ANDREW CORP. EARNINGS PER SHARE UP 57 PERCENT IN SECOND QUARTER.ORLAND PARK Or·land Park A village of northeast Illinois, a residential and manufacturing suburb of Chicago. Population: 53,300. , Ill.--(BUSINESS WIRE)--April 21, 1995--Andrew Corp. (ANDW) reported a 55 percent increase in net income. Earnings per share were up 57 percent on a sales improvement of 10 percent for its second quarter ended March 31, 1995. Orders for the quarter increased 19 percent. Floyd L. English, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "The company's continuing growth is being driven by sales to worldwide wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. customers as well as strength in U.S. and international terrestrial Dealing with the earth. See terrestrial link. microwave and television broadcast markets." Sales for the second quarter ended March 31, 1995, increased 10 percent to $156.3 million from $142.2 million for the same period last year. Last year's second quarter sales were helped by $25 million in sales related to a large Argentina cellular project. Net income for the second quarter increased 55 percent to $14.1 million from $9.1 million last year. Earnings per share increased 57 percent to 36 cents compared with 23 cents. Orders for the second quarter increased 19 percent to $155.3 million from $131 million. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. expected to be shipped over the next 12 months was $136.9 million, up 56 percent from the $87.9 million a year ago. Total backlog increased 77 percent to $157 million from $88.5 million. Sales for the first six months of fiscal 1995 were $298.9 million compared with $263.9 million last year, a gain of 13 percent. Net income for the six months increased 63 percent to $25.3 million from $15.5 million. Earnings per share were up 60 percent to 64 cents from 40 cents. Orders for the first six months were $371.2 million compared with $266.4 million, an increase of 39 percent. Dr. English said, "Deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of communications markets 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. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe and the Far East is enhancing sales to wireless, common carrier and other customers. While sales to global wireless communications markets are fueling our momentum, other Andrew businesses are also showing significant gains. Television stations are upgrading equipment to improve their competitive position with better customer reception and wireless television growth is significant overseas. "Sales of distributed communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. for subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. and in-building projects in 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. and abroad are growing. Cost reduction efforts in Network Products are improving the bottom line for that business. "We expect to have another record year in fiscal 1995 while positioning ourselves for further gains in the years ahead," Dr. English noted. -0-
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited -- Amounts in thousands, except per-share data)
Three months Six months
ended ended
Mar 31, Mar 31,
1995 1994 1995 1994
Sales $ 156,343 $ 142,159 $ 298,948 $ 263,905 Income before tax 22,046 14,206 39,599 24,248 Net income 14,109 9,092 25,343 15,519 Net income per share .36 .23 .64 .40 Orders 155,257 130,969 371,182 266,434 12-month backlog 136,902 87,899 136,902 87,899 Total backlog 156,960 88,469 156,960 88,469 Average shares outstand- ing 39,521 39,068 39,449 39,023 Andrew is a global supplier of communications equipment and services. Major markets are wireless communications, including cellular and land mobile radio, common carriers, corporations and government agencies. Andrew is an S&P 500 company listed on the Nasdaq National Market System under the symbol ANDW. CONTACT: Andrew Corp. Charles R. Nicholas, 708/873-2740 |
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