Arrow Automotive Industries Announces First Quarter Results, Fiscal 1998.FRAMINGHAM Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass.--(BUSINESS WIRE)--Nov. 5, 1997--Arrow Automotive Industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AI) announced fiscal 1998 first quarter profits with net income of $117,000 on sales of $24,341,000, compared to a net loss of $584,000 on sales of $24,481,000 for the comparable quarter in fiscal year 1997. The operating results for the first quarter of the prior fiscal year included a pre-tax charge of $1,200,000 related to the company's closing of its 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). production facility and transferring of the manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. formerly conducted at that plant to its remaining manufacturing facilities. Arrow's president, Jim L. Osment, stated that "the results of operations for the first quarter were in line with the company's financial forecast." Arrow, with headquarters in Framingham, Mass., is one of the nation's largest remanufacturers of precision replacement parts for domestic and import passenger cars, light and heavy trucks, farm vehicles and off-road industrial and construction equipment. Arrow operates remanufacturing and distribution facilities in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , as well as distribution warehouses in Canada. Arrow's shares are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Symbol: AI). -0-
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
(Unaudited)
THREE MONTHS ENDED
September 27, September 28,
1997 1996
NET SALES $24,341 $24,481
Income Before Restructuring
Charge and Taxes 117 258
Restructuring Charge (1) 0 (1,200)
Income (Loss) Before Taxes 117 (942)
Provision (Benefit) For Income
Taxes 0 (358)
NET INCOME (LOSS) $117 ($584)
NET INCOME (LOSS) PER SHARE $0.04 ($0.20)
Average Number of Shares
Outstanding 2,873,083 2,873,083
(1) Represents restructuring costs to close the company's
California production facility and transfer its manufacturing
operations to the company's remaining facilities.
CONTACT: Arrow Automotive Industries James F. Fagan or Kathaleen Carroll-Coelho (508) 872-3711 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion