Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
CYLU: effective Sept. 25,2017: "Shareholders will receive $0.213837 per share of CYLU."
FINRA will delete the ticker:
http://otce.finra.org/DLDeletions
They got bought for cash.21,That is 25% profit for me, but think it should be .30-35
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Cyalume Technologies Holdings, Inc.(CYLU) (the “Company” or “Cyalume”) today announced the signing of a definitive agreement and plan of merger, pursuant to which Cyalume(CYLU) will be acquired by an affiliate of Arsenal Capital Partners (“Arsenal”) in an all-cash transaction. The total cash consideration to be paid by the purchaser in the transaction is $45 million, subject to certain adjustments set forth in the merger agreement, which includes the repayment of outstanding indebtedness of the Company. The deal is expected to close in September 2017, subject to the satisfaction of the closing conditions set forth in the merger agreement. Upon completion of the transaction, the management team will remain in place.
Zivi Nedivi, Cyalume(CYLU) President and CEO, commented “We are very pleased to announce this transaction with Arsenal, as we believe it affords us the opportunity to both deliver a return to many of our various stake holders that have supported Cyalume(CYLU) over the past several years and positions the Company for continued growth and future success.” Dale S. Baker, Chief Operating Officer, added “We are very excited to have Arsenal as our partner and we are confident that with their strategic and financial support we will be able
CYLU earnings out +75% or so Profit growth
Net income available to common stockholders – basic $ 464 $ 254
Series A convertible preferred stock dividends 172 154
Change in fair value of warrant liability 0 (13 )
Net income available to common stockholders –diluted $ 636 $ 395
Dirt cheap, only $4 million mkt cap
OK what's the story on this one? Why such a low valuation?
Net cash provided by operating activities$7,250,000PriorYear$3,146,000
more than doubling of cashflow from operations, wow.
Cash flows from operating activities: 000s
Net income $ 2,697 $ 3,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment 888 1,228
Amortization of intangible assets, debt issuance costs and debt discount 1,957 1,855
Provision for deferred income taxes 73 138
Share-based compensation expense 352 404
Change in fair value of derivatives 0 (29 )
Change in fair value of warrants liability 18 29
Non-cash interest expense 0 414
Legal settlement 0 (1,381 )
Loss on disposal of property, plant and equipment 27 0
Other non-cash expenses 52 18
Changes in operating assets and liabilities:
Accounts receivable 890 (154 )
Inventories (894 ) 203
Prepaid expenses and other current assets 20 23
Restricted cash 153 (153 )
Accounts payable and accrued liabilities 1,098 (21 )
Accrued interest on note payable to related party 0 (504 )
Deferred revenue and deferred rent (88 ) (56 )
Income taxes payable 7 (743 )
Change in legal obligation – settlement payments 0 (1,400 )
Net cash provided by operating activities 7,250 3,146
Sure is quiet here for something that looks good.
Power and Trend welcome aboard, it's been a winner for me.
They have a near monopoly and its has good value.
looks good I will build a position tomorrow
love the quiet ones with 37 million revenues and 18 million float big move started here on Friday
Power it has good financials. That is why am in it, value stocks can run a further than overpriced stocks can. I have 100%+ gain in 2 months, now wish had more of it Bot about $5000 worth.
anyone here? any thoughts on this it looks as if it gonna run some more
CYLU is a monopoly(legal one)SeekingAlpha MentionOf CYLU
http://seekingalpha.com/article/317667-durable-competitive-advantage-series-differentiated-manufacturing
I simply never heard of. Cyalume (CYLUW.OB) is another company with such a unique product that there really is no viable alternative, but that is due to rare and unusual circumstances (market size has traditionally been too small for large companies to undertake the necessary R&D, and CYLU has literally 100% of the government contracts for their core products, making it impossible for a smaller company to catch up R&D-wise without substantial financial backing).
Already.215 CYLU continues to roll.IB BrokerSays1timesCashflow, that's like getting 100% interest per year at your bank.
Valuation
P/E excluding extraordinary items - MRQ
8.9
P/E Normalized - MRY
19.32
Price to sales - TTM
.11
Price to Tangible Book - MRQ
1.4
Price to Cash Flow per share - TTM
.87
Price to Book - MRQ
1.1
Financial Strength
Balance Sheet
Current ratio - MRQ
2.66
Quick ratio - MRQ
1.4
LT debt/equity - MRQ
78.75
Total debt/total equity - MRQ
83.82
Payout ratio % - TTM
%
Earnings
Income Statement
Revenue - TTM
42.177M
EBITD - TTM
9.685M
Earnings before taxes - TTM
4M
Net Income available to common - TTM
2M
Earnings before taxes Normalized - MRY
2M
Net Income Available to Common, Normalized - MRY
1.1M
Valuation on CYLU is superb, its run just after started buying it about .15 Superb #s and leader in its market
P/E excluding extraordinary items - MRQ
7.4
P/E Normalized - MRY
16.17
Price to sales - TTM
.09
Price to Tangible Book - MRQ
1.1
Price to Cash Flow per share - TTM
.73
Price to Book - MRQ
.9
Financial Strength
Balance Sheet
Current ratio - MRQ
2.66
Quick ratio - MRQ
1.4
LT debt/equity - MRQ
78.75
Total debt/total equity - MRQ
83.82
Payout ratio % - TTM
%
Earnings
Income Statement
Revenue - TTM
42.177M
EBITD - TTM
9.685M
Earnings before taxes - TTM
4M
Net Income available to common - TTM
2M
Earnings before taxes Normalized - MRY
2M
Net Income Available to Common, Normalized - MRY
1.1M
Margins
Gross Margin % - TTM
49.1%
Net Profit Margin % - TTM
7.9%
Operating margin % - TTM
9.3%
Pretax margin %
9.2%
Management Effectiveness
Return on average assets % - TTM
8.9%
Return on average equity % - TTM
86.5%
Return on investment % - TTM
11%
Growth
Revenue Change % - MRQ 1 Yr. Ago
12.7%
Revenue Change % - TTM
16.6%
Cyalume Technologies Holdings, Inc. Reports Continued Strong Improvement in Third Quarter 2015 Financial Results
http://money.cnn.com/news/newsfeeds/articles/marketwire/1230378.htm
Cyalume Technologies Introduces its Latest Innovation at MILIPOL 2015
http://www.army-technology.com/contractors/personal/cyalume/presscyalume-technologies-milipol-2015.html
$CYLU recent news/filings
bullish
## source: finance.yahoo.com
Tue, 18 Aug 2015 15:38:31 GMT ~ CYALUME TECHNOLOGIES HOLDINGS, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Stat
read full: http://biz.yahoo.com/e/150818/cylu8-k.html
*********************************************************
Mon, 17 Aug 2015 00:12:11 GMT ~ 10-Q for Cyalume Technologies Holdings, Inc.
read full: http://www.companyspotlight.com/routers/headline/25213/10004/6562335?cp_code=YAH1&1439770331
*********************************************************
Fri, 14 Aug 2015 22:39:25 GMT ~ CYALUME TECHNOLOGIES HOLDINGS, INC. Files SEC form 10-Q, Quarterly Report
read full: http://biz.yahoo.com/e/150814/cylu10-q.html
*********************************************************
Fri, 14 Aug 2015 22:31:03 GMT ~ Cyalume Technologies Holdings, Inc. Reports Continued Strong Improvement in Second Quarter 2015 Financial Results
[at noodls] - Cyalume Technologies Holdings, Inc. Reports Continued Strong Improvement in Second Quarter 2015 Financial Results
read full: http://www.noodls.com/view/D84674C1BCAFC48FAFF98BC6ED8CAB639D39B255
*********************************************************
Fri, 14 Aug 2015 22:03:50 GMT ~ Cyalume Technologies Holdings, Inc. Reports Continued Strong Improvement in Second Quarter 2015 Financial Results
[Marketwired] - Cyalume Technologies Holdings, Inc. today reported its financial results for the second quarter ended June 30, 2015.
read full: http://finance.yahoo.com/news/cyalume-technologies-holdings-inc-reports-220350405.html
*********************************************************
$CYLU charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$CYLU company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/CYLU/company-info
Ticker: $CYLU
OTC Market Place: OTCQB
CIK code: 0001335293
Company name: Cyalume Technologies Holdings, Inc.
