Printer Friendly

ANDREW CORPORATION REPORTS RECORD SECOND-QUARTER EARNINGS

 ORLAND PARK, Ill., April 22 /PRNewswire/ -- Andrew Corp. (NASDAQ-NMS: ANDW) today reported an 8.1 percent increase in second- quarter net income and a 28.6 percent increase in earnings per share. This was in spite of an 8.2 percent decline in sales.
 Sales for the quarter ended March 31, 1993, were $99.9 million compared with $108.8 million last year. One-third of the sales decline was due to the effect of exchange rates.
 Net income for the March 31, 1993 quarter was a record $4.5 million compared with $4.2 million for the same period last year, an increase of 8.1 percent. Earnings per share were $.27 compared with $.21 for the quarter last year, an increase of 28.6 percent. Earnings per share were also a record for the second quarter. There were 13.1 percent fewer average shares outstanding during the quarter, reflecting the repurchase of common stock in August, 1992.
 Orders for the second quarter were $101.6 million, a decline of 6.3 percent from $108.4 million last year. Faster product throughput time resulted in order backlog to be shipped over the next twelve months declining 26.4 percent to $81.2 million from $110.3 million at March 31, 1992. Compared to the end of last quarter, backlog increased 2 percent. For the first six months of fiscal 1993, sales were down 3.4 percent to $200.9 million compared with $207.9 million last year. Net income was up 12.3 percent to $9.3 million compared with $8.3 million the prior year. Earnings per share were $.55, up 31.0 percent from last year.
 Floyd L. English, president and chief executive officer, said, "Although improving late in the quarter, sales and orders for the full quarter were soft in several markets. Network Products sales were essentially flat with the previous year, reflecting the uncertain economic conditions in U.S. and European markets. Terrestrial microwave antenna sales to common carriers and private microwave markets were significantly lower, along with shelters and towers. Earth station antenna shipments were up while sales to cellular markets remained stable.
 "As we look at the last six months of fiscal 1993, we believe we can continue to generate significant improvements in operating profit. As the first six months show, the profit improvement will be possible even without revenue growth. The continuing cost reduction programs and hard work by all Andrew employees are making it possible for us to increase net income while meeting customers' aggressive pricing demands. That gives us confidence in our expectations for record earnings for the year," Mr. English concluded.
 ANDREW CORPORATION
 Condensed Consolidated Financial Data
 (Unaudited, amounts in thousands except per share data)
 Three Month Six Months
 Period ended March 31 1993 1992 1993 1992
 Sales $99,886 $108,811 $200,918 $207,908
 Income before tax 7,203 6,708 14,775 13,263
 Net income 4,534 4,193 9,304 8,288
 Net income per share .27 .21 .55 .42
 Orders 101,594 108,400 200,773 209,120
 12 month backlog 81,245 110,255 -- --
 Average shares outstanding 17,047 19,606 16,903 19,594
 -0- 4/22/93
 /CONTACT: Charles R. Nicholas, chief financial officer of Andrew Corp., 708-873-2740/
 (ANDW)


CO: Andrew Corp. ST: Illinois IN: TLS SU: ERN

WB -- NY069 -- 9436 04/22/93 12:20 EDT
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:Apr 22, 1993
Words:566
Previous Article:KIMBERLY-CLARK DECLARES QUARTERLY DIVIDEND
Next Article:R.R. DONNELLEY FIRST QUARTER EARNINGS INCREASE, EXCLUDING PREVIOUSLY ANNOUNCED RESTRUCTURING CHARGE AND ACCOUNTING CHANGES
Topics:


Related Articles
ANDREW CORPORATION REPORTS INCREASED FIRST QUARTER SALES AND EARNINGS
ANDREW CORP. REPORTS SECOND QUARTER SALES AND EARNINGS
ANDREW CORPORATION REPORTS RECORD FIRST-QUARTER RESULTS
ANDREW CORPORATION REPORTS RECORD RESULTS FOR FISCAL 1993
ANDREW CORP. REPORTS RECORD 100.5% INCREASE IN SECOND-QUARTER NET INCOME; EARNINGS PER SHARE ARE UP 94.4%
C O R R E C T I O N - GENERAL COMPUTER CORPORATION (Correction Notice)
ANDREW CORPORATION REPORTS 75% INCREASE IN FIRST-QUARTER NET INCOME
ANDREW CORP. EARNINGS PER SHARE UP 57 PERCENT IN SECOND QUARTER
ANDREW CORPORATION REPORTS RECORD SECOND QUARTER RESULTS NET INCOME PER SHARE UP 30%
Andrew Corporation Expects Second Quarter Results Lower than Analysts' Estimates

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