Altron reports third quarter 1996 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)--Oct. 24, 1996-- Altron
Altron is a Japanese video game developer and publisher. 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 third quarter ended September September: see month. 28, 1996. Sales increased 10% to $38.2 million from $34.8 million for the third quarter of 1995. Net income increased 8% for the quarter to $4.1 million or 26 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to $3.8 million or 24 cents per share during the same period a year ago. Sales for the nine months ended September 28, 1996 were up 24% to $126.6 million compared to $102.1 million for the same period last year. Net income increased 34% for the first nine months of 1996 to $13.5 million or 85 cents per share compared to net income of $10.1 million or 70 cents per share for the first nine months of 1995. The Company had working capital of $62.7 million and a current ratio of 4.4 at September 28, 1996. Altron's multilayer printed circuit business is strong. However, the Company is seeing slower bookings in its contract manufacturing business from several customers who have experienced reduced demand for their products. The Company has taken the following actions to support Altron's future growth plans: -- We are opening new sales offices in Texas, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. to expand sales coverage in these areas. -- Brian Byrne Brian Byrne, Canadian musician, was born January 13 1975 in Steadybrook, Newfoundland. Byrne has lived in Steadybrook, St. John's and Toronto, where he fronted for other bands before he joined rock band I Mother Earth in 1997 and recorded two subsequent albums with them, , formerly President of Bull Electronics, has joined Altron as Vice President of Business Development to assist in the implementation of the Company's strategic plans 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. -- Construction of a 104,000 square foot plant has begun near the Company's headquarters. These steps, combined with Altron's technology leadership and outstanding quality and service, are expected to contribute to Altron's performance in 1997. 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 and Europe. The Company operates three facilities in the United States. -0-
ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Summary Income Statements
(In thousands, except per share data, unaudited)
Quarter Ended Nine Months Ended
Sept. 28, Sept. 30, Sept. 28, Sept. 30,
1996 1995 1996 1995
Net Sales $38,229 $34,753 $126,622 $102,139
Gross Profit 9,335 8,473 30,749 23,968
Operating Income 6,485 5,938 21,684 16,233
Income Before Provision
for Income Taxes 6,905 6,325 22,871 16,830
Net Income 4,110 3,795 13,535 10,099
Net Income Per Common and
Common Equivalent Share $ .26 $ .24 $ .85 $ .70
Weighted Average Common
and Common Equivalent
Shares Outstanding 16,007 15,962 15,973 14,451
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ALTRON INCORPORATED AND SUBSIDIARIES
Consolidated Summary Balance Sheets
(In thousands)
September 28, 1996 December 30, 1995
(Unaudited)
Cash, Cash Equivalents and
Short-term Investments $ 34,675 $ 30,443
Other Current Assets 46,459 44,284
Property, Plant and Equipment, net 38,912 29,613
Long-term Investments 4,674 4,981
Other Assets 3,531 3,738
$128,251 $113,059
Current Liabilities $ 18,429 $ 22,450
Other Liabilities 14,760 9,955
Stockholders' Investment 95,062 80,654
$128,251 $113,059
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CONTACT: Altron Incorporated Samuel Altschuler Chairman and President or Burton Doo Executive Vice President or Peter D. Brennan, Vice President, Chief Financial Officer and Treasurer 508/658-5800 |
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