Company website: http://www.cyalume.com
Incorporated In: DE, USA
Business Description: Cyalume Technologies is the world leader in chemiluminescent (chemical-light) technology, producing different variations of chemical-light products in all light wavelengths for the ammunition, military and public safety markets. The products provide dependable light solutions for training and battlefield operations, safety and emergency demands and non-toxic ammunition alternatives. Cyalume is the exclusive supplier to the U.S. and NATO-country militaries for all of their chemical-light needs and operates manufacturing facilities in the U.S. and France.Less >>
$CYLU share structure
## source: otcmarkets.com
Market Value: $2,140,024 a/o Aug 21, 2015
Shares Outstanding: 21,400,244 a/o May 05, 2015
Float: 10,490,705 a/o May 05, 2015
Authorized Shares: 150,000,000 a/o May 05, 2015
Par Value: 0.001
$CYLU extra dd links
Company name: Cyalume Technologies Holdings, Inc.
Company website: http://www.cyalume.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=CYLU+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=CYLU+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=CYLU+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/news - http://finance.yahoo.com/q/h?s=CYLU+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/CYLU/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=CYLU+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/CYLU
DTCC (dtcc.com): http://search2.dtcc.com/?q=Cyalume+Technologies+Holdings%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Cyalume+Technologies+Holdings%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Cyalume+Technologies+Holdings%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.cyalume.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.cyalume.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.cyalume.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/CYLU
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001335293&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=CYLU&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=CYLU
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=CYLU+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=CYLU+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=CYLU
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=CYLU
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=CYLU+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/CYLU/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=CYLU+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/CYLU.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=CYLU
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/CYLU/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/CYLU/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/CYLU
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/CYLU
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/CYLU:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=CYLU
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=CYLU
$CYLU DD Notes ~ http://www.ddnotesmaker.com/CYLU
.40-.60 with what's coming Cyalume Tech
Who ha!!!!! zero volume before, and just 27,000 shares now? Amazing? doubtful. A whole $2,700 dollars, <LOL!
***CYLU** Cyalume Technologies NEWS OUT up 100%. $1's plus coming
Zero resistance can 10 Fold easy ahead
Slow accumulation happening here - and massive price spikes. We called the massive jump of $CNWHF two weeks ago before it happened and I think we will see it here very soon, too. $CYLU on watch!
2.49...2.10 X 2.44 eod
1.55 X 1.70 now, LtVOL
VOLwatch /CYLU,
846kVOL...12/04/12, (755k VOLblock @.50)
CYLU Virtual Presentation plus live Q&A: Watch for free retailinvestorconferences.com and go to the Auditorium
Cyalume Technologies Third Quarter 2011 Earnings Conference Call and Webcast Scheduled for November 15, 11:00 AM ET
| 8:00 AM |
10-31-2011 OTC and PINK News.
WEST SPRINGFIELD, Mass., Oct. 31, 2011 (GLOBE NEWSWIRE) -- Cyalume Technologies, Inc. (OTCBB:CYLU) today announced that it will release its third quarter ended September 30, 2011 earnings results on Monday, November 14, 2011, after the market close. Management will conduct a conference call on Tuesday, November 15, 2011, at 11:00 a.m. ET to discuss the Company's results.
Related News: Similar Content
http://www.globenewswire.com/newsroom/news.html?ref=rss&d=236517#rssowlmlink
10-31-2011 OTC and PINK News.
Cyalume Technologies Closes $3.5 Million Private Placement
Cyalume Technologies Holdings, Inc. announced today that it has closed the sale of 871,823 shares of common stock to institutional investors in a private placement at a price of $4.60 per share. The consideration paid by investors consisted of approximately $3.5 million in cash and the cancellation of 1,015,000 public warrants, which were valued at $0.50 per warrant.
The Company will use the net proceeds of the private offering to fund general corporate purposes.
Derek Dunaway, President and CEO of Cyalume Technologies, Inc., said, "This investment will bolster our ability to execute on all of the growth opportunities that we are seeing in the ammunition business."
Cyalume Technologies To Host Earnings Conference Call & Webcast
Cyalume Technologies Holdings, Inc. (OTCBB:CYLU) announced today that it invites the investment community to participate in its Annual and Fourth Quarter 2010 Earnings Conference Call and Webcast which will be held on March 28, 2011 at 11:00 AM ET. The event is open to the public where the Company intends to discuss the firm’s results, outlook and related matters.
To attend, participants need to:
1. Dial 1-877-312-7507 or 1-253-237-1164
2. Ask for the "Cyalume Technologies Conference Call, ID No. 50417730”
A simultaneous webcast will also be available on the internet, which can be accessed through: http://investor.cyalume.com/eventdetail.cfm?eventid=94008
For those unable to attend the event live, a replay of the conference call will be available shortly after the call on the Investor Relations page of the company website at: http://investor.cyalume.com/index.cfm.
Both shareholders and non-shareholders are encouraged to attend the event or listen to the replay to keep up to speed with the world leader in chemiluminescent (chemical-light) technology.
Cyalume Technologies suite of visible and non-visible chemical-light products provide dependable training and battlefield operation light solutions to the United States and NATO country militaries, as well as to safety professionals across the globe. Products also include training and tactical chemiluminescent ammunition payloads for both military and commercial markets that offer a non-pyrotechnic, environmentally-friendly alternative to conventional ammunition. Cyalume manufactures its products in West Springfield, Massachusetts and Aix-en-Provence, France. For more information, please visit the Company's web site: www.cyalume.com.
CYLU Cyalume Technologies Holdings, Inc. Statement of Changes in Beneficial Ownership (4)
Date : 03/04/2011 @ 3:00PM
Source : Edgar (US Regulatory)
Stock : (CYLU)
Quote : 5.75 -0.15 (-2.54%) @ 2:12PM
http://ih.advfn.com/p.php?pid=nmona&article=46744991
http://www.proactivenewsroom.com/clients/
EQUITIES IRHub, Peer to Peer News Dissemination & Financial Collaboration...
Cyalume Technologies: Addressing the Environmental Protection Agency’s Concerns With Innovative Light Technology
Everyone knows what traditional roadside flares are. If you don’t have them in your car, you might want to look into acquiring a few as they provide critical safety light to alert oncoming traffic at accident scenes and vehicle breakdowns. The only problem is that traditional roadside flares present many safety and environmental issues. In fact, government agencies and commercial companies have in recent years begun to move away from using conventional incendiary flares due to the pollution, fire hazards and liability that they can cause. Now the Environmental Protection Agency (EPA) has voiced concern over one of the principal chemicals found in these flares, perchlorate. Fortunately, Cyalume Technologies (OTCBB:CYLU), the world leader in chemical-light technology, developed the SnapLight® 8” Flare Alternative product to address these concerns.
