Exhibit 99.1

 

 

For investor relations information, contact:

For trade press information, contact:

Jana Ahlfinger Bell, 972.819.0700

Timi Jackson, 972.819.2336

e-mail: jbell@efji.com

e-mail: tjackson@efji.com

 

EF Johnson Technologies, Inc. Announces

2009 Financial Results

 

Irving, TX – March 31, 2010 – EF Johnson Technologies, Inc. (NASDAQ: EFJI) today announced its results for the fourth quarter and year ended December 31, 2009.

 

Revenues for the fourth quarter of 2009 were $16.3 million, a decrease from $25.3 million for the same period of 2008.  The net loss for the fourth quarter of 2009 was $9.6 million, or $0.36 per share, compared to a net loss of $20.8 million, or $0.79 per share, for the same period in the prior year.  This decline in fourth quarter revenue was primarily due to delays in shipping land mobile radio (“LMR”) products to certain federal, state and local customers.

 

Michael E. Jalbert, chairman and chief executive officer of EFJohnson Technologies, Inc., said, “We were very disappointed in our fourth quarter results.  We had multiple orders in backlog at the end of the quarter that could not ship due to specific customer change requests.  So while over $10 million of these orders shipped in the first quarter of 2010, we were not able to achieve our profitability targets for 2009.”

 

Revenues for 2009 were $92.3 million, a decrease from $126.3 million for 2008. As noted above, the decline was attributable to lower federal, state and local revenues resulting from delays in shipments of LMR radio products from backlog into 2010 and delays in finalizing certain re-banding agreements. The LMR revenue decline was partially offset by the increases in our secure broadband revenue, driven by significant deliveries under key programs to the Department of Defense.

 

Gross profit was $27.9 million for 2009, a decrease from $42.7 million for 2008. The decrease was mainly attributable to the decline in revenue volume coupled with a write off of approximately $4.1 million “X”-platform LMR inventory during the fourth quarter of 2009 relating to a decision to end the life of the “X”-platform product and legacy service stock. Gross margin was 30.2% for 2009, as compared to 33.8% for 2008. The decision to end the life of the “X”-platform product negatively impacted the gross margin by 4 points for the year.

 

Net loss was $12.2 million in 2009 as compared to a net loss of $20.9 million in 2008.   The loss per share for 2009 was $0.46 compared to a loss of $0.79 per share for 2008.

 

As previously announced, the Company was not in compliance with certain financial covenants under its loan agreement with Bank of America, N. A. for the quarter ending December 31, 2009 due to the fourth quarter shipping delays. The Company executed an amendment to the loan agreement effective March 1, 2010 which waived these covenant violations on a one-time basis, waived compliance with the financial covenants for the Company’s first quarter ended March 31, 2010, and contained additional restrictions. The loan agreement, which governs our revolving line of credit and $15 million term loan, expires June 30, 2010.  As a result, the $15.0 million term note will be due and payable in full at that time.  The Company has pledged $3.0 million to Bank of America for the repayment of the term loan, which is shown as Restricted Cash on our balance sheet.  

 


The following information was filed by Ef Johnson Technologies, Inc. on Wednesday, March 31, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Ef Johnson Technologies, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ef Johnson Technologies, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account