Printer Friendly

AEROVOX REPORTS EARNINGS

 AEROVOX REPORTS EARNINGS
 NORTH DARTMOUTH, Mass., Feb. 12 /PRNewswire/ -- Aerovox Incorporated


(NASDAQ: ARVX) today announced revenues of $63,582,000 for fiscal year 1991 and earnings of 37 cents per common share, excluding provisions for two unusual pre-tax expenses which resulted in net earnings of 3 cents per share. In fiscal 1990, the company had revenues of $57,114,000 and net income of 33 cents per share.
 Aerovox cited sales of DC film capacitors, a product line acquired from AT&T, as the source of increased revenues in 1991. The company stated that 1991 sales of AC capacitor products were approximately the same as the previous year and were a clear reflection of the stalled economy.
 The company has made provisions for $2 million plus interest to reimburse an insurer for coverage provided on an environmental settlement. As previously reported, a First Circuit Court of Appeals ruling relieved the insurer of that liability. This action was confirmed by the U.S. Supreme Court's denial of the company's request for a review. Aerovox has also made provision for expenses related to closing its Canadian subsidiary, Aerovox Canada Limited. The decision to close that operation was the result of the Free Trade Agreement which in effect eliminated the justification for a two-plant operation to serve what is now a single market.
 The foregoing consolidation, coupled with the acquisition of certain assets from Cornell-Dubilier Electronics, Inc. positions Aerovox to meet any upsurge in demand at reduced overhead, the company stated. Aerovox also noted the CDE purchase added particular strength in power products and the state-of-the-art technology demonstrated in 1991 in high energy density capacitors opens new markets and opportunities for the company.
 AEROVOX INCORPORATED
 Consolidated Statements of Income
 (Amounts in thousands, except per share data)
 Year Ended Year Ended
 12/28/91 12/29/90
 Net sales $63,582 $57,114
 Cost of sales 50,920 46,392
 Gross profit 12,662 10,722
 Selling, general and
 administrative expenses 9,240 8,148
 Income from operations 3,422 2,574
 Other income (expense):
 Interest expense (510) (518)
 Other income (expense) 748 814
 Total 3,660 2,870
 Special provisions:
 Litigation (2,240) ---
 Plant closing (262) ---
 Environmental settlement
 interest accrual (203) ---
 Income before income taxes 955 2,870
 Provision for income taxes (822) (1,198)
 Net income $133 $1,672
 Net income per share and
 common equivalent share 3 cents 33 cents
 -0- 2/12/92
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX) CO: Aerovox Incorporated ST: Massachusetts IN: CPR SU: ERN


SH -- NE009 -- 9211 02/12/92 11:38 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1992
Words:428
Previous Article:MEDAR REPORTS INCREASED 1991 EARNINGS
Next Article:GM 6.50 PERCENT SERIES C CONVERTIBLE PREFERENCE RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
AEROVOX PURCHASES VARIOUS CORNELL-DUBILIER ASSETS
BELLEVILLE & AEROVOX PETITION SUPREME COURT TO REVIEW FIRST CIRCUIT RULING
AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX REPORTS SECOND QUARTER EARNINGS
AEROVOX ANNOUNCES FINAL SETTLEMENT OF ENVIRONMENTAL LITIGATION
AEROVOX REPORTS THIRD QUARTER EARNINGS
AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX REPORTS SECOND QUARTER EARNINGS
AEROVOX COMMENTS ON EXPECTED THIRD QUARTER
AEROVOX UPDATES AERO M STATUS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters