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Evans & Sutherland Reports Third Quarter 2012 Results

Evans & Sutherland Computer Corporation (E&S) (OTCPK: ESCC) today reported financial results in its Form 10-Q filing for the third quarter ended September 28, 2012.

Sales for the third quarter were $5.4 million, compared to sales of $6.9 million for the third quarter 2011. Net loss for the quarter was $1.1 million or $0.10 per share compared to a net loss for the third quarter 2011 of $1.3 million or $0.12 per share. Backlog as of September 28, 2012 was $15.6 million compared to backlog of $17.4 million as of December 31, 2011.

Comments from David H. Bateman, President and Chief Executive Officer: “Sales for the third quarter and first nine months of 2012 were lower than the comparable periods of 2011; however, the gross profit percentage improved in 2012 and offset most of the negative consequences of lower sales. As a result, the 2012 gross profit contribution for the third quarter decreased slightly while it improved for the nine month period compared to 2011. The low 2012 sales were attributable to lower than expected new sales bookings. Customer bookings improved slightly in the third quarter but were still less than expected. While the sales backlog is low compared to recent history, sales prospects remain strong and the low bookings appear attributable to the timing of customer decisions rather than lost opportunities. For this reason, we remain hopeful that the sales backlog will recover with stronger bookings for the remainder of 2012.

“As a result of our expectations for sales and operating expenses, we do not expect to record net income for the remainder of 2012. Although we expect to record a loss for 2012 we continue to believe that our annualized results can reach close to breakeven under our current cost structure with recovery of future sales levels comparable to 2011.

“Our outlook for the business remains positive.”

Statements in this press release which are not historical, including statements regarding E&S’ or management’s intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. You can identify these statements by the fact that they use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “should,” “plan,” “goal,” “believe,” “confident” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance together with the negative of such expressions. Among the factors that could cause actual results to differ materially are the following: the Company’s ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; results of the Board's evaluation of alternatives available to enhance value for shareholders; and market and general economic conditions. A further list and description of these risks, uncertainties and other matters can be found in the Company’s reports filed with the Securities and Exchange Commission.

                       
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS INFORMATION
(In thousands, except share and per share data)
(Unaudited)
                  Three Months Ended       Nine Months Ended

September 28, 2012

    September 30, 2011 September 28, 2012     September 30, 2011
 
Sales $ 5,359 $ 6,909 $ 17,922 $ 19,128
Cost of sales   3,299     4,765     11,387     13,229  
Gross profit   2,060     2,144     6,535     5,899  
 
Operating expenses:
Selling, general and administrative (excluding pension) 1,658 1,381 4,409 4,062
Research and development 662 703 1,926 2,189
Pension   590     541     1,699     1,486  
Total operating expenses   2,910     2,625     8,034     7,737  
Operating loss (850 ) (481 ) (1,499 ) (1,838 )
Other expense, net (200 ) (170 ) (601 ) (433 )
Loss on condemnation of property   -     (608 )   -     (608 )
Loss before income tax provision (1,050 ) (1,259 ) (2,100 ) (2,879 )
Income tax provision   (21 )   (24 )   (95 )   (91 )
Net loss $ (1,071 ) $ (1,283 ) $ (2,195 ) $ (2,970 )
 
Net loss per common share - basic and diluted $ (0.10 ) $ (0.12 ) $ (0.20 ) $ (0.27 )
 
Comprehensive Loss
Net loss $ (1,071 ) $ (1,283 ) $ (2,195 ) $ (2,970 )
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities   90     (316 )   194     (313 )
Comprehensive loss $ (981 ) $ (1,599 ) $ (2,001 ) $ (3,283 )
 
                                         
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
(Unaudited)
September 28, 2012 December 31, 2011
Assets
Cash and restricted cash $ 2,276 $ 4,994
Marketable securities 840 1,666
Net receivables, billed and unbilled 5,718 5,496
Inventories, net 3,971 3,624
Prepaid expenses and deposits 401 720
Property, plant and equipment, net 7,872 8,303
Intangibles and other assets   3,049     2,687  
Total assets $ 24,127   $ 27,490  
 
Liabilities and stockholders' deficit
Accounts payable and accrued expenses $ 2,519 $ 3,239
Customer advances and deposits 5,753 6,272
Pension and retirement obligations 32,885 33,073
Debt obligations 5,309 5,291
Other liabilities 1,502 1,480
Stockholders' deficit   (23,841 )   (21,865 )
Total liabilities and stockholders' deficit $ 24,127   $ 27,490  
                                         
BACKLOG
(In thousands)
Unaudited
September 28, 2012 December 31, 2011
 
$ 15,625   $ 17,449  
 

E&S is a registered trademark of Evans & Sutherland Computer Corporation.

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