Airport Systems Reports First Quarter Earnings.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan.--(BUSINESS WIRE)--Aug. 20, 1998--Airport Systems International, Inc. (Nasdaq/NM:ASII) today reported 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 three months ended July 31, 1998 of $4.7 million compared with $5.8 million a year ago. Net income for the quarter totaled $14,000, or $0.01 per share, versus $160,000, or $0.07 per share, in the year-earlier period. "The results for the first quarter were generally in line with our expectations," remarked Keith S Keith may refer to: People with the given name Keith:
Incremental cost is additional or increased cost of an item or service apart from its actual cost. investment in airport upgrades and runway runway: see airport. expansions is more immediately visible. We are encouraged with the initial results of this re-direction, and believe that our performance later this year will start to reflect tangible benefits in terms of an increasing order backlog Backlog 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. ." Cowan noted the announcement last month of the Company's new working relationship with Idman Airfield Products, a manufacturer of airport lighting products based in Finland. "We are excited about the momentum that the addition of airport lighting offers our marketing program. We have already begun implementing our plan for certifying and marketing this line of lighting products. We are confident that our experience in working with the FAA and airport authorities An airport authority is an independent entity charged with the operation and oversight of an airport (or group of airports). These authorities are often governed by a group of airport commissioners, who are appointed to lead the authority by a government official. will enhance the return from this agreement." "We continue to have a strong financial position. At the end of the first quarter, we had $1.3 million in cash and cash equivalents, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $10.5 million and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of only $1.2 million." Airport Systems International, Inc. designs, manufactures, markets and installs ground-based equipment (navaids) and airfield signage to aid the in-flight navigation and ground movement of aircraft. The Company's products are used worldwide to guide the navigation of aircraft in various phases of a flight and in all visibility conditions. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
July 31,
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1998 1997
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Sales $ 4,727,000 $5,753,000
Net income $ 14,000 $ 160,000
Net income per share - basic $ 0.01 $ 0.07
Net income per share - diluted $ 0.01 $ 0.07
Weighted average shares outstanding
- basic 2,231,000 2,231,000
Weighted average shares outstanding
- diluted 2,397,000 2,420,000
CONTACT: Airport Systems International, Overland Park Thomas C. Cargin, 913/495-2614 |
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