SAN FRANCISCO, Oct. 4, 1999 (PRIMEZONE) -- David Ruckert, President and CEO of Fiberstars, Inc. (Nasdaq:FBST), today highlighted the company's financial performance and future growth outlook to a group of institutional investors at the First Security Van Kasper "Companies of the New Millennium" conference in San Francisco.
In his presentation, Ruckert detailed Fiberstars recent strong financial results, including a 673 percent net earnings gain in the last 12 months. For the first half of 1999, Fiberstars announced net income of $597,000 on total sales of $16,027,000, significantly outperforming net income and total sales figures for the same period in 1998. These results were buoyed by record sales for the second quarter of 1999.
"We have a positive long-term growth outlook," said Ruckert. "This is supported by a solid balance sheet, an experienced management team, and record sales that lend us tremendous momentum moving forward. And we are most excited by the number of new technologies that will roll out over the next two years."
Fiberstars, already the world's leading fiber optic lighting company, will soon unveil advances in fiber optic lighting that will have significant impact in the future of the lighting industry. Ruckert said these advances would be achieved through the combination of existing technology with new developments in lamps and optics. The resulting technology will reduce the manufacturing cost of fiber optic lighting and increase its total efficiency. These advances will make fiber optics competitive, and in many applications, superior to traditional lighting. It will also open up new markets for fiber optic lighting. Fiber optics has already proven to be more energy efficient, safer and a maintenance-free alternative to traditional lighting sources.
In 2000, the company introduces its Fiberstars MicroSystems, groundbreaking technology that optimizes the light output of fibers through an innovative lamp/optical design. Other advances include low cost lighting systems for above ground pools and spas; innovative fiber optic fixturing; and a 7,000 lumen high-end system, the brightest in the world. Advances to be introduced in 2001 include the second generations of fiber integration systems, fiber types and fixturing.
The conference, sponsored by First Security Van Kasper, attracted more than 300 portfolio managers to The Ritz Carlton to hear presentations from Fiberstars and over 80 other publicly held companies.
About Fiberstars Fiberstars (Nasdaq:FBST) is the world's leading supplier of fiber optic lighting, with products designed, manufactured and marketed in the commercial lighting, sign and swimming pool and spa markets. Products are designed for either professional or homeowner installation. Fiberstars fiber optic lighting helps to enhance the appearance of such well know landmarks as the Louvre Museum, Church of Holy Sepulchre in Jerusalem, Harrah's Casino, and Sony Metreon Project, San Francisco (Playstation display). Company headquarters are located in Fremont, California. Telephone (510) 490-0719.
Web site: http://www.fiberstars.com.
Certain matters discussed in this press release may contain forward-looking statements that may involve risk and uncertainties including, but not limited to, future revenues, earnings prospects and the Company's ability to execute its business plan. Although Fiberstars believes that its expectations are based on reasonable assumptions, it can give no assurance that anticipated results will occur. Parties receiving this release are encouraged to review all filings made by the Company with the Securities and Exchange Commission.