Metrologic Instruments, Inc. Completes Aquisition of Adaptive Optics Associates, Inc.
Metrologic Instruments, Inc. announced that its previously announced acquisition of Adaptive Optics Associates, Inc. ("AOA"), a subsidiary of United Technologies Corporation (NYSE-UTX) was completed today.
Under the terms of the agreement, Metrologic acquired all of the stock of Adapative Optics Associates, Inc. from United Technologies. AOA is expected to add $0.05 per diluted earnings per share to Metrologic's consolidated diluted earnings per share for the year ending 2001, net of acquisition interest expense and goodwill amortization. The revenues of AOA are projected to be $21 million and $28 million for years ending December 31, 2000 and December 31, 2001, respectively.
AOA will be operated as a wholly-owned subsidiary of Metrologic and will retain the AOA name. AOA will be responsible for Metrologic's continued advance into complex, high-speed industrial scanning applications. AOA is a leader in the design and manufacture of highly advanced optical and mechanical products and has a long history of selling sophisticated laser vision systems and laser beam delivery systems to government, scientific and industrial customers, including leaders in the parcel handling and semi-conductor industries. AOA provides software, hardware, engineering, training, field maintenance and support services to these customers.
Simultaneous with the AOA acquisition, Metrologic closed a $45 million credit facility with PNC Bank, National Association, as lead bank. Under the terms of the credit facility, Metrologic has secured a $20 million term loan and a $25 million revolving line of credit. Proceeds from the facility will be applied toward financing the acquisition of AOA, paying down existing term loans and providing working capital for Metrologic and its subsidiaries.
Metrologic is a leading innovator of bar code scanners featuring automatic infra-red technology and the owner of HoloTrak holographic industrial bar code scanning technology. Metrologic designs, manufactures and markets bar code scanning equipment incorporating laser and holographic technology, offering hand-held, presentation and in-counter scanners for retail and commercial scanning applications, miniature scan engines for use by original equipment manufacturers, and high-speed industrial scanning and information processing systems that combine bar code scanning with dimensioning, weighing, tracking and sorting packages. The company's products are sold in more than 100 countries worldwide through Metrologic's sales, service and distribution offices in North America, Europe, Asia and South America. For more information, please call 1-800-ID-METRO or visit www.metrologic.com.
United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the building and aerospace industries through its five subsidiaries: Hamilton Sundstrand, Pratt & Whitney, Sikorsky, Otis Elevator and Carrier. UTC reported 1999 profits of $1.53 billion on revenues of more than $24 billion.
The discussion in this news release includes forward-looking statements based on current management expectations. Factors which would cause the results to differ from these expectations include the following: Metrologic's ability to integrate AOA with other Metrologic subsidiaries, and realize anticipated impact on results of operations; foreign currency fluctuations with the U.S. dollar; the timing, introduction and market acceptance of Metrologic's new products; pricing pressures; competitive factors (including the results of the company's new marketing efforts); sales cycles of Metrologic's products; technological changes in the scanner industry, specifically holographic scanners; availability of patent protection for Metrologic's holographic scanners and other products; general economic conditions, and the disposition of legal issues. For additional factors, please see the company's reports filed with the Securities and Exchange Commission.
Adaptive Optics Associates, Inc., a unit of Hamilton Sundstrand, a division of United Technologies, 10 Wilson Road, Cambridge, MA 02138. Tel: 617-806-1400; Fax: 617-806-1899.