Allied Devices Reports Record Earnings For Three Quarters Of Fiscal 1998.BALDWIN Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. , N.Y.--(BUSINESS WIRE)--Aug. 12, 1998--Allied Devices Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - ALDV) reported record earnings for the first nine months of its fiscal year 1998, despite the disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of a serious fire at its headquarters at the start of the third quarter. Earnings after tax for the third quarter and nine months of fiscal 1998 were $243,645 and $784,889, respectively, or $.05 and $.17 per share as compared to after tax earnings for the third quarter and nine months of fiscal 1997 of $273,247 and $678,066 respectively, or $.06 and $.14 per share. Revenues for the third quarter and nine months of fiscal 1998 were $4,226,230 and $13,165,992, respectively, as compared to revenues for the third quarter and nine months of fiscal 1997 of $4,327,567 and $11,959,365. Mark Hopkinson Mark Hopkinson (October 8, 1949 - January 22, 1992) was a convicted murderer who was executed by the U.S. state of Wyoming in 1992 for the murders of Vincent Vehar, Beverly Vehar, John Vehar, and Jeffrey Green. , Chairman of the Board, commented, "Implementation of our growth plan is going well, although fire gutted gut n. 1. a. The alimentary canal or a portion thereof, especially the intestine or stomach. b. The embryonic digestive tube, consisting of the foregut, the midgut, and the hindgut. 2. our sales and administrative offices in April. The first stage of recovery took about 10 weeks, with the impact hitting our third quarter results. Lost sales from this are estimated at $300,000-$500,000, all during the third quarter. Neither the fire nor a general flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. in the U.S. industrial sector has slowed us down in carrying out our plans: we closed on acquiring Atlantic Precision Products on July 8th, adding in excess of 50% to our volume and 100% to our manufacturing capability. We are on track to becoming one of the premier U.S. providers of precision mechanical motion control solutions." Allied Devices is a leading manufacturer and distributor of high precision mechanical assemblies and components used in industrial and commercial equipment. These products, manufactured to exacting tolerances, provide precision motion control in such products as factory automation, robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , aerospace and scientific instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , semiconductor equipment, and medical diagnostic and operating room operating room n. Abbr. OR A room equipped for performing surgical operations. equipment. All statements contained herein that are not historical facts, including but not limited to statements regarding the company's current business strategy and the company's plans for future development and operations, are based upon current expectations. For factors which could affect the realization of those expectations, see the company's current quarterly report on Form 10-QSB.
ALLIED DEVICES CORPORATION
STATEMENTS OF OPERATIONS
(unaudited)
Fiscal 1998 Fiscal 1998 Fiscal 1997 Fiscal 1997
Third Qtr Nine Months Third Qtr Nine Months
Net Sales $4,226,230 $13,165,992 $4,327,567 $11,959,365
Gross Profit 1,329,513 4,370,115 1,535,009 4,247,926
Net Income 243,645 784,889 273,247 678,066
Total Assets $12,873,321
Total Liabilities $4,991,504
Total Equity $7,881,817
CONTACT: Allied Devices Corp., Baldwin
Paul M. Cervino, 516/223-9100 x238
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion