AIRPORT SYSTEMS REPORTS THIRD QUARTER RESULTS; BACKLOG INCREASES TO $8.3 MILLION.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)--Feb. 21, 1995--Airport Systems International, Inc. (NASDAQ/NM:ASII) today reported results for the third fiscal quarter and nine months ended January 31, 1995. The Company also reported that the total backlog increased to $8.3 million at the end of the quarter, up from $6.2 million at mid year. For the third quarter, Airport Systems reported 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 of $4.4 million compared with $5.3 million a year ago. Net income for the quarter totaled $201,000, or $0.08 per share, versus $527,000, or $0.24 per share, in the third quarter of fiscal 1994. The results for the third quarter brought net sales for the first nine months of fiscal 1995 to $13.8 million compared with $13.7 million in the first nine months of fiscal 1994. Net income for the first nine months was $991,000, or $0.41 per share, versus $1.5 million, or $0.82 per share, in the year-earlier period. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share in the third quarter and nine months a year ago were $0.17 and $0.48, respectively, assuming a comparable tax rate and the completion of the Company's initial public offering at the start of fiscal 1994. Airport Systems completed a combined offering of 1.4 million shares on November 30, 1993. "The lower earnings for the third quarter were due principally to the temporary suspension during the period of shipments of airfield signage," remarked Keith S Keith may refer to: People with the given name Keith:
Cowan said, "The pace of activity in the Company's navaid business unit remained generally strong throughout the third quarter. Contracts totaling $6.5 million were awarded to Airport Systems during the third quarter for navaids and signage to be installed over the next year at airports in Asia, Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. , North Africa and the Middle East. These contracts resulted directly from actions during the year to increase the Company's market share including expanding the network of international sales representatives and strengthening our marketing group. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about building on this momentum and increasing the backlog during the final quarter. "In December 1994 we signed an agreement with Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Electronics Corporation, a subsidiary of Figgie International (NASDAQ/NM:FIGI FIGI Fortress International Group Inc. (Columbia, MD) ), to develop and market navigation products using the differential global positioning system Global Positioning System: see navigation satellite. Global Positioning System (GPS) Precise satellite-based navigation and location system originally developed for U.S. military use. ("DGPS (Differential GPS) See GPS augmentation system. "). This represents another significant step forward in our strategic plan and enhances our confidence about the Company's long-term prospects. This working relationship unites Airport Systems' extensive background in radio navigation aids Radio navigational aids, much like hearing aids, are small devices that allow other technological devices to receive signals which help with navigation. History Invented by Lord Roger Burrman in 1922, radio navigational aids have long since evolved from the early models with Interstate's experience with DGPS systems. Our goal is to market an airport-based system which will allow aircraft to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. landings using signals from the global satellite system which is now deployed. Satellite-based systems are widely expected to become the dominant form of navigation aids in the civil aviation market, and we believe Airport Systems is well positioned to be a leader in the emerging use of this technology." Airport Systems International, Inc. designs, manufactures and installs ground-based equipment (navaids) to aid the navigation of aircraft. The Company also markets airfield signage used to direct aircraft along runways and taxiways and to terminals. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
January 31,
1995 1994
Sales $4,394,000 $ 5,268,000
Net income $ 201,000 $ 527,000
Net income per share $ 0.08 $ 0.24
Average shares outstanding 2,396,000 2,179,000
Pro forma net income per share/A -- $ 0.17
Nine Months Ended
January 31,
1995 1994
Sales $3,839,000 $13,673,000
Net income $ 991,000 $ 1,540,000
Net income per share $ 0.41 $ 0.82
Average shares outstanding 2,396,000 1,824,000
Pro forma net income per share -- $ 0.48
Note A: Assumes comparable tax rate and similar number of shares
outstanding.
CONTACT: Airport Systems International, Inc. Thomas C. Cargin, 913/495-2614 |
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