Altron Reports First Quarter 1998 Results.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)--April 30, 1998--Altron Incorporated (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 :ALRN) today announced its financial results for the first quarter ended April 4, 1998. Sales for the quarter increased 17% to $50.6 million as compared to $43.2 million for the first quarter of 1997. Net income was $3.6 million for the period, as compared to the $4.3 million for last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 22 cents this quarter and 27 cents in the first quarter of 1997. The Company continues to maintain a solid financial position and at the end of the first quarter of 1998 had working capital of $66.1 million and a current ratio of 3.6. Mr. Altschuler, Chairman and President, stated that the higher sales for the first quarter resulted primarily from increased shipments to the computer segment of the electronics industry and were supported by significant new customer programs. Earnings were lower than the first quarter of 1997 as a result of a less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. shipment mix, higher costs due to the Company's continued capacity expansion and startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs of new customer programs. Mr. Altschuler announced that Mr. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Frederick recently joined the Company as Senior Vice President in charge of the Company's value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. operations. Mr. Frederick has had a distinguished business career in the electronics industry including Digital Equipment Corporation where he was Vice President and General Manager of one of their largest and most profitable businesses. Altron Incorporated is a leading contract 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 telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , 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 Company has four plants located in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern .
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ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Income Statements
(In thousands, except per share data, unaudited)
Quarter Ended
April 4, 1998 March 29, 1997
Net sales $50,568 $43,168
Cost of sales 40,654 32,938
Gross profit 9,914 10,230
Selling, general
and administrative
expenses 4,333 3,363
Income from
operations 5,581 6,867
Other income, net 275 427
Income before
provision for
income taxes 5,856 7,294
Provision for
income taxes 2,284 2,954
Net income $3,572 $4,340
Basic earnings per share $ 0.23 $ 0.28
Basic weighted average
shares outstanding 15,530 15,253
Diluted earnings per share $ 0.22 $ 0.27
Diluted weighted average
shares outstanding 16,062 16,213
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ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Summary Balance Sheets
(In thousands) April 4, 1998 January 3, 1998
(Unaudited)
Cash, cash equivalents and
short-term investments $22,320 $27,482
Accounts receivable, net 30,735 25,781
Inventories 35,378 28,626
Other current assets 3,381 3,337
Total current assets 91,814 85,226
Property, plant and equipment, net 67,259 65,311
Long-term investments 2,381 1,882
Other assets 3,115 3,184
$164,569 $155,603
Total current liabilities $25,673 $22,091
Long-term debt 7,600 7,600
Other liabilities 10,190 8,785
Total stockholders' investment 121,106 117,127
$164,569 $155,603
CONTACT: Altron Incorporated Chairman and President, Samuel Altschuler or Executive Vice President, Burton Doo or Vice President, Chief Financial Officer and Treasurer, Peter D. Brennan 978/658-5800 |
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