECURITIES> 0 0 0 0
<RECEIVABLES> 207,620 183,710 207,620 183,710
<ALLOWANCES> 0 0 0 0
<INVENTORY> 474,816 515,049 474,816 515,049
<CURRENT-ASSETS> 784,837 778,745 784,837 778,745
<PP&E> 699,665 684,618 699,665 684,618
<DEPRECIATION> 558,625 477,957 558,625 477,957
<TOTAL-ASSETS> 1,106,665 1,008,549 1,106,665 1,008,549
<CURRENT-LIABILITIES> 371,399 451,752 371,399 451,752
<BONDS> 0 0 0 0
0 0 0 0
60,911 71,708 60,911 71,708
<COMMON> 229,780 226,064 229,780 226,064
<OTHER-SE> 12,022,250 11,995,044 12,022,250 11,995,044
<TOTAL-LIABILITY-AND-EQUITY> 1,106,665 1,008,549 1,106,665 1,008,549
<SALES> 496,873 311,664 830,342 642,384
<TOTAL-REVENUES> 516,577 326,730 868,593 672,571
<CGS> 260,258 172,710 432,827 412,628
<TOTAL-COSTS> 197,048 153,811 347,058 334,561
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 6,360 12,383 14,257 24,579
<INCOME-PRETAX> 52,911 (12,174) 74,451 (99,197)
<INCOME-TAX> 0 0 0 0
<INCOME-CONTINUING> 52,911 (12,174) 74,451 (99,197)
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 (113) 104,812 (313)
<CHANGES> 0 0 0 0
<NET-INCOME> 52,911 (12,287) 179,263 (99,510)
<EPS-BASIC> .002 0 .008 (.004)
<EPS-DILUTED> .002 0 .008 (.004)
</TABLE>
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