Altron Reports Preliminary Third Quarter Results; Altron Agrees to Merge with Sanmina.WILMINGTON, Mass.--(BUSINESS WIRE)--Sept. 2, 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 preliminary financial results for the third quarter ending October 3, 1998 will be below analysts' expectations. Altron expects preliminary revenues for the third quarter of $47 to $49 million, compared to $41.5 million in the third quarter last year. Preliminary 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 are expected to be $0.17 to $0.18 per share. In the third quarter last year, the company reported $0.22 fully diluted earnings per share. Samuel Altschuler, Chairman and President, stated that the lower than expected results reflect overall weakness in the printed circuit board industry. While revenues increased, margins were lower due to product mix and pricing pressure. Mr. Altschuler further indicated that the overall industry weakness was not expected to continue into calendar 1999. It was also announced today that Altron Incorporated has signed a definitive agreement to merge with Sanmina Corporation. Each outstanding share of Altron Common Stock will be converted into 0.4545 shares of Sanmina Common Stock subject to a minimum per share value of $13.635. The exchange ratio will be adjusted, if necessary, to achieve such minimum per share value, subject to a maximum exchange ratio of 0.5681 Sanmina shares per Altron share. Commenting on the transaction, Mr. Altschuler indicated that the merger with Sanmina is in the best interests of Altron shareholders. The two companies share similar management and growth philosophies, and Altron is a natural complement to Sanmina, providing the company with strategically located manufacturing capacity and capabilities. ABOUT ALTRON INCORPORATED 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 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 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 . Additional
information regarding Altron can be found on its World Wide Web page
located at http://www.altron.com.
The foregoing, 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.
CONTACT: Altron Incorporated, 978/658-5800
Samuel Altschuler
Chairman and President
or
Burton Doo
Executive Vice President
or
Peter D. Brennan
Vice President, Chief Financial Officer & Treasurer
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion