Aeroflex Inc. reports third quarter net of 13 cents before restructuring charge vs. 10 cents year ago.PLAINVIEW, N.Y.--(BUSINESS WIRE)--May 1, 1995--Aeroflex Inc. (NYSE NYSE See: New York Stock Exchange symbol: ARX) today announced operating results for the third quarter and nine months ended March 31, 1995. 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 for the third quarter ended March 31, 1995 were $19,750,000 compared with $19,187,000 for the same period of last year. The company reported net income for the current quarter of $683,000 (6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) including a net of tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1,035,000 (7 cents per share fully diluted). Net income, exclusive of the special charge, was $1,718,000 (13 cents per share fully diluted) for the current quarter compared to net income for the quarter ended March 31, 1994 of $1,171,000 (10 cents per share fully diluted). For the nine months ended March 31, 1995, net sales were $49,597,000 compared with $44,259,000 last year. The company reported net income of $4,482,000 (36 cents per share fully diluted) in the current nine month period including a net of tax restructuring charge of $1,035,000 (7 cents per share fully diluted) and life insurance proceeds of $2,000,000 (14 cents per share). Net income exclusive of the two aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. special items, was $3,517,000 (29 cents per share fully diluted) for the current nine month period compared to income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the nine months ended March 31, 1994 of $2,272,000 (21 cents per share fully diluted). Last year's nine months net income of $2,459,000 (22 cents per share fully diluted) included income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $187,000 (1 cent per share fully diluted). The current periods' results include a special net of tax charge of $1,035,000 representing the non-severance costs of consolidating its Puerto Rican Puer·to Ri·co Abbr. PR or P.R. A self-governing island commonwealth of the United States in the Caribbean Sea east of Hispaniola. manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. into existing facilities in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey. The employee severance costs associated with the restructuring of approximately $475,000 or 3 cents per share will be recorded in the fourth quarter. Michael Gorin, President, said, "the elimination of the infrastructure costs associated with our Puerto Rican operations and the economies of scale associated with the consolidation of our manufacturing operations is expected to positively impact our future operating results." Aeroflex Inc., headquartered in Plainview, Long Island, designs and manufactures advanced electronics systems and components, including microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. , instrument products and electro-optical devices, primarily for the government and the defense industry. It also designs and manufacturers shock and vibration stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. systems used for commercial, industrial and defense applications.
Aeroflex Inc.
and Subsidiaries
Consolidated Statements of Earnings
Quarter Ended Year Ended
June 30, June 30,
1995 1994 1995 1994
Net sales $19,750,000 $19,187,000 $49,597,000 $44,259,000 Income before income taxes (a)(b) $ 863,000 $ 1,394,000 $ 4,983,000 $ 2,767,000 Provision for income taxes 180,000 223,000 501,000 495,000 Income from continuing operations 683,000 1,171,000 4,482,000 2,272,000 Discontinued operations -- -- -- 187,000 Net income $ 683,000 $ 1,171,000 $ 4,482,000 $ 2,459,000 Income per common share: Primary Continuing operations $ .06 $ .11 $ .36 $ .23 Discontinued operations -- -- -- .02 Net income $ .06 $ .11 $ .36 $ .25 Fully diluted Continuing operations $ .06 $ .10 $ .36 $ .21 Discontinued operations -- -- -- .01 Net income $ .06 $ .10 $ .36 $ .22 Weighted average shares outstanding - Primary 12,384,000 10,917,000 12,354,000 9,904,000 - Fully diluted 14,166,000 12,514,000 14,164,000 12,437,000
(a) Includes a $1,150,000 restructuring charge, ($1,035,000 net of
tax, 8 cents per share primary and 7 cents per share fully diluted)
for the three and nine months ended March 31, 1995 for the
consolidation of the company's Puerto Rican operation into its
domestic facilities.
(b) Includes $2,000,000 (16 cents per share primary and 14 cents per
share fully diluted) for the nine months ended March 31, 1995 of
insurance proceeds received on the death of the former chairman.
CONTACT: Aeroflex Inc. Michael Gorin, 516/694-6700 |
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