In speaking before a Senate committee in the end of January, the EPA’s Administrator Lisa Jackson announced that the EPA would move to curb the levels of perchlorate found in drinking water throughout the United States. Perchlorate, both a naturally occurring and man-made chemical that is used in the manufacture of rocket fuel, fireworks, explosives and the aforementioned roadside flares, has been linked to thyroid problems in pregnant women and young children. According to the EPA, data show that in the U.S. more than 4 percent of public water systems have detected perchlorate and between 5 million and 17 million people may be served drinking water containing perchlorate. Fortunately for the millions of safety professionals and consumers who depend on traditional roadside flares there is an alternative product on the market that directly addresses the EPA’s concerns. Cyalume’s patented environmentally-friendly Next Generation Flare™ uses non-toxic ultra high-intensity chemical-light that is 100% perchlorate-free. The SnapLight® 8” Flare Alternative with reflective strip enhances visibility up to one mile. Since it is not pyrotechnic, it cannot cause the hard to extinguish fires associated with conventional flares. More information about the product can be found by visiting: www.flarealternative.com.
While representing only a small part of its overall business, the SnapLight® 8” Flare Alternative product is a great example of Cyalume’s successful track record of bringing to market innovate new products that leverage the breakthrough advancements the Company has made in its underlying chemical-light technology. For example, the company just recently announced the launch of a new chemical-light shotgun shell tracer that targets the large global sports shooting market. In addition, the Company is partnering with General Dynamics to develop a whole host of small, medium and large caliber ammunition projects that target the multi-billion dollar military ammunition market. As the exclusive supplier to militaries in the U.S. and NATO countries for all of their chemical-light products and with a strategy of bringing to market unique environmentally-friendly products, Cyalume is poised for continued success.
Great article on Cyalume: Cyalume Technologies: An Innovative Light Company that Deserves a Spotlight
All too often in the small and mid-cap markets, “less-than-deserving” companies are surrounded by a frenzy of investors speculating about the potential of a company. On other occasions, solid companies go relatively unnoticed by the investment community for no apparent reason. Cyalume Technologies (OTCBB:CYLU), the world leader in chemiluminescent (chemical-light) technology, is one of the under-recognized gems in the small cap space. The Company provides innovative chemical-light products to the U.S. and NATO country militaries as well as to the safety industry including policemen and firemen. Given the Company’s recent progress in advancing its core light technology and incorporating it into new products, it deserves a spotlight to examine where the Company is today and can be in the future. For this however, we will just take a quick look at one of Cyalume’s new products, but understand that the Company’s core-military and ammunition businesses are well-established.
The New Fiocchi Chemical Tracer
Cyalume recently announced a strategic agreement with Fiocchi Ammunition USA, a world leader in the field of small-caliber ammunition to develop and market the Chemical Tracer, the world's first non-pyrotechnic shotgun tracer. The Chemical Tracer creates a daytime visible trace that travels with the cloud of the shot allowing shooters to instantly determine their accuracy and therefore correct their aim. This product is evolving quickly and has the potential to, excuse the pun, take off like a bullet from a gun. It was recently the focus of an article on www.shotgunworld.com with a video displaying the technology that can be viewed at http://www.shootingsportsretailer-digital.com/shootingsportsretailer/201101#pg5. The article included some scintillating comments about the likelihood of taking target shooting to the mainstream public as a spectator sport, much like ESPN did with bass fishing when it transformed the sport into the billion-dollar industry that it is today. Perhaps it is not too early to speculate that Cyalume will be on the cutting edge of transforming skeet, trap and sporting clay shooting into a major spectator sport?
The Chemical Tracer represents a significant incremental growth opportunity for Cyalume as the community of sport as well as military and law enforcement shooters worldwide numbers in the millions. In fact, according to a National Shooting Sports Foundation survey, in 2009 over 8 million Americans participated in sporting clay shooting. Although specific data on how many individual shotgun shells were fired by these users is hard to come by, various estimates have put the figure at over 800 million. Capturing only a small percentage of that market will provide Cyalume with a robust revenue stream. Cyalume's decision to partner with Fiocchi to develop and bring to market this new tracer round ensures the optimal exposure and therefore success of this new innovative product.
As we mentioned, the Fiocchi Chemical Tracer highlighted here represents just one of the many innovative products that Cyalume currently manufacturers. With a market cap still under $100 million and exciting new products such as the Fiocchi Chemical Tracer coming to market, Cyalume is certainly deserving of its moment in the spotlight.
I have also requested that Stockcharts add CYLU to its database, so we can get the Ibox in order. We will work to get the Ibox current with information and status of operations as well.
This is a video that demonstrates ChemiTracer (pretty cool stuff):
Shooting Sports Retailer
Cyalume Technologies and Fiocchi Ammunition USA to Launch the Fiocchi Chemical Tracer(R) Shotshell at the 2011 SHOT Show in Las Vegas
WEST SPRINGFIELD, Mass., Jan. 10, 2011 (GLOBE NEWSWIRE) -- Cyalume Technologies Holdings, Inc. (OTCBB:CYLU) and Fiocchi Ammunition USA will launch the Fiocchi Chemical Tracer(R), the world's first non-pyrotechnic shotgun tracer at the 2011 SHOT Show in Las Vegas, NV from January 18-21. The Chemical Tracer creates a daytime visible trace that travels with the cloud of shot allowing shooters to instantly determine where they are shooting and how to correct their aim.
The Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show) is the world's largest and most comprehensive trade show for professionals involved with the shooting and hunting industries. Held at the Sands Expo & Convention Center, the SHOT Show is the world's premier exposition of combined firearms, ammunition and related products with buyers from all 50 states and more than 100 countries. The Fiocchi Chemical Tracer will be on full display at SHOT Show booth 15942.
Cyalume and Fiocchi Ammunition USA, a world leader in the field of small-caliber ammunition entered into a strategic agreement in 2010 to develop and market the Chemical Tracer. This new non-toxic, non-flammable and non-incendiary product-line integrates Cyalume's chemiluminescent light technology into the Fiocchi shotshell to enhance training capabilities for target shooting enthusiasts and law enforcement officers while eliminating the fire hazards and environmental issues associated with conventional tracer applications.
"After a very successful focused pre-launch marketing campaign, Cyalume is excited to introduce the Chemical Tracer to the shooting industry at the 2011 SHOT Show," said Derek Dunaway, CEO of Cyalume Technologies.
"The interest that we received to date from dealers, distributors, retailers and NSCA members is indicative of the value that the Chemical Tracer represents to shooters," said Carlo Fiocchi, Vice-President of Marketing and Sales, Fiocchi Ammunition USA. "We look forward to sharing the innovative training tool with the shooting community at the SHOT Show."
About Fiocchi
Fiocchi Ammunition USA is a subsidiary of Fiocchi Munizioni SpA of Lecco, Italy. A privately held company since 1876, Giulio Fiocchi and his brother Giacomo Fiocchi began as Giulio Fiocchi Enterprise. Following WWII, Fiocchi Munizioni SpA was formed and headquartered in Lecco, Italy. Fiocchi Munizioni SpA, held by Giulio Fiocchi Holdings, produces premium center-fire and shotshell ammunition for law enforcement, hunting and target sports. Globally recognized as the premier ammunition manufacturer, Fiocchi Ammunition USA was established in Ozark, MO in 1983. Fiocchi Munizioni Spa is headed by Stefano Fiocchi, President and CEO and Fiocchi Ammunition USA is headed by Pietro Fiocchi, President. The Fiocchi brand is highly recognized by law enforcement as well as professional and sport enthusiast shooters.
About Cyalume Technologies
Cyalume Technologies is the world leader in the chemiluminescent industry providing dependable light for uses by militaries, police, fire and other public safety organizations in the U.S., NATO countries and the Middle East. Cyalume's chemical lights are depended on in emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. Cyalume is the first to manufacture non-toxic, nonflammable, non-energetic and environmental safe chemical light products. A full complement of Military grade Cyalume(R) brand, Industrial grade SnapLight(R) brand and Consumer grade SafetyBright(R) brand emergency lighting solutions are manufactured at its plant in West Springfield, MA.
Cyalume Technologies Holdings, Inc. Announces New Packaging for SnapLight(R) 8" Flare Alternatives
WEST SPRINGFIELD, Mass., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Cyalume Technologies Holdings, Inc. (OTCBB:CYLU), the world leader in the chemical lighting industry, introduces new foil wrapped SnapLight(R) 8" Flare Alternatives, the Next Generation Flare(TM).
Driven by innovation and continuous improvements, Cyalume has developed new foil packaging for 8" Flare Alternative LightSticks. The new packaging incorporates a layout design that is appealing, user-friendly and makes it easier for customers to identify with the brand and its attributes. Individually foil wrapped for light and moisture protection, the 8" Flare Alternative is ideal for roadside emergency, survival, and safety kits as well as retail outlets.
Developed as a safe, environmentally friendly alternative to traditional flares that are currently used by law enforcement, safety workers, and consumers, the 8" Flare Alternative Ultra High-Intensity lightstick is the new dependable instant light solution. Designed to be practical with an easy to use, maintain, and operate approach, the 8" Flare Alternative has proved useful for safety workers as the Next Generation Flare(TM). The 8" Flare Alternative with reflective strip enhances visibility up to one mile. The attached wire stand allows easy setup and activation.
Unlike traditional flares, the 8" Flare Alternative will not produce heat or flames. It provides 30 minutes of reliable high-intensity light visible up to one mile. Activation is easy with no batteries required. The 8" Flare Alternative meets DOT non-hazardous standards, eliminating hazardous shipping fees.
SnapLight(R) 8" Flare Alternatives are for use at accident scenes, vehicle breakdowns, as hazard markers, and to alert drivers of obstacles in the road. This ultra high-intensity lightstick can be used in wet or dry weather and provides the most visible light in low-light or dark situations. The new, patented formulation provides superior performance in cold and warm climates.
To learn more about the new foil wrapped 8"Flare Alternative, and how it will enhance your current operations, please visit www.flarealternative.com or email info@cyalume.com.
About Cyalume
Cyalume Technologies Holdings, Inc. is the world leader in the chemiluminescent industry providing dependable light for uses by militaries in the U.S. and NATO countries, as well as policemen, firemen, and others throughout the safety industry. Cyalume's chemical lights are depended upon for both military training and battle operations as well as emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. A full complement of Military specification ChemLight(R) brand and Industrial grade SnapLight(R) brand emergency lighting solutions are manufactured at their world headquarters in West Springfield, Massachusetts. Their French subsidiary, Cyalume Technologies SAS, manufactures and distributes chemiluminescent products throughout Europe.
Cyalume Technologies Holdings Announces Results for the Third Quarter of 2009
Press Release
Source: Cyalume Technologies Holdings, Inc.
On 6:30 pm EST, Monday November 23, 2009
Buzz up! 0 Print.Companies:Cyalume Technologies Holdings, Inc.
WEST SPRINGFIELD, Mass., Nov. 23, 2009 (GLOBE NEWSWIRE) -- Cyalume Technologies Holdings, Inc. (OTCBB:CYLU - News) today announced results for the three months ending September 30, 2009, reporting adjusted net income, which is net income and amortization, of $1.3 million on revenues of $9.9 million, compared to adjusted net income of $0.6 million on revenues of $8.0 million for the second quarter of 2009 and adjusted net income of $1.4 million on revenues of $10.8 million for the third quarter of 2008. Adjusted EBITDA, which is earnings before interest, taxes, depreciation, amortization, foreign currency gains and losses, and certain one-time gains or expenses, was $2.0 million for the third quarter of 2009 compared to $1.3 million for the second quarter of 2009 and $3.4 million in for the third quarter of 2008. Adjusted net income and adjusted EBITDA are important measures because they present a view of our performance on an ongoing basis without regard to capital structures, capital investments cycles and corresponding ages of related assets among comparable companies.
Related Quotes
Symbol Price Change
CYLU.OB 3.50 0.00
{"s" : "cylu.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}
Comparable GAAP amounts and a reconciliation to GAAP are later contained in this release.
Derek Dunaway, Cyalume's President and CEO, said, "Overall, Q3 was the strongest quarter of the year. The improvements that we saw in Q2 from Q1 continued. Our core military chemical business which suffered from some contracting problems in the early part of the year has rebounded. Overall performance for US Military Chemical for the quarter was over 38% above Q2 levels. We are still facing challenges in our European and Commercial business areas, most of which are driven by budget constraints, but our ammunition business has continued to deliver strong growth, with third quarter performance continuing at the levels we estimated and well above the same period last year."
Forward-Looking Statements
This press release includes forward-looking statements concerning sales and operating earnings. These forward-looking statements are based upon management's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company and which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to: the effect of regional and global economic and industrial market conditions including our expectations concerning their impact on the markets we serve; the effect of conditions in the financial and credit markets and their impact on the Company and our customers and suppliers; the impact of the Company's cost reduction initiatives; the Company's ability to execute its business plan to meet its sales, operating income, cash flow and capital expenditure guidance; the impact on the Company's gross profit margins as a result of changes in product mix; the Company's vulnerability to industry conditions and competition; the effect of any interruption in the Company's supply of raw materials or a substantial increase in the price of raw materials; ongoing capital expenditures and investment in research and development; compliance with any changes in government regulations and environmental and health and safety laws; the effect on the Company's international operations of unexpected changes in legal and regulatory requirements, export restrictions, currency controls, tariffs and other trade barriers, difficulties in staffing and managing foreign operations, political and economic instability, difficulty in accounts receivable collection and potentially adverse tax consequences; the effect of foreign currency exchange rates as the Company's non-U.S. sales continue to increase; reliance for a significant portion of the Company's total revenues on a limited number of large organizations and the continuity of business relationships with major customers; the loss of key personnel; the nature and extent of military operations being conducted by customers.
Actual results and events may differ significantly from those projected in the forward-looking statements. Reference is made to Cyalume's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2008, its quarterly reports on Form 10-Q, and other periodic filings, for a description of the foregoing and other factors that could cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Conference Call
A live Internet broadcast of the Company's conference call discussing quarterly and year to date results can be accessed via the investor relations page on the Cyalume web site (www.cyalume.com) on Tuesday, November 24, 2009, at 11:00 a.m. Eastern time. To participate please dial 877-941-8606 and ask for the "Cyalume Technologies Conference Call, ID number: 4183622." A simultaneous webcast will also be at: http://w.on24.com/r.htm?e=178528&s=1&k=1C81CA36DB8CDB8E868610CDB635CEFD.
About Cyalume Technologies
Cyalume Technologies is the world leader in the chemiluminescent industry providing dependable light for uses by militaries, police, fire and other public safety organizations in the U.S., NATO countries and the Middle East. Cyalume's chemical lights are depended on in emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. A full complement of Military grade Cyalume(R) brand, Industrial grade SnapLight(R) brand and Consumer grade SafetyBright(R) brand emergency lighting solutions are manufactured at its plant in West Springfield, MA. The company employs 200 people at its locations in West Springfield and Aix-en-Provence, France.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share information)
(Unaudited)
Predecessor
For the For the
Three Three
Months Months
Ended Ended
Sept.30, Sept. 30,
2009 2008
----------- -----------
Revenues $ 9,860 $ 10,833
Cost of goods sold 5,938 5,411
----------- -----------
Gross profit 3,922 5,422
Other expenses (income):
Sales and marketing 791 738
General and administrative 887 1,210
Research and development 487 306
Interest, net 673 1,221
Interest - related party 16 --
Amortization of intangible assets 878 659
Other, net 16 59
----------- -----------
Total other expenses (income) 3,748 4,193
----------- -----------
Income (loss) before income taxes 174 1,229
Provision for (benefit from) income taxes (151) 517
----------- -----------
Net income (loss) $ 325 $ 712
----------- -----------
Net income (loss) per common share:
Basic $ 0.02
Diluted $ 0.02
Weighted average shares used to compute net
income (loss) per common share:
Basic 15,352,478
Diluted 15,418,949
Source: Financial statements from Form 10-Q filed November 23, 2009.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except shares and per share information)
Sept. 30,
2009 Dec. 31,
(unaudited) 2008
--------- ---------
Assets
Current assets:
Cash $ 1,831 $ 3,952
Accounts receivable, net of allowance for
doubtful accounts of $217 and $452 at
September 30, 2009 and December 31, 2008,
respectively 4,542 3,508
Inventories, net 9,734 11,447
Income taxes refundable 377 701
Deferred income taxes 425 317
Prepaid expenses and other current assets 204 195
--------- ---------
Total current assets 17,113 20,120
Property, plant and equipment, net 8,250 7,882
Goodwill 58,452 60,896
Other intangible assets, net 48,908 49,426
Derivatives -- --
Other noncurrent assets 138 188
--------- ---------
Total assets $ 132,861 $ 138,512
--------- ---------
Liabilities and Stockholders' Equity
Current liabilities:
Lines of credit $ 3,300 $ 3,500
Current portion of notes payable 4,120 3,621
Accounts payable 3,450 3,230
Accrued expenses and other current
liabilities 2,451 2,550
Common stock subject to mandatory redemption -- 1,123
Notes payable and advance due to related
parties 9 64
Income taxes payable 7 5
--------- ---------
Total current liabilities 13,337 14,093
Notes payable, net of current portion 22,626 25,581
Notes payable due to related parties, net of
current portion 1,048 1,000
Deferred income taxes 7,801 9,237
Derivatives 127 163
Asset retirement obligation, net of current
portion 156 128
--------- ---------
Total liabilities 45,095 50,202
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $0.001 par value; 1,000,000
shares authorized, no shares issued or
outstanding -- --
Common stock, $0.001 par value; 50,000,000
authorized; 15,360,925 and 13,719,035
issued and outstanding at September 30,
2009 and December 31, 2008, respectively 15 14
Additional paid-in capital 87,410 87,348
Retained earnings (accumulated deficit) 286 1,229
Accumulated other comprehensive loss 55 (281)
--------- ---------
Total stockholders' equity 87,766 88,310
--------- ---------
Total liabilities and stockholders' equity $ 132,861 $ 138,512
--------- ---------
Source: Financial statements from Form 10-Q filed November 23, 2009.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, except shares)
(Unaudited)
Predecessor
For the For the
Nine Nine
Months Months
Ended Ended
Sept. 30, Sept. 30,
2009 2008
----------- -----------
Cash flows from operating activities:
Net income (loss) $ (943) $ 3,050
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation of property, plant and
equipment 479 651
Amortization 3,446 2,216
Provision for deferred income taxes (1,009) 1,056
Expense associated with share-based
awards 271 --
Other non-cash expenses 357 254
Changes in operating assets and
liabilities:
Accounts receivable (1,024) (35)
Inventories 953 (2,000)
Prepaid expenses and other current
assets (9) 208
Deferred acquisition costs -- --
Accounts payable and accrued
liabilities (22) (1,354)
Income taxes payable, net 329 (1,834)
Accrued interest on notes payable to
related parties -- --
----------- -----------
Net cash provided by operating activities 2,828 1,367
Cash flows from investing activities:
Payments to trust account -- --
Purchases of long-lived assets (449) (1,212)
----------- -----------
Net cash used in investing activities (449) (1,212)
Cash flows from financing activities:
Repayment of advances from and notes
payable to related parties -- --
Payments for common stock subject to
redemption (1,123) --
Net repayment of line of credit (200) --
Payments of Predecessor notes payable -- (2,428)
Repayment of long-term notes payable (2,633) --
Payments to reacquire and retire common
stock (263) --
Payment of stock registration costs (279) --
Payment of deferred financing costs (75) --
Refund of debt issue costs 10 --
Proceeds from exercises of warrants 27 --
----------- -----------
Net cash used in financing activities (4,536) (2,428)
Effect of exchange rate changes on cash 36 30
----------- -----------
Net decrease in cash (2,121) (2,243)
Cash, beginning of period 3,952 5,743
----------- -----------
Cash, end of period $ 1,831 $ 3,500
----------- -----------
Source: Financial statements from Form 10-Q filed November 23, 2009.
Results of Operations -- Adjusted Basis
Adjusted net income is an alternative view of performance used by management and we believe that investors' understanding of our performance is enhanced by disclosing this information. We define adjusted net income as the net income of Cyalume excluding amortization expense. The adjusted net income measure is not, and should not be viewed as, a substitute for U.S. GAAP net income. Adjusted net income is an important internal measurement for us. We measure the performance of the overall Company on this basis. The following are examples of how we use adjusted net income:
* Senior management receives a monthly analysis of our operating
results that is prepared on an adjusted net income basis;
* Our annual budget for 2009 is prepared on an adjusted net income
basis
* Certain annual compensation computations, including annual cash
bonuses, are calculated in part on an adjusted net income basis.
Despite the importance of this measure to management in goal setting and performance measurement, we stress that adjusted net income is a non-GAAP financial measure that has no standardized meaning under U.S. GAAP and therefore, has limits in its usefulness to investors. Due to its non-standardized definition, adjusted net income (unlike U.S. GAAP net income) may not be comparable with the calculation of similar measures for other companies. Adjusted net income is presented solely to permit investors to more fully understand how management assesses our performance.
Cyalume Technologies Holdings, Inc.
Adjusted Consolidated Statements of Operations
(unaudited, in thousands)
Predecessor
For the Three For the Three For the Three
Months Ended Months Ended Months Ended
September 30, June 30, September 30,
2009 2009 2008
------------- ------------- -------------
Revenues $ 9,860 $ 7,959 $ 10,833
Cost of goods sold 5,938 4,575 5,411
------------- ------------- -------------
Gross profit 3,922 3,384 5,422
Other expenses (income):
Sales and marketing 791 746 738
General and
administrative 887 1,377 1,210
Research and
development 487 415 306
Interest, net 673 625 1,221
Interest - related
party 16 15 --
Amortization of
intangible assets 878 739 659
Other, net 16 19 59
------------- ------------- -------------
Total other expenses
(income) 3,748 3,936 4,193
------------- ------------- -------------
Income (loss) before
income taxes 174 (552) 1,229
Provision for (benefit
from) income taxes (151) (57) 517
------------- ------------- -------------
Net income (loss) 325 (495) 712
Amortization of
intangible assets and
inventory step-up 961 1,049 659
------------- ------------- -------------
Adjusted net income $ 1,286 $ 554 $ 1,371
------------- ------------- -------------
Adjusted EBITDA (a Non-GAAP Financial Measure)
Cyalume defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation, amortization, foreign currency gains or losses and one time income or expense items. Management uses Adjusted EBITDA for establishing internal budgets, goals and performance bonuses. Internal financial reports including those provided to the Board of Directors, focus on Adjusted EBITDA. Since Adjusted EBITDA is not necessarily an indicator of overall cash flows of Cyalume, management reviews capital budgets and cash flow forecasts in parallel with Adjusted EBITDA analysis. Because Adjusted EBITDA eliminates interest expense, income taxes and depreciation, amortization and one-time income or expense items, Cyalume considers this financial measure an important indicator of Cyalume's liquidity, operational strength and performance. Investors may find Adjusted EBITDA useful as it illustrates underlying operating trends in Cyalume's business.
In addition, components of Adjusted EBITDA are a key component in the determination of our compliance with certain covenants under our credit agreements. Adjusted EBITDA is not a measure of financial performance under GAAP. Adjusted EBITDA should not be considered in isolation, or as a substitute for net income, cash flows, or other consolidated income or cash flow data presented in accordance with GAAP or as a measure of our liquidity or financial condition. Because Adjusted EBITDA is not a measure determined in accordance with GAAP and is thus susceptible to varying calculations, Adjusted EBITDA as discussed may not be comparable to other similarly titled measures of other companies.
The use of Adjusted EBITDA as a supplemental liquidity measure is useful as it assists management in understanding and evaluating the Company's capacity, excluding the impact of interest, taxes, and non-cash depreciation and amortization charges, for servicing debt and other cash needs, prior to our consideration of the impacts of other potential sources and uses of cash, such as working capital items. Investors may find it useful for these purposes as well. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net cash provided by operating activities, as determined in accordance with GAAP, since it omits the impact of interest, taxes and changes in working capital that use or provide cash (such as receivables, payables and inventories) as well as the sources or uses of cash associated with changes in other balance sheet items (such as long-term loss accruals and deferred items). Because Adjusted EBITDA excludes depreciation and amortization, Adjusted EBITDA does not reflect any cash requirements for the replacement of the assets being depreciated and amortized, which assets will often have to be replaced in the future. Further, Adjusted EBITDA, because it also does not reflect the impact of debt service, income taxes, cash dividends, capital expenditures and other cash commitments, does not represent how much discretionary cash we have available for other purposes. Nonetheless, Adjusted EBITDA is a key measure expected by and useful to our investors, rating agencies and the banking community in the analysis of a Company's ability to service debt, fund capital expenditures and otherwise meet cash needs, respectively. Cyalume also evaluates Adjusted EBITDA because it is clear that movements in these non-GAAP measures impact the Company's ability to attract financing. Adjusted EBITDA, as calculated, may not be comparable to similarly titled measures reported by other companies.
Cyalume Technologies Holdings, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(unaudited, in thousands)
Predecessor
For the Three For the Three For the Three
Months Ended Months Ended Months Ended
September 30, June 30, September 30,
2009 2009 2008
------------- ------------- --------------
Net income (loss) $ 325 $ (495) $ 712
Plus:
Interest 689 640 1,221
Taxes (151) (57) 517
Depreciation 159 162 223
Amortization of
intangible assets 878 739 659
------------- ------------- --------------
EBITDA 1,900 989 3,332
Plus:
Amortization of
inventory step-up 83 310 --
One-time expenses 16 19 59
------------- ------------- --------------
Adjusted EBITDA $ 1,999 $ 1,318 $ 3,391
------------- ------------- --------------
Contact:
Cyalume Technologies Holdings, Inc.Derek Dunaway, President and Chief Executive Officer (413) 858-2500ddunaway@cyalume.comBPC Financial Marketing Investor Relations:John Baldissera800-368-1217
Cyalume Technologies Holdings Announces Results for the First Quarter of 2009
May 13, 2009 4:06:00 PM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesWEST SPRINGFIELD, Mass., May 13, 2009 (GLOBE NEWSWIRE) -- Cyalume Technologies Holdings, Inc. (OTCBB:CYLU) today announced results for the three months ending March 31, 2009. Adjusted net income, which is net income and amortization, was $0.5 million on revenues of $6.6 million, compared to adjusted net income of $1.6 million on revenues of $10.1 million for the first quarter of 2008. Adjusted EBITDA, which is earnings before interest, taxes, depreciation, amortization, foreign currency gains and losses, and certain one-time gains or expenses, was $0.8 million compared to $2.8 million during in 2008. Adjusted net income and adjusted EBITDA are important measures because they present a view of our performance on an ongoing basis without regard to the effects of purchase accounting or certain one-time gains or expenses such as certain lawsuit settlement gains and corresponding legal fees incurred.
The negative sales variance is due almost entirely to a historically low sales level of core chemical light products to the US military under one of the Company's military contracts. The low sales volume was due to order processing and inventory stocking issues. These issues have been resolved and the Company is already witnessing significant new orders under that specific contract. While first quarter sales were substantially below the previous year, the results were consistent with the expectations that the Company had communicated during its end of year earnings call.
Alternatively, sales for the 40 mm training ammunition continue to strongly grow. New orders from Rheinmetall for the MK281 will allow the Company to meet or surpass its expectations with that product line.
During the first quarter, the Company took some aggressive action to reduce operating expenses. The changes were a combination of reductions due to lower production levels as well as permanent cost savings initiatives. The changes were estimated to amount to an annualized savings of approximately $1 million. The increased sales levels the Company is now experiencing is requiring us to roll back much of the savings initiative but we will continue to realize some savings and improved operational efficiency as a result.
Comparable GAAP amounts and a reconciliation to GAAP are later contained in this release.
Derek Dunaway, Cyalume's President and CEO, said, "I am glad to report that the first quarter results were not due to any long term issues but rather small short term problems that caused supply interruptions and hindered order processing. The outlook for the second quarter is much more positive. While April continued to be slow, the Company has finally begun to see a turn around in May. During the first two weeks of May, we have seen more orders for our core products than we saw during the entire first quarter. We are confident that the issues that had caused the slow down in military orders have been resolved and we will continue to see a flow of orders consistent with historical levels as well as pent up demand, which will allow us to catch up on some of the revenue that was not realized during the first quarter. As evidenced by the activity we have seen in the second quarter already, demand for some of our products is as strong if not stronger than ever, and our core business remains extremely healthy. We expect much of the lost sales to be recouped during the third quarter. We are of course very encouraged by the performance of our ammunition product and the continued success of our partnership with Rheinmetall."
Forward-Looking Statements
This press release includes forward-looking statements concerning sales and operating earnings. These forward-looking statements are based upon management's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company and which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to: the effect of regional and global economic and industrial market conditions including our expectations concerning their impact on the markets we serve; the effect of conditions in the financial and credit markets and their impact on the Company and our customers and suppliers; the impact of the Company's cost reduction initiatives; the Company's ability to execute its business plan to meet its sales, operating income, cash flow and capital expenditure guidance; the impact on the Company's gross profit margins as a result of changes in product mix; the Company's vulnerability to industry conditions and competition; the effect of any interruption in the Company's supply of raw materials or a substantial increase in the price of raw materials; ongoing capital expenditures and investment in research and development; compliance with any changes in government regulations and environmental and health and safety laws; the effect on the Company's international operations of unexpected changes in legal and regulatory requirements, export restrictions, currency controls, tariffs and other trade barriers, difficulties in staffing and managing foreign operations, political and economic instability, difficulty in accounts receivable collection and potentially adverse tax consequences; the effect of foreign currency exchange rates as the Company's non-U.S. sales continue to increase; reliance for a significant portion of the Company's total revenues on a limited number of large organizations and the continuity of business relationships with major customers; the loss of key personnel; the nature and extent of military operations being conducted by customers.
Actual results and events may differ significantly from those projected in the forward-looking statements. Reference is made to Cyalume's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2008, its quarterly reports on Form 10-Q, and other periodic filings, for a description of the foregoing and other factors that could cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Conference Call
A live Internet broadcast of the Company's conference call discussing quarterly and year to date results can be accessed via the investor relations page on Cyalume web site (www.cyalume.com) on Thursday, May 14, 2009 at 11:00 a.m. Eastern time. To participate please dial 877-941-0844 and ask for the "Cyalume Technologies Conference Call." A simultaneous webcast will also be at: http://w.on24.com/r.htm?e=145330&s=1&k=dd2b8f332433b29a17847e201d1d10998b. In addition, a replay of the conference call will be available until 11:59 p.m. Eastern time June 16, 2009 on the investor relations page of the Company's web site. Please dial 800-406-7325, passcode 4069028# to access the replay.
About Cyalume Technologies
Cyalume Technologies is the world leader in the chemiluminescent industry providing dependable light for uses by militaries, police, fire and other public safety organizations in the U.S., NATO countries and the Middle East. Cyalume's chemical lights are depended on in emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. A full complement of Military grade Cyalume(r) brand, Industrial grade SnapLight(r) brand and Consumer grade SafetyBright(r) brand emergency lighting solutions are manufactured at its plant in West Springfield, MA. The company employs 150 people at its locations in West Springfield and Aix-en-Provence, France.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share information)
(Unaudited)
Predecessor
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
2009 2008
------------- -------------
Revenues $ 6,624 $ 10,116
Cost of goods sold 3,861 5,017
------------- -------------
Gross profit 2,763 5,099
Other expenses (income):
Sales and marketing 785 932
General and administrative 1,225 1,246
Research and development 393 365
Interest expense (income), net 627 1,319
Interest expense - related party 14 --
Amortization of intangible assets 995 653
Other loss (income), net 44 (995)
------------- -------------
Total other expenses (income) 4,083 3,520
------------- -------------
Income (loss) before income taxes (1,320) 1,579
Provision for (benefit from) income
taxes (547) 597
------------- -------------
Net income (loss) $ (773) $ 982
============= =============
Net income (loss) per common share:
Basic $ (0.05)
Diluted $ (0.05)
Weighted average shares used to compute
net income (loss) per common share:
Basic 14,564,234
Diluted 14,564,234
Source: Financial statements from Form 10Q filed May 13, 2009.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except shares and per share information)
March 31,
2009 December 31,
(unaudited) 2008
------------- -------------
Assets
Current assets:
Cash $ 1,203 $ 3,952
Accounts receivable, net of
allowance for doubtful accounts of
$217 and $452 at March 31, 2009
and December 31, 2008,
respectively 3,346 3,508
Inventories, net 11,350 11,447
Income taxes refundable 747 701
Deferred income taxes 280 317
Prepaid expenses and other current
assets 357 195
------------- -------------
Total current assets 17,283 20,120
Property, plant and equipment, net 7,737 7,882
Goodwill 60,764 60,896
Other intangible assets, net 48,293 49,426
Other noncurrent assets 165 188
------------- -------------
Total assets $ 134,242 $ 138,512
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Lines of credit $ 3,300 $ 3,500
Current portion of notes payable 3,993 3,621
Accounts payable 2,884 3,230
Accrued expenses and other current
liabilities 2,974 2,550
Common stock subject to mandatory
redemption -- 1,123
Notes payable and advance due to
related parties 64 64
Income tax payable 7 5
------------- -------------
Total current liabilities 13,222 14,093
Notes payable, net of current
portion 24,631 25,581
Notes payable due to related
parties, net of current portion 1,017 1,000
Deferred income taxes 8,550 9,237
Derivatives 184 163
Asset retirement obligation, net of
current portion 130 128
------------- -------------
Total liabilities 47,734 50,202
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $0.001 par value;
1,000,000 shares authorized, no
shares issued or outstanding -- --
Common stock, $0.001 par value;
50,000,000 authorized; 15,321,775
and 13,719,035 issued and
outstanding at March 31, 2009 and
December 31, 2008, respectively 15 14
Additional paid-in capital 87,111 87,348
Retained earnings 456 1,229
Accumulated other comprehensive loss (1,074) (281)
------------- -------------
Total stockholders' equity 86,508 88,310
------------- -------------
Total liabilities and stockholders'
equity $ 134,242 $ 138,512
============= =============
Source: Financial statements from Form 10Q filed May 13, 2009.
Cyalume Technologies Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, except shares)
(Unaudited)
Predecessor
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
2009 2008
------------- -------------
Cash flows from operating activities:
Net income (loss) $ (773) $ 982
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities:
Depreciation of property, plant and
equipment 158 199
Amortization 1,312 734
Provision for deferred income taxes (642) 269
Other non-cash expenses 127 302
Changes in operating assets and
liabilities:
Accounts receivable 83 315
Inventories (331) (1,475)
Prepaid expenses and other current
assets (166) (164)
Accounts payable and accrued
liabilities (137) 861
Income taxes payable, net (88) 103
Accrued interest on notes payable to
stockholders (1) --
------------- -------------
Net cash provided by (used in)
operating activities (458) 2,126
Cash flows from investing activities:
Payments to trust account -- --
Purchases of long-lived assets (111) (576)
------------- -------------
Net cash used in investing activities (111) (576)
Cash flows from financing activities:
Repayment of advances from and notes
payable to related parties -- --
Payments for common stock subject to
redemption (1,123) --
Net repayment of line of credit (200) --
Payments of Predecessor notes payable -- (25)
Repayment of long-term notes payable (658) --
Payments to reacquire and retire
common stock (263) --
Refund of debt issue costs 10 --
Proceeds from exercises of warrants 27 --
------------- -------------
Net cash used in financing activities (2,207) (25)
Effect of exchange rate changes on cash 27 285
------------- -------------
Net increase (decrease) in cash and
cash equivalents (2,749) 1,810
Cash, beginning of period 3,952 5,743
------------- -------------
Cash, end of period $ 1,203 $ 7,553
------------- -------------
Source: Financial statements from Form 10Q filed May 13, 2009.
Results of Operations -- Adjusted Basis
Adjusted net income is an alternative view of performance used by management and we believe that investors' understanding of our performance is enhanced by disclosing this information. We define adjusted net income as the net income of Cyalume excluding amortization expense. The adjusted net income measure is not, and should not be viewed as, a substitute for U.S. GAAP net income. Adjusted net income is an important internal measurement for us. We measure the performance of the overall Company on this basis. The following are examples of how we use adjusted net income:
* Senior management receives a monthly analysis of our operating results
that is prepared on an adjusted net income basis;
* Our annual budget for 2009 is prepared on an adjusted net income basis
* Certain annual compensation computations, including annual cash
bonuses, are calculated in part on an adjusted net income basis.
Despite the importance of this measure to management in goal setting and performance measurement, we stress that adjusted net income is a non-GAAP financial measure that has no standardized meaning under U.S. GAAP and therefore, has limits in its usefulness to investors. Due to its non-standardized definition, adjusted net income (unlike U.S. GAAP net income) may not be comparable with the calculation of similar measures for other companies. Adjusted net income is presented solely to permit investors to more fully understand how management assesses our performance.
Cyalume Technologies Holdings, Inc.
Adjusted Consolidated Statements of Income
(unaudited, in thousands)
Predecessor
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
2009 2008
------------- -------------
Revenues $ 6,624 $ 10,116
Cost of goods sold 3,861 5,017
------------- -------------
Gross profit 2,763 5,099
Other expenses (income):
Sales and marketing 785 932
General and administrative 1,225 1,246
Research and development 393 365
Interest expense (income), net 627 1,319
Interest expense - related party 14 --
Amortization of intangible assets 995 653
Other loss (income), net 44 (995)
------------- -------------
Total other expenses (income) 4,083 3,520
------------- -------------
Income (loss) before income taxes (1,320) 1,579
Provision for (benefit from) income
taxes (547) 597
------------- -------------
Net income (loss) (773) 982
Amortization of intangible assets and
inventory step-up 1,257 653
------------- -------------
Adjusted net income (loss) $ 484 $ 1,635
============= =============
Adjusted EBITDA (a Non-GAAP Financial Measure)
Cyalume defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation, amortization, foreign currency gains or losses and one time income or expense items. Management uses Adjusted EBITDA for establishing internal budgets, goals and performance bonuses. Internal financial reports including those provided to the Board of Directors, focus on Adjusted EBITDA. Since Adjusted EBITDA is not necessarily an indicator of overall cash flows of Cyalume, management reviews capital budgets and cash flow forecasts in parallel with Adjusted EBITDA analysis. Because Adjusted EBITDA eliminates interest expense, income taxes and depreciation, amortization and one-time income or expense items, Cyalume considers this financial measure an important indicator of Cyalume's liquidity, operational strength and performance. Investors may find Adjusted EBITDA useful as it illustrates underlying operating trends in Cyalume's business.
In addition, components of Adjusted EBITDA are a key component in the determination of our compliance with certain covenants under our credit agreements. Adjusted EBITDA is not a measure of financial performance under GAAP. Adjusted EBITDA should not be considered in isolation, or as a substitute for net income, cash flows, or other consolidated income or cash flow data presented in accordance with GAAP or as a measure of our liquidity or financial condition. Because Adjusted EBITDA is not a measure determined in accordance with GAAP and is thus susceptible to varying calculations, Adjusted EBITDA as discussed may not be comparable to other similarly titled measures of other companies.
The use of Adjusted EBITDA as a supplemental liquidity measure is useful as it assists management in understanding and evaluating the Company's capacity, excluding the impact of interest, taxes, and non-cash depreciation and amortization charges, for servicing debt and other cash needs, prior to our consideration of the impacts of other potential sources and uses of cash, such as working capital items. Investors may find it useful for these purposes as well. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net cash provided by operating activities, as determined in accordance with GAAP, since it omits the impact of interest, taxes and changes in working capital that use or provide cash (such as receivables, payables and inventories) as well as the sources or uses of cash associated with changes in other balance sheet items (such as long-term loss accruals and deferred items). Because Adjusted EBITDA excludes depreciation and amortization, Adjusted EBITDA does not reflect any cash requirements for the replacement of the assets being depreciated and amortized, which assets will often have to be replaced in the future. Further, Adjusted EBITDA, because it also does not reflect the impact of debt service, income taxes, cash dividends, capital expenditures and other cash commitments, does not represent how much discretionary cash we have available for other purposes. Nonetheless, Adjusted EBITDA is a key measure expected by and useful to our investors, rating agencies and the banking community in the analysis of a Company's ability to service debt, fund capital expenditures and otherwise meet cash needs, respectively. Cyalume also evaluates Adjusted EBITDA because it is clear that movements in these non-GAAP measures impact the Company's ability to attract financing. Adjusted EBITDA, as calculated, may not be comparable to similarly titled measures reported by other companies.
Cyalume Technologies Holdings, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(unaudited, in thousands)
Predecessor
For the Three For the Three
Months Ended Months Ended
March 31, March 31,
2009 2008
------------- -------------
Net income $ (773) $ 982
Plus:
Interest 641 1,319
Taxes (547) 597
Depreciation 158 199
Amortization 995 653
------------- -------------
EBITDA 474 3,750
Plus:
Inventory Step-up 262 --
One-time expenses 44 (995)
------------- -------------
Adjusted EBITDA $ 780 $ 2,755
============= =============
CONTACT: Cyalume Technologies Holdings, Inc.
Derek Dunaway, President and Chief Executive Officer
(413) 858-2500
ddunaway@cyalume.com
BPC Financial Marketing
Investor Relations:
John Baldissera
800-368-1217
Cyalume Technologies, Inc. Invites You to Participate in Its 1st Quarter Ended March 31, 2009 Earnings Conference Call and Webcast
May 7, 2009 9:00:00 AM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesWEST SPRINGFIELD, Mass., May 7, 2009 (GLOBE NEWSWIRE) -- Cyalume Technologies, Inc. (OTCBB:CYLU) today announced that its 2009 first quarter ended March 31 earnings conference call will take place on Thursday, May 14, 2009, at 11:00 a.m. Eastern time and will be webcast over the internet. The Company will release its first quarter 2009 earnings results ended March 31, 2009 on May 13, 2009, at 4:00 p.m. Eastern time. To participate please dial 877-941-0844 and ask for the "Cyalume Technologies Conference Call." A simultaneous webcast will also be at: http://w.on24.com/r.htm?e=145330&s=1&k=dd2b8f332433b29a17847e201d1d10998b. In addition, a replay of the conference call will be available until 11:59 p.m. Eastern time June 16, 2009. Please dial 800-406-7325, passcode 4069028# to access the replay.
About Cyalume Technologies
Cyalume Technologies is the world leader in the chemiluminescent industry providing dependable light for uses by militaries, police, fire and other public safety organizations in the U.S., NATO countries and the Middle East. Cyalume's chemical lights are depended on in emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. A full complement of Military grade Cyalume(r) brand, Industrial grade SnapLight(r) brand and Consumer grade SafetyBright(r) brand emergency lighting solutions are manufactured at its plant in West Springfield, MA. The company employs 200 people at its locations in West Springfield and Aix-en-Provence, France.
CONTACT: Cyalume Technologies Holding, Inc.
Derek Dunaway, President and Chief Executive Officer
(413) 858-2500
ddunaway@cyalume.com
BPC Financial Marketing
Investor Relations:
John Baldissera
800-368-1217
Followers
|
2
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
43
|
Created
|
10/04/08
|
Type
|
Free
|
Moderators |
Cyalume Technologies, Inc. is the world leader in the chemiluminescent industry, providing dependable light for uses by militaries in the U.S. and NATO countries, as well as policemen, firemen, and others throughout the safety industry. Cyacylulume's chemical lights are depended upon for both military training and battle operations as well as emergencies such as blackouts, industrial accidents, acts of terrorism and natural disasters. A full complement of Military specification ChemLight® brand and Industrial grade SnapLight® brand emergency lighting solutions are manufactured at their world headquarters in West Springfield, Massachusetts. Their French subsidiary, Cyalume Technologies SAS, manufactures and distributes chemiluminescent products throughout Europe.
Cyalume Technologies continues to aggressively design and develop innovative light technologies making them the undisputed world leader in chemical light technology.
All of Cyalume’s products are manufactured with the highest degree of quality, meeting ISO 9001 standards throughout the manufacturing process. Only the safest, environmentally friendly, and highest-grade materials are used.
Cyalume Technologies is proud to be the sole manufacturer of chemiluminescent light products to the United States Military and NATO both directly and with their National Industries for the Blind partners.
When safety depends on light, Cyalume® is the only name trusted millions of times, every year.
USA Office Cyalume Technologies, Inc. 96 Windsor Street West Springfield, MA 01089 Toll free: (888) 858-7881 Direct: 413-858-2500 info@cyalume.com Europe Office Cyalume Technologies SAS 295 Rue Mayor de Montricher Z.I. Les Milles - CS 40435 13591 Aix-en-Provence Cedex 3 France +33 (0) 4 42 37 17 80 info-europe@cyalume.com www.european-lightstick.com | Share Structure Shares Outstanding: 15.75M Float: 5.83M % Held by Insiders: 76.77% |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |