1997 first quarter operating results and date of special meeting of shareholders announced by Amphenol Corporation.WALLINGFORD, Conn.--(BUSINESS WIRE)--April 16, 1997--Amphenol Corporation (NYSE-APH), reported today that net income for the first quarter 1997 was a record $17,497,000 or $ .39 per share, compared to $16,940,000 or $ .36 per share for the 1996 period. Sales for the first quarter 1997 were $211,773,000 compared to $194,822,000 for the 1996 period. Currency translation had the effect of decreasing sales by approximately $4.7 million in the first quarter 1997 compared to the 1996 period. In commenting on the quarter, Amphenol President and Chief Executive Officer, Martin H. Loeffler stated, "We are pleased with our first quarter results. The Company's connector business had another excellent quarter with good increases in sales in most of our major markets and excellent profitability. Our aerospace, industrial and communications related interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. products all experienced excellent sales growth. The coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator cable revenues were even with a year ago but showed an increasing trend on a sequential basis. We are also pleased with incoming order rates as most areas of the business experienced a positive book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can which portends well for continued revenue growth." The Company also announced that it has established May 14, 1997 as the date for a Special Meeting of Shareholders for the purpose of considering and voting on the previously announced Agreement and Plan of Merger ("Merger Agreement") between Amphenol and NXS Acquisition Corp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of KKR KKR Korringa-Kohn-Rostoker (method) KKR Kohlberg, Kravis & Roberts & Co. KKR Kalkara (postal locality, Malta) KKR Kramers-Kronig Relations KKR Komarappa Gounder Ramalingam (hospital in India) 1996 Fund L.P., a limited partnership formed at the direction of Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. L.P. Proxy material containing a full description of the Merger Agreement and related matters is being mailed today to shareholders. Amphenol Corporation manufactures connectors, cable and interconnect systems for electronics, cable television, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , aerospace, transportation and industrial applications. The Company's products are engineered and produced in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and the Far East and sold by a worldwide sales and marketing organization. -0-
AMPHENOL CORPORATION
FINANCIAL SUMMARY
(Unaudited)
Three Months Ended
March 31,
1997 1996
Sales $211,773,000 $194,822,000
Net income 17,497,000 16,940,000
Net income per share $.39 $.36
Average shares outstanding 44,720,024 47,320,536
CONTACT: Amphenol Corporation, Wallingford Edward G. Jepsen, 203/265-8650 |
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