Printer Friendly

ANDREW CORPORATION REPORTS RECORD RESULTS FOR FISCAL 1993

 ORLAND PARK, Ill., Nov. 12 /PRNewswire/ -- Andrew Corporation (NASDAQ NMS: ANDW) today reported that its fiscal 1993 net income and earnings per share set records for the company.
 Sales for the fiscal year ended Sept. 30, 1993, reached $430.8 million, a decrease of 2.5 percent from $442 million in 1992. Net income was $27.9 million, up 11.6 percent from $25 million last year. Earnings per share increased 25.4 percent to $1.63 from $1.30 the previous year. There were 10.9 percent fewer average shares outstanding in fiscal 1993 because of stock repurchased in August 1992.
 Orders for the year ended Sept. 30, 1993, were up 4.3 percent from the prior year at $436.3 million compared with $418.3 million. Backlog expected to be shipped in the next 12 months increased 1.8 percent to $85.5 million.
 Dr. Floyd L. English, president and chief executive officer, said, "1993 was a good year for Andrew, especially considering the sluggish worldwide economic conditions. Orders in important markets were up throughout the year and total orders were up 12.9 percent in the second half of the year. If foreign currencies had not declined against the U.S. dollar, orders, sales and net income would have been approximately 3 percent to 6 percent higher than reported. Overall, 1993 financial results were aided by the global nature of our business with 40 percent of our sales generated outside of the United States.
 "Sales increased in cellular, land mobile radio and network markets while sales to common carrier and government customers declined. Increased market share, accelerated product development and new market penetration accounted for the orders and sales gains. Significant cost reduction efforts and operating profit improvements, especially in our cable businesses, caused profit to grow even on the slightly lower sales," Dr. English said.
 For the fourth quarter of 1993, sales were $119.4 million compared with $120.2 million in 1992, a decrease of .7 percent. Net income was $12.1 million, a 12 percent increase from $10.8 million. Earnings per share were $.70 compared with $.61, an increase of 14.8 percent percent. Orders in the quarter were up 10.0 percent to $116.3 million compared to $105.7 million last year. Due to stock repurchases in the September 1992 quarter, average shares outstanding were 2.9 percent lower.
 Andrew Corporation is a global communications equipment supplier serving businesses and governments.
 Condensed Income Statement
 (Amounts in thousands except per share)
 Quarter ended Sept. 30 Year ended Sept. 30
 1993 1992 1993 1992
 Sales $119,428 $120,204 $430,820 $442,008
 Income before taxes 18,576 17,293 43,591 39,979
 Net income 12,102 10,808 27,862 24,987
 Net income per share .70 .61 1.63 1.30
 Orders 116,252 105,705 436,322 418,339
 Twelve Month Backlog 85,481 83,951 85,481 83,951
 Avg. shares
 outstanding 17,208 17,718 17,081 19,176
 -0- 11/12/93
 /CONTACT: Charles R. Nicholas, CFO of Andrew, 708-873-2740/
 (ANDW)


CO: Andrew Corporation ST: Illinois IN: TLS SU: ERN

LG -- NY039 -- 3623 11/12/93 11:06 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1993
Words:533
Previous Article:COGNITRONICS THIRD QUARTER LOSS EQUAL TO 12 CENTS VS. 14 CENTS INCOME
Next Article:THERMAL INDUSTRIES, INC. ISSUES FIRST QUARTER REPORT
Topics:

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