AIRPORT SYSTEMS REPORTS HIGHER FIRST QUARTER EARNINGS; BACKLOG TOTALS $17.6 MILLION VERSUS $4.5 MILLION LAST YEAR.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan.--(BUSINESS WIRE)--Aug. 21, 1997--Airport Systems International, Inc. (Nasdaq/NM:ASII) today reported gains in 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 and net income for the first quarter of the Company's 1998 fiscal year. For the three months ended July 31, 1997, Airport Systems reported net sales of $5.8 million compared with $5.2 million a year ago. Net income for the quarter totaled $160,000, or $0.07 per share, versus $135,000, or $0.06 per share, in the year-earlier period. "We are very pleased with the first-quarter results that included new orders for navaids of $4.0 million," remarked Keith S. Cowan, president and chief executive officer. "Our backlog of $17.6 million at the close of the period was up almost fourfold fourfold Adjective 1. having four times as many or as much 2. composed of four parts Adverb by four times as many or as much Adj. 1. from $4.5 million a year ago. This backlog position and the pace of new orders reinforce our optimism about fiscal 1998 as a whole." Cowan added, "Incoming orders thus far in fiscal 1998 have included the award of some significant new contracts. One especially gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. order was the exercise by the Federal Aviation Authority of an option for 10 additional DMEs that will be installed at various locations within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We were also selected to provide navaid and other airport landing equipment for the Northwest Arkansas Regional Airport Northwest Arkansas Regional Airport (IATA: XNA, ICAO: KXNA) is an airport located in Highfill, Arkansas, near Bentonville, Rogers, Fayetteville, Springdale, and Siloam Springs, Arkansas. scheduled to open in August 1998. Our equipment there will include two Instrument Landing Systems consisting of localizers, glideslopes and distance measuring equipment Distance Measuring Equipment (DME) is a transponder-based radio navigation technology that measures distance by timing the propagation delay of VHF or UHF radio signals. as well as two approach lighting systems, an automated weather observation system and runway visual range The maximum distance in the direction of takeoff or landing at which the runway, or specified lights or markers delineating it, can be seen from a position above a specified point on its center line at a height corresponding to the average eye level of pilots at touch-down. equipment. Internationally, we received a contract to supply additional navaid equipment to Thailand, extending our well-established position in that country. "We are continuing to have a solid flow of opportunities to bid on other planned navaid projects. The number of active proposals, combined with the Company's current backlog, supports our optimism about the prospects for fiscal 1998. At the close of the first quarter, our financial position remained strong with $1.8 million in cash and cash equivalents and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $9.7 million." Airport Systems International, Inc. designs, manufactures, markets and installs ground-based equipment (navaids) and airfield signage to aid the in-flight navigation and ground movement of aircraft. The Company's products are used worldwide to guide the navigation of aircraft in various phases of a flight and in all visibility conditions. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
July 31,
1997 1996
Sales $ 5,753,000 $5,155,000
Net income $ 160,000 $ 135,000
Net income per share $ 0.07 $ 0.06
CONTACT: Airport Systems, Overland Park Thomas C. Cargin, 913/495-2614 |
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