Exhibit 99.1
----------------------------------------------------------------
TVI Corporation 7100 Holladay Tyler Road, Suite 300 o Glenn Dale, Maryland 20769
Tel: 301-352-8800 o Fax: 301-352-8818
TVI Corporation Full Year 2003 Sales Increase 145%
Operating Income Increases 188%
GLENN DALE, MD -- February 10, 2004 -- TVI Corporation (OTC BB: TVIN), today
announced that sales increased 145% to $27.2 million for the twelve months ended
December 31, 2003, compared to $11.1 million for the same period last year.
Operating income increased 188% to $8.0 million for the twelve months ended
December 31, 2003, from $3.1 million for the same period last year.
Sales increased 62% to $7.6 million for the fourth quarter ended December 31,
2003, from $4.7 million for the fourth quarter of 2003.
Net income for the twelve months of 2003 was $5.4 million or $0.196 per basic
share and $0.181 per diluted share, compared to $4.4 million or $0.168 per basic
share and $0.155 per diluted share for the same period last year. Net income for
the fourth quarter of 2003 was $1.6 million or $0.058 per basic share and $0.053
per diluted share, compared to $ 3.1 million or $0.116 per basic share and
$0.107 per diluted share for the fourth quarter of 2002. While TVI 2003 income
was taxed at normal rates, the fourth quarter and full year of 2002 included a
non-recurring gain from the capitalization of a deferred tax asset that
contributed $1.4 million to net income and $0.05 to per share earnings. In
addition, 2002 net income did not require a provision for income taxes as the
benefit of loss carry forwards from earlier years offset 2002 income.
Operating income margins increased to 29.5% for the full year 2003 from 27.5%
for the full year 2002.
Cash flow from operations for the full year 2003 was $6.2 million. During the
fourth quarter, the Company generated $2.9 million in cash flow from operations.
Cash was $7.6 million at December 31, 2003. TVI Corporation continues to operate
with no bank debt.
At the end of the fourth quarter, TVI's backlog was approximately $4.8 million
that included orders received from commitments from the State of Washington, the
State of California, the District of Columbia, and the Department of Defense.
TVI shipped $2.6 million in January and currently has a backlog in excess of
$9.9 million.
"Our growth has continued from selling systems to new and existing customers in
the United States and internationally," stated Rick Priddy, CEO of TVI
Corporation. "We expect a significant part of our growth to come from foreign
public health and first response agencies as they increase their level of
preparedness to accidents and disastrous events."
"We have also made great strides in diversifying our revenue mix with the sale
of our isolation systems, which segregate and encase any airborne biological or
chemical contaminants," stated Priddy. "Our infrared signaling and target sales
reached $1.0 million for the full year of 2003, and we have used this technology
to develop advanced landing markers for military helicopters, further expanding
our sales mix. TVI Corporation is rapidly becoming a developer of
technologically advanced products and systems that improve human safety."
About TVI Corporation:
TVI Corporation, located in Glenn Dale, Maryland, is a leading supplier of rapid
deployment shelters and chemical/biological decontamination systems for the
military, public health, and first response agencies. TVI is a primary source to
the military for thermal targets and thermal decoys. TVI's stock trades on the
OTC Bulletin Board under the symbol "TVIN."
The TVI designation is a service mark of TVI Corporation. All other company and
product names mentioned above are trade names and/or trademarks of their
respective owners.
Information contained in this press release constitutes forward-looking
statements within the meaning of the securities laws and involves expectations,
beliefs, plans, intentions or strategies regarding the future. These statements
may be identified by the use of forward-looking words or phrases such as
"should", "believes", expects", "might result", and others. These
forward-looking statements involve risks and uncertainties and are not
guarantees of future performance, as actual results could differ materially from
our current expectations. Such risks and uncertainties include achieving order
and sales levels to fulfill revenue expectations; our ability to respond to
changes in the counter-terrorism, military, public safety, and first responder
communities; adverse changes in governmental regulations; expected costs or
charges, certain of which may be outside the control of the Company; the time
and costs involved in the marketing and promotion for our products; the possible
cancellation of existing orders for our products; general economic and business
conditions; and competitive factors in our markets and industry generally.
Numerous other factors could cause or contribute to such differences, including,
but not limited to, those set forth in the Company's Annual Report to
Stockholders, 10-KSB, 10-QSB, and other SEC filings. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
to the date of the press release. We assume no obligation to update any such
forward-looking statements.
For more information concerning TVI, please visit us at: www.tvicorp.com.
---------------
Contact: TVI Corporation, Glenn Dale
Richard Priddy, CEO 301-352-8800
Mike Frank, Investor Relations 201-659-0101
mike@mikefrankassociates.com
----------------------------
TVI CORPORATION
STATEMENT OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
2003 2002 2003 2002
---------- ---------- ---------- ----------
NET SALES 7,573 4,666 27,218 11,128
COST OF SALES 3,907 1,858 12,930 5,239
---------- ---------- ---------- ----------
GROSS PROFIT 3,666 2,808 14,288 5,889
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 1,743 1,043 6,248 2,817
---------- ---------- ---------- ----------
OPERATING INCOME 1,923 1,765 8,040 3,072
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE) 2 5 18 1
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 1,925 1,770 8,058 3,073
PROVISION FOR INCOME TAX EXPENSE 327 (1,358) 2,691 (1,358)
---------- ---------- ---------- ----------
NET INCOME 1,598 3,128 5,367 4,431
========== ========== ========== ==========
BASIC EARNINGS PER COMMON SHARE 0.058 0.116 0.196 0.168
BASIC WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING 27,656 26,929 27,313 26,110
DILUTED EARNINGS PER COMMON SHARE 0.053 0.107 0.181 0.155
DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND
EQUIVALENTS OUTSTANDING 29,968 29,164 29,631 28,546
TVI CORPORATION
BALANCE SHEET
(DOLLARS IN THOUSANDS)
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents 7,592 1,615
Accounts receivable 4,214 2,964
Inventories 2,028 887
Deferred tax assets 387 1,358
Prepaid Expenses & Other current assets 348 111
------------ ------------
Total Current Assets 14,569 6,935
------------ ------------
PROPERTY,PLANT AND EQUIPMENT
Property,plant and equipment,net 638 153
------------ ------------
OTHER ASSETS
Patents,net 109 88
Other assets 31 24
------------ ------------
Net Other Assets 140 112
------------ ------------
TOTAL ASSETS 15,347 7,200
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable and accrued interest 0 0
Current portion of long term debt 0 0
Accounts payable 1,145 580
Accrued liabilities 2,062 302
------------ ------------
Total Current Liabilities 3,207 882
------------ ------------
Long term debt,net of current portion 0 0
------------ ------------
TOTAL LIABILITIES 3,207 882
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock 53 53
Common stock 250 269
Additional paid in capital 12,850 12,376
Accumulated deficit (1,013) (6,380)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 12,140 6,318
------------ ------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 15,347 7,200
============ ============