Andrew Corporation's first quarter sales up 30%.ORLAND PARK Or·land Park A village of northeast Illinois, a residential and manufacturing suburb of Chicago. Population: 53,300. , Ill.--(BUSINESS WIRE)--Jan. 16, 1997--For the quarter ended Dec. 31, 1996, Andrew Corp. (ANDW) reported orders up 27 percent, sales up 30 percent and net income per share up 43 percent, over last year's first quarter. Orders, sales, net income, and net income per share were all first quarter records. Orders for the quarter totaled $228.4 million, up 27 percent from $179.8 million last year. Sales grew 30 percent, reaching $231.7 million compared to $177.9 million last year. Net income grew faster than sales, jumping 44 percent to $24.3 million compared with $16.9 for the same period last year. Net income per share for the first quarter rose 43 percent to 40 cents from 28 cents. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. to be shipped over the next 12 months rose 12 percent to $142.4. Total backlog rose 3 percent compared with the prior year, to $154.6 million. All operating results are restated for the pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. acquisition of The Antenna Co. in March 1996. Floyd L. English, chairman, president and chief executive officer, said, "Both domestic and international markets drove orders and sales strength. 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. , the most notable contributors to sales growth were infrastructure construction of personal communications services See PCS. (PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. ) and wireless hand set accessories. The South American market led the international growth. "Recent acquisitions have contributed to a portion of this quarter's growth. The Antenna Co. (acquired March 1996) and our Brazilian companies This is a list of major companies based in Brazil. Please note that the list is highly incomplete and does not have thousands of companies of different sizes. Links should only point to the Wikipedia article, and not to a web page URL. (majority interest acquired December 1995) are helping Andrew Corp. capture a greater share of worldwide wireless markets. "The Antenna Co.'s accessories business is adding new products for current markets and seeking new market opportunities around the globe. In Brazil, our new cable manufacturing plant is complete and production began this month. This plant will help meet the needs of our South American customers with a broader product line that includes locally manufactured HELIAX(R) cable products and systems." -0-
Condensed Income Statement
(Amounts in thousands except per share)
Three Months Ended
Dec. 31, Percent
1996 1995 Change
Sales $231,664 $177,924 30%
Income before tax 37,446 26,424 42
Net income 24,340 16,911 44
Net income per share .40 .28 43
Orders 228,416 179,805 27
Twelve month backlog 142,415 127,538 12
Total backlog 154,557 149,352 3
Average shares outstanding 61,394 60,966
Andrew Corp. is a global supplier of communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. equipment and services. Major markets are wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. -- which includes cellular, personal communications services and land mobile radio -- broadcast and common carrier. Andrew is an S&P 500 company listed on the Nasdaq National Market System under the symbol: ANDW. CONTACT: Andrew Corp., Orland Park Tami Kamarauskas, 708/873-2534 |
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