BREED Announces Results for Fiscal 1998 First Quarter.LAKELAND Lakeland, resort city (1990 pop. 70,576), Polk co., central Fla., in the highland region; inc. 1885. It is an important processing and shipping center for a citrus-fruit and phosphate-mining region and is a retail trade center that serves a large area. , Fla.--(BUSINESS WIRE)--Nov. 14, 1997--BREED Technologies, Inc. (NYSE NYSE See: New York Stock Exchange :BDT BDT In currencies, this is the abbreviation for the Bangladesh Taka. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), an emerging worldwide leader in automotive occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) safety systems, today reported a net loss, as expected, