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Release: IMMEDIATE
For: HADRON, INC.
(Symbol: HDRN)
Contact: Amber Gordon
Ron Alexander
(703) 329-9400
HADRON ANNOUNCES 2001 ANNUAL EARNINGS
Alexandria, VA, February 12, 2002 -- HADRON, INC. (OTC BB: HDRN) today announced
its earnings for 2001. For the year ended December 31, 2001, the Company
reported operating income of $475,400 and net income of $197,900 ($0.02 net
income per share) versus operating income of $250,000 and a net loss of $29,000
(a $0.01 net loss per share) for the twelve months ended December 31, 2000. For
2001, Hadron reported revenues of $21.9 million versus $18.6 million for the
twelve months ended December 31, 2000. In February 2001, Hadron changed its
fiscal year end from June 30 to December 31. Hadron's earnings before interest,
taxes, depreciation and amortization (EBITDA) for 2001 were $961,700. The
Company's profitability was achieved through a combination of acquisition,
internally generated growth and strong control of overhead costs.
For the fourth quarter, ended December 31, 2001 Hadron reported
consolidated revenues of $9.2 million, operating income of $188,400 and net
income of $50,100 (or $0.004 net income per share). This compares to revenues of
$4.2 million, operating income of $53,600 and net income of $22,200 for the
quarter ended December 31, 2000.
"We are pleased to report that Hadron's financials for 2001 reflect the
Company's increasing strength and size," said Sterling Phillips, Hadron's
President and CEO. "We believe shareholder value will continue to be enhanced as
Hadron's strategic business plan continues to be implemented," he concluded. Ron
Alexander, Hadron's Chief Financial Officer, said "Hadron's consolidated fourth
quarter 2001 financials include the results of our new subsidiary, Analex
Corporation, acquired in November 2001. The integration of Hadron and Analex
operations and administration are proceeding as expected."
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HADRON: Announces 2001 Earnings Page 2
February 12, 2002
HADRON, INC.
Selected Financial Data
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2001 2000 2001 2000*
-------------- -------------- ------------- -------------
Revenues $ 9,201,800 $4,239,700 $21,926,600 $18,577,400
Operating Income (Loss) 188,400 53,600 475,400 250,000
Net Income (Loss) 50,100 22,200 197,900 (29,000)
Net Income (Loss) Per Share:
Basic $ 0.004 $ 0.004 $ 0.03 $ (0.01)
================= ============= ================ ===============
Diluted $ 0.004 $ 0.003 $ 0.02 $ (0.01)
================= ============= ================ ===============
Weighted avg. # shares:
Basic 11,284,468 6,393,463 7,720,818 5,055,197
=========== =============== ========== =============
Diluted 13,922,965 7,603,607 9,587,068 5,055,197
============ =============== =========== =============
December 31,
---------------------------------------
2001 2000
--------------- --------------
Total Shareholders' Equity $ 10,514,500 $ 2,001,900
=============== ==============
* HADRON changed its fiscal year from June 30 to December 31 in
February 2001. Therefore, the twelve month financial results for
the period ended December 31, 2000 presented in this table are for
comparative purposes and were not previously presented as annual
financial information for the Company.
HADRON specializes in developing intelligence and biodefense solutions
in support of our Nation's security. Hadron focuses on developing innovative
technical solutions for the intelligence community; designing, developing and
testing aerospace products and systems; analyzing and supporting defense
systems; and developing medical defenses and treatments for toxic agents used in
biological warfare and terrorism. The Company's stock trades on the OTC
Electronic Bulletin Board under the symbol HDRN. HADRON can be found on the
Internet at www.hadron.com. HADRON investor relations can be contacted at (703)
329-9400 or via email at agordon@hadron.com.
Except for the historical information contained herein, this press release
contains forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended, that involve a number of risks
and uncertainties. These forward-looking statements may be identified by
reference to a future period by use of forward-looking terminology such as
"anticipate," "expect," "could," "intend," "may" and other words of a similar
nature. There are certain important factors and risks that could cause results
to differ materially from those anticipated by the statements contained herein.
Such factors and risks include business conditions and growth in the information
services, engineering services, software development and government contracting
arenas and in the economy in general. Competitive factors include the pressures
toward consolidation of small government contracts into larger contracts awarded
to major, multi-national corporations; and the Company's ability to continue to
recruit and retain highly skilled technical, managerial and sales/marketing
personnel. Other risks may be detailed from time to time in the Company's
filings with the Securities and Exchange Commission. Hadron undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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