Autoclave Engineers announces first quarter results.YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif.--(BUSINESS WIRE)--Oct. 10, 1995--Autoclave Engineers Inc. (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 :ACLV ACLV Accrued Leave ACLV Across-Chip Linewidth Variation (semi conductor manufacturing) ) today announced results for the first quarter ended Aug. 31, 1995. Sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , related to the company's sole operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Unit Instruments Inc., increased 59% to $15,023,000 compared to $9,475,000 for the same prior year period. Shipments to OEMs and End Users were up 64% and 61%, respectively, for the quarter, while sales of the company's newest product line, metal seal mass flow controllers A mass flow controller (MFC) is a device used to measure and control the flow of gases. A mass flow controller is designed and calibrated to control a specific type of gas at a particular range of flow rates. , advanced 124% over the same comparative period. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. expanded to 40% for the current quarter from 36% the prior year. Income from continuing operations before income taxes, corporate expenses and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. more than tripled to $1,916,000 from $632,000 for the comparable prior year quarter. This dramatic improvement in operating results occurred because of higher sales, increased gross profit margins and reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. (as a percent of sales). Research, development and engineering charges increased 65% to $956,000 over the first quarter of the prior year. Net income from continuing operations advanced to $716,000, or 16 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. , from $96,000 or 2 cents per share, for the prior year. Net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $604,000 for the quarter, or 13 cents per share, compared to $47,000 or 1 cent per share. Consolidated net income for the first quarter of fiscal 1996 was $1,320,000, or 29 cents per share, compared with $143,000 or 3 cents per share, in the first quarter of fiscal 1995. Michael J. Doyle, president and chief executive officer, stated: "The results for the first quarter demonstrate the growth potential of Unit Instruments as a stand alone public company. While sales to our largest OEMs were slightly lower than the previous quarter because of inventory corrections and anticipated model changeovers, our outlook for fiscal year 1996 continues to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op based upon new product introductions and industry growth. Going forward, the company will continue to focus on maximizing its position as the market share leader in MFCs in the U.S. and expanding its presence in rapidly-growing international markets." The results from continuing operations relate solely to the company's Unit Instruments' business segment. The company sold its Burton Corblin business segment in January 1995 and concluded the sale of its Autoclave autoclave Vessel, usually of steel, able to withstand high temperatures and pressures. The chemical industry uses various types of autoclaves in manufacturing dyes and in other chemical reactions requiring high pressures. Engineers Group on Sept. 22, 1995. For the first quarter of fiscal 1995, activity of both Burton Corblin and Autoclave Engineers Group is shown under discontinued operations in the Consolidated Statement of Earnings. For the first quarter of fiscal 1996, only the activity of Autoclave Engineers Group is shown under discontinued operations. The sale of Autoclave Engineers Group will be recorded in the second quarter and is expected to produce a modest gain. The corporate office functions, which were previously in Erie, Pa., have been relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to Unit's facilities in Yorba Linda, Calif. At the company's annual shareholder meeting scheduled for Nov. 10, 1995, shareholders will be asked to change the corporation's name to Unit Instruments and to reincorporate Re`in`cor´po`rate v. t. 1. To incorporate again. in California. Unit Instruments Inc. is a leading manufacturer of mass flow controllers (MFCs) and other gas process equipment, critical to the semiconductor manufacturing process. The company provides an extensive line of high performance, accurate and reliable process control products. -0-
Autoclave Engineers Inc.
Consolidated Income Statement
Three Months Ended
Aug. 31, 1995 Aug. 31, 1994
Sales $15,023,000 9,476,000 Cost of sales 9,029,000 6,030,000 Gross profit 5,994,000 3,446,000 Marketing and selling 1,888,000 1,278,000 Administration 1,247,000 917,000 Corporate charges 567,000 454,000 Restructuring costs 83,000 0 Research, development and engineering 956,000 578,000 Operating expenses 4,731,000 3,227,000 Income from operations 1,263,000 218,000 Interest income 81,000 21,000 Interest expense (51,000) (101,000) Other income (expense) (17,000) 40,000 Total other income (expense) 13,000 (40,000) Income from continuing operations before income taxes 1,276,000 178,000 Provision for income taxes 560,000 82,000 Income from continuing operations 716,000 96,000 Income from discontinued operations 604,000 47,000 Net income $1,320,000 $143,000 Per common share: Income from continuing operations 16 cents 2 cents Discontinued operations 13 cents 1 cent Net income 29 cents 3 cents Per common share assuming full dilution: Income from continuing operations 16 cents 2 cents Discontinued operations 13 cents 1 cent Net income 29 cents 3 cents Weighted average number of common shares and common share equivalents 4,502,000 4,307,000 Weighted average number of common shares -- assuming full dilution 4,545,000 4,307,000 CONTACT: Autoclave Engineers Inc. Gary Patten, 714/921-2640 or Morgen-Walke Associates Inc. Doug Sherk/Jenifer Kirtland/David Gennarelli, 415/296-7383 Jill Ruja/Ellissa Grabowski, 212/850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion