ADFlex to Turn Profit On Increasing Net Sales.CHANDLER, Ariz.--(BUSINESS WIRE)--July 1, 1999-- ADFlex Solutions Inc. (Nasdaq NM: AFLX) Thursday announced that, for its second fiscal quarter, it expects to report a small operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight which will be up nearly 20 percent over net sales in its first quarter. The operating profit excludes restructuring charges announced in April 1999. Net sales are expected to be within the range of consensus analysts' estimates and earnings per share are expected to exceed the estimates. The company expects to report its results for second quarter on July 21, 1999. Separately today, Innovex Inc. (Nasdaq: INVX) announced that Innovex and ADFlex have entered into a definitive merger agreement. Under the terms of the agreement, Innovex will commence a cash tender offer to purchase all of the outstanding shares of ADFlex. The tender offer, unless extended, will expire on Aug. 3, 1999. ADFlex Solutions Inc. is a leading supplier of flexible circuit-based interconnect solutions to the computer, computer peripheral, communications and consumer electronic product industries. Applications for flex-based interconnects include cellular telephones, hard disk drives and other storage systems, high-end consumer products, notebook computers, pagers and personal communications systems. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts may contain forward-looking statements that involve risks and uncertainties, including, but not limited to, risks detailed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 27, 1998, Form 10-Q Form 10-Q See 10-Q. for the quarter-ended March 28, 1999 and other Securities and Exchange Commission filings. |
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