Aeroflex achieves record earnings for fourth quarter and full year; Fully diluted net income per share before special items up 27% and 33% for quarter and full year over fiscal 1994.PLAINVIEW, N.Y.--(BUSINESS WIRE)--August 15, 1995--Aeroflex Inc. (NYSE NYSE See: New York Stock Exchange Symbol: ARX), today announced record operating results for the fourth quarter and year ended June 30, 1995 with net income per share on a 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. basis and before special items up 27% and 33%, respectively. For the quarters ended June 30, 1995 and 1994, net income per share on a fully diluted basis and before special items further discussed below, was $.19 versus $.15, respectively, and $.48 versus $.36 for the years ended June 30, 1995 and 1994, respectively. 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 fourth quarter ended June 30, 1995 were $21,515,000. For the same period of the previous year, net sales were $21,343,000. 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 quarter ended June 30, 1995 was $2,564,000 or $.19 per share fully diluted before a 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. (net of tax) of $459,000 or $.03 per share. Income from continuing operations for the quarter ended June 30, 1994 was $1,862,000 or $.15 per share fully diluted excluding a special income tax benefit of $1,716,000 or $.14 per share relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the recognition of a portion of the company's unrealized net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward. For the year ended June 30, 1995, net sales were $71,113,000 compared with $65,602,000 in 1994. Income from continuing operations was $6,081,000, or $.48 per share fully diluted for 1995 before a restructuring charge (net of tax) of $1,494,000 or $.10 per share and life insurance proceeds of $2,000,000 or $.14 per share. Income from continuing operations for the year ended June 30, 1994 was $4,134,000 or $.36 per share fully diluted excluding the special income tax benefit of $1,716,000 or $.14 per share. The June 30, 1995 full year results include a net of tax charge of $1,494,000 ($459,000 for the fourth quarter) representing the costs of consolidating the company's 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. Michael Gorin, president, said, "We are pleased that our ongoing efforts to improve our productivity, keep costs under control, and effectively manage our contracts, together with sales gains in our core business areas have resulted in record earnings for both the fourth quarter and the full year ended June 30, 1995. With continued efforts in these areas, further increases in sales in our core businesses and the future benefits expected to be realized as a result of the restructuring of our operations in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op we can continue our forward momentum." 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 manufactures 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. -0-
Aeroflex Incorporated and Subsidiaries
Consolidated Statements of Earnings
Quarter Ended Year Ended
June 30, June 30,
1995 1994 1995 1994
Net sales $21,515,000 $21,343,000 $71,113,000 $65,602,000 Income before income taxes 2,455,000 2,277,000 7,437,000(a) 5,044,000 Provision (Benefit) for income taxes 350,000 (1,301,000)(b) 850,000 (806,000)(b) Income from continuing operations 2,105,000(c) 3,578,000 6,587,000(c) 5,850,000 Discontinued operations 462,000 -- 462,000 187,000 Net income 2,567,000 3,578,000 7,049,000 6,037,000 Income per common share: Primary Continuing operations .17(c) .29(b) .53(a)(c) .55(b) Discontinued operations .04 -- .04 .02 Net income .21 .29 .57 .57 Fully diluted Continuing operations .16(c) .29(b) .52(a)(c) .50(b) Discontinued operations .03 -- .03 .01 Net income .19 .29 .55 .51
Weighted average shares
outstanding
- Primary 12,345,000 12,466,000 12,352,000 10,526,000
- Fully diluted 14,206,000 12,603,000 14,249,000 12,401,000
-0-
(a) Includes $2,000,000 ($.14 per share fully diluted and $.16
primary) for the year ended June 30, 1995 of insurance
proceeds received on the death of the former chairman.
(b) Includes income tax benefit of $1,716,000, or $.14 per share
for the quarter and year ended June 30, 1994 ($.16 per share
primary for the year) relating to the recognition of a portion
of the company's unrealized net operating loss carryforward
in accordance with Statement of Financial Accounting Standards
No. 109.
(c) Includes a $1,494,000 net of tax restructuring charge, or
$.10 per share fully diluted ($.12 primary), for the year
ended June 30, 1995 and $459,000, net of tax, or $.03 per
share fully diluted ($.04 primary), for the quarter ended
June 30, 1995 for the consolidation of the company's
Puerto Rican operation into its domestic facilities.
CONTACT: Aeroflex Inc. Michael Gorin, 516/694-6700 |
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