Altron Reports 1998 Third Quarter Results; Merger With Sanmina Corporation To Close In November.WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , Mass.--(BUSINESS WIRE)--Oct. 26, 1998--Altron Incorporated (Nasdaq NM: ALRN) today announced its financial results for the third quarter and nine-month period ended October October: see month. 3, 1998. Sales for the quarter were $51.8 million as compared to $41.5 million for the third quarter of 1997. Net income was $2.7 million, or $0.17 per 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. share, for the quarter compared to $3.5 million, or $0.22 per diluted share for the third quarter of 1997. Sales for the nine-month period were $154.0 million compared to $125.3 million for the same period last year. Net income for the first nine months of 1998 was $9.9 million, or $0.62 per diluted share, compared to net income of $11.5 million, or $0.72 per diluted share for the first nine months of 1997. On September September: see month. 2, 1998, Altron
Altron is a Japanese video game developer and publisher. and Sanmina Corporation (Nasdaq NM: SANM) signed a definitive agreement to merge. The transaction is expected to close in November November: see month. 1998. Samuel Samuel, two books of the Bible, originally a single work, called First and Second Samuel in modern Bibles, and First and Second Kingdoms in the Septuagint. They are considered part of "Deuteronomistic history," in which the book of Deuteronomy functions as the Altschuler, Chairman and President, stated that the higher sales for the third quarter and nine months resulted primarily from increased shipments of value-added assembly products to the company's larger customers in the communications and computer segments of the electronics industry. Earnings for the quarter and nine-month period were impacted by a shift in mix and pricing pressure related to the printed circuit board business. Also impacting earnings were higher costs due to the company's investment in equipment and facilities to further increase capacity and capabilities. The company continues to maintain a strong balance sheet. For the quarter ended October 3, 1998, working capital was $64.6 million with a current ratio of 3:8. ABOUT ALTRON INCORPORATED Altron Incorporated is a leading manufacturer of 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 used in advanced electronic equipment. The company provides total design and manufacturing capability for complete electronic systems, including multilayer boards, backplanes and surface mount assemblies. Altron is an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 registered company, serving the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , data communication, computer, industrial and medical industries located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. The forgoing for·go also fore·go tr.v. for·went , for·gone , for·go·ing, for·goes To abstain from; relinquish: unwilling to forgo dessert. , including the discussion regarding the company's future prospects, contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's 1997 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities Exchange Commission and the company's most recent quarterly 10-Q report. -0-
ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Income Statements
(In thousands, except per share data)
(unaudited)
Third Quarter Ended Nine Months Ended
Oct. 3, Sept. 27, Oct. 3, Sept. 27,
1998 1997 1998 1997
Net sales $51,816 $41,541 $154,048 $125,269
Cost of sales 42,975 32,321 125,322 96,627
Gross profit 8,841 9,220 28,726 28,642
Selling, general
and administrative
expenses 4,548 3,655 13,207 10,475
Income from
operations 4,293 5,565 15,519 18,167
Other income, net 210 347 749 1,159
Income before
provision for
income taxes 4,503 5,912 16,268 19,326
Provision for
income taxes 1,756 2,387 6,347 7,826
Net income $2,747 $3,525 $9,921 $11,500
Basic earnings
per share $0.18 $0.23 $0.64 $0.75
Basic weighted
average shares
outstanding 15,602 15,326 15,563 15,333
Diluted earnings
per share $0.17 $0.22 $0.62 $0.72
Diluted weighted
average shares
outstanding 15,988 16,133 15,996 16,069
ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Summary Balance Sheet
(In thousands)
Oct. 3, 1998 Jan. 1, 1998
(Unaudited)
Cash, cash equivalents and
short-term investments $27,007 $27,482
Accounts receivable, net 26,468 25,781
Inventories 30,282 28,626
Other current assets 3,766 3,337
Total current assets 87,523 85,226
Property, plant and equipment, net 72,696 65,311
Long-term investments 1,868 1,882
Other assets 2,977 3,184
Total liabilities $165,064 $155,603
Total current liabilities $22,907 $22,091
Long-term debts 4,600 7,600
Other liabilities 9,373 8,785
Total shareholders' equity 128,184 117,127
Total liabilities and shareholders'
equity $165,064 $155,603
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