06.11.02

6.11.2002: Meldung: Ionics, Inc.: Third Quarter and Nine Months Results

Ionics Reports Third Quarter and Nine Months Results and Adjusted Results for Q1 and Q2 2002
Tuesday November 5, 9:10 am ET

WATERTOWN, Mass., Nov. 5 / Ionics, Incorporated (NYSE: ION - News) today reported revenues, net income, and earnings per share for the third quarter and nine months ended September 30, 2002. The comparable revenues, net income and earnings per share for the year-earlier periods include the results of the Company"s Aqua Cool Pure Bottled Water business which was sold at the end of 2001. For the third quarter of 2002, revenues were $86.8 million, compared to revenues of $118.3 million in the third quarter of 2001. Net income and earnings per share for the quarter were $0.4 million and $0.02 per share, compared to net income and earnings per share of $4.2 million and $0.24 per share for the third quarter of 2001. Excluding certain losses attributable to the Company"s subsidiary in France as described below, the Company produced earnings of $0.11 per share for the quarter on a tax-effected basis.

Results for the quarter reflected losses, amounting to $0.09 per share, associated with the Company"s operations in France. As a result of the factors giving rise to these losses, the Company has now decided to downsize, discontinue and consolidate various operations of its French subsidiary. A significant factor leading to this decision was the French subsidiary"s disproportionately high operating expenses in relation to its revenue.
The Company further announced that it is restating the results of the first and second quarters of 2002, primarily as a result of intercompany transactions between the Company and its French subsidiary that were erroneously recorded at the subsidiary level. As restated: revenues for Q1 and Q2 of 2002 were $80.0 million and $79.7 million, respectively (as compared to $80.3 million and $79.3 million originally reported); net income for Q1 and Q2 of 2002 were $1.5 million and $1.2 million, respectively (as compared to $1.9 million and $2.1 million originally reported); and earnings per share for Q1 and Q2 of 2002 were $0.08 and $0.07, respectively (as compared to $0.11 and $0.12 originally reported).
For the nine-month period ended September 30, 2002, revenues amounted to $246.5 million as compared to $354.9 million one year earlier and net income was $3.1 million or $0.18 per share. These results compare to net income of $11.4 million or $0.66 per share for the comparable period during the prior year.
Bookings for the quarter totaled $104.7 million, and as a result the Company"s backlog on September 30th climbed to a record level of $388.5 million, up 76.6% from $220.0 million one year earlier, and up 4.8% from $370.5 million at the end of the second quarter.
Commenting on the Company"s performance, Arthur L. Goldstein, Ionics" Chairman and Chief Executive Officer, noted that while Ionics" management was disappointed by the need to adjust Q1 and Q2 2002 results primarily due to the issues relating to its French subsidiary, and the need to take unexpected downsizing and cost reduction actions at that subsidiary, management was encouraged by the record backlog which was achieved during an uncertain and difficult economic period worldwide. He added that the Company believes that this record backlog, which reflects third quarter closings in municipal desalination, ultrapure water and zero liquid discharge, will give the Company a solid foundation for 2003 and 2004.
Ionics is a global separations technology company involved in the manufacture and sale of membranes, equipment and own and operate services for the purification, disinfection, concentration, treatment and analysis of water, wastewater and ultrapure water. Over a period of more than 50 years Ionics has built more desalination plants than any company in the world.

IONICS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)

Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 * 2001

Revenues:
Equipment Business Group $44,758 $44,970 $121,640 $136,117
Ultrapure Water Group 25,169 32,835 75,354 104,501
Consumer Water Group** 9,870 34,455 29,151 94,047
Instrument Business Group 6,990 6,033 20,344 20,264
86,787 118,293 246,489 354,929

Costs and expenses:
Cost of sales of Equipment
Business Group 34,464 35,667 92,155 106,493
Cost of sales of Ultrapure
Water Group 20,038 26,252 57,649 81,317
Cost of sales of Consumer Water
Group 6,414 19,400 18,119 52,929
Cost of sales of Instrument
Business Group 2,983 3,272 8,320 9,701
Research and development 1,617 1,496 4,832 4,795
Selling, general and
administrative 21,346 25,655 62,746 81,736
86,862 111,742 243,821 336,971

Income (loss) from operations (75) 6,551 2,668 17,958

Interest income (expense), net 469 (1,045) 1,394 (3,126)

Equity income 722 876 2,396 1,906

Income before income taxes and
minority interest 1,116 6,382 6,458 16,738

Provision for income taxes 474 2,170 2,647 5,691

Income before minority interest 642 4,212 3,811 11,047

Minority interest in (earnings)
losses (283) (1) (708) 328

Net income $359 $4,211 $3,103 $11,375

Basic earnings per share $0.02 $0.24 $0.18 $0.67

Diluted earnings per share $0.02 $0.24 $0.18 $0.66

Shares used in basic earnings per
share calculations 17,552 17,449 17,537 16,983

Shares used in diluted earnings
per share calculations 17,597 17,626 17,694 17,132

Backlog $388,456 $220,015

* Reflects restatement of results for the three month periods ended
March 31, 2002 and June 30, 2002. See attached.
** 2002 operations do not include the Company"s bottled water business,
which was sold on December 31, 2001.


IONICS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)

September 30, December 31,
2002 2001
Current assets:
Cash and cash equivalents $143,950 $178,283
Short-term investments - 21
Notes receivable, current 4,978 4,892
Billed receivables, net 65,762 73,770
Unbilled receivables 33,449 44,485
Receivables from affiliated
companies 26,904 17,199
Inventories 35,472 32,813
Other current assets 12,555 11,031
Deferred income taxes 14,298 16,297
Total current assets 337,368 378,791

Notes receivable, long-term 26,852 23,210
Investments in affiliated companies 22,645 23,798
Property, plant and equipment, net 176,078 167,032
Deferred income taxes, long-term 12,487 12,643
Other assets 27,264 27,839
Total assets $602,694 $633,313

Current liabilities:
Notes payable and current
portion of long-term debt $1,651 $14,257
Accounts payable 27,076 34,640
Other current liabilities 86,332 109,429
Total current liabilities 115,059 158,326

Long-term debt and notes payable 11,078 10,126
Deferred income taxes 36,799 34,199
Other liabilities 5,098 7,309
Stockholders" equity 434,660 423,353
Total liabilities and
stockholders" equity $602,694 $633,313


IONICS REPORTS RESTATED SECOND QUARTER AND SIX MONTHS RESULTS

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)



Three Months Ended
June 30, 2002
As Originally
Reported As Restated Adjustments
Revenues:
Equipment Business Group $38,648 $38,719 $71
Ultrapure Water Group 25,187 25,440 253
Consumer Water Group** 8,676 8,728 52
Instrument Business Group 6,810 6,810 -
79,321 79,697 376

Costs and expenses:
Cost of sales of Equipment Business
Group 28,557 29,057 500
Cost of sales of Ultrapure Water
Group 18,613 18,613 -
Cost of sales of Consumer Water
Group 4,875 4,875 -
Cost of sales of Instrument
Business Group 2,584 2,584 -
Research and development 1,594 1,594 -
Selling, general and administrative 21,080 21,545 465
77,303 78,268 965

Income (loss) from operations 2,018 1,429 (589)

Interest income, net 492 492 -

Equity income 782 782 -

Income (loss) before income taxes and
minority interest 3,292 2,703 (589)

Provision for income taxes 1,119 1,297 178

Income (loss) before minority
interest 2,173 1,406 (767)

Minority interest in earnings (79) (161) (82)

Net income (loss) $2,094 $1,245 $(849)

Basic earnings (loss) per share $0.12 $0.07 $(0.05)

Diluted earnings (loss) per share $0.12 $0.07 $(0.05)

Shares used in basic earnings per
share calculations 17,547 17,547 17,547

Shares used in diluted earnings per
share calculations 17,707 17,707 17,707

Backlog


IONICS REPORTS RESTATED SECOND QUARTER AND SIX MONTHS RESULTS

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)



Six Months Ended
June 30, 2002
As Originally
Reported As Restated Adjustments
Revenues:
Equipment Business Group $76,919 $76,882 $(37)
Ultrapure Water Group 50,222 50,185 (37)
Consumer Water Group** 19,167 19,281 114
Instrument Business Group 13,354 13,354 -
159,662 159,702 40

Costs and expenses:
Cost of sales of Equipment Business
Group 57,191 57,691 500
Cost of sales of Ultrapure Water
Group 37,611 37,611 -
Cost of sales of Consumer Water
Group 11,705 11,705 -
Cost of sales of Instrument
Business Group 5,337 5,337 -
Research and development 3,215 3,215 -
Selling, general and administrative 40,580 41,400 820
155,639 156,959 1,320

Income (loss) from operations 4,023 2,743 (1,280)

Interest income, net 925 925 -

Equity income 1,674 1,674 -

Income (loss) before income taxes and
minority interest 6,622 5,342 (1,280)

Provision for income taxes 2,251 2,173 (78)

Income (loss) before minority
interest 4,371 3,169 (1,202)

Minority interest in earnings (340) (425) (85)

Net income (loss) $4,031 $2,744 $(1,287)

Basic earnings (loss) per share $0.23 $0.16 $(0.07)

Diluted earnings (loss) per share $0.23 $0.15 $(0.07)

Shares used in basic earnings per
share calculations 17,528 17,528 17,528

Shares used in diluted earnings per
share calculations 17,742 17,742 17,742

Backlog $370,524 $370,524


IONICS REPORTS RESTATED FIRST QUARTER RESULTS

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)


Three Months Ended
March 31, 2002
As Originally
Reported As Restated Adjustments
Revenues:
Equipment Business Group $38,271 $38,163 $(108)
Ultrapure Water Group 25,035 24,745 (290)
Consumer Water Group** 10,491 10,553 62
Instrument Business Group 6,544 6,544 -
80,341 80,005 (336)

Costs and expenses:
Cost of sales of Equipment Business
Group 28,634 28,634 -
Cost of sales of Ultrapure Water
Group 18,998 18,998 -
Cost of sales of Consumer Water
Group 6,830 6,830 -
Cost of sales of Instrument
Business Group 2,753 2,753 -
Research and development 1,621 1,621 -
Selling, general and administrative 19,500 19,855 355
78,336 78,691 355

Income (loss) from operations 2,005 1,314 (691)

Interest income, net 433 433 -

Equity income 892 892 -

Income (loss) before income taxes and
minority interest 3,330 2,639 (691)

Provision for income taxes 1,132 876 (256)

Income (loss) before minority
interest 2,198 1,763 (435)

Minority interest in earnings (261) (264) (3)

Net income (loss) $1,937 $1,499 $(438)

Basic earnings (loss) per share $0.11 $0.09 $(0.03)

Diluted earnings (loss) per share $0.11 $0.08 $(0.02)

Shares used in basic earnings per
share calculations 17,508 17,508 17,508

Shares used in diluted earnings per
share calculations 17,776 17,776 17,776

Backlog $249,587 $249,587




For more information, contact:
Francine S. Bernitz, Vice President Theodore G. Papastavros
Marketing and Corporate Executive Vice President and
Communications Treasurer
Ionics, Incorporated Ionics, Incorporated
Tel: (617) 926-2510 ext. 312 Tel: (617) 926-2510 ext. 221
fbernitz@ionics.com tpapastavros@ionics.com

Source: Ionics, Incorporated
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