Aeroflex reports first quarter net income of $.05 fully taxed vs. $.05 last year on reduced tax rate.PLAINVIEW, N.Y.--(BUSINESS WIRE)--Oct. 21, 1996-- Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Doubled to $1.8 Million Aeroflex Incorporated (NYSE NYSE See: New York Stock Exchange Symbol: ARX), today announced operating results for the first quarter ended September 30, 1996. 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 first quarter ended September 30, 1996 were $19,061,000 compared with $13,149,000 for the same period of last year. The Company reported net income for the current quarter of $651,000 ($.05 per share) versus $607,000 ($.05 per share) last year. Michael Gorin, President, commented, "Current first quarter results are fully taxed at a 37% income tax rate compared to 20% last year. Operating income doubled to $1,798,000 compared to $891,000 in last year's first quarter. Interest expense increased by $538,000 as a result of debt incurred in the acquisition of MIC Technology in March, 1996. The repayment of that debt is on schedule. Business activity during the quarter was brisk Brisk as a proper name may refer to:
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. increasing 20% to $44.8 million as compared with June 30, 1996." Aeroflex Incorporated, headquartered in Plainview, Long Island, designs and manufactures advanced electronics systems and components, including microelectronic The miniaturization of electronic circuits. See chip. circuits and interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. products, instrument products and motion control products, for both the commercial and defense markets. 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
September 30,
1996 1995
Net Sales $ 19,061,000 $ 13,149,000
Operating Income $ 1,798,000 $ 891,000
Interest and Other Expense, Net 764,000 133,000
Income Before Income Taxes 1,034,000 758,000
Provision for Income Taxes 383,000 151,000
Net Income $ 651,000 $ 607,000
Net Income Per Common Share $ .05 $ .05
Weighted Average Shares
Outstanding 13,483,000 12,714,000
CONTACT: Aeroflex Inc. Michael Gorin, 516/694-6700 |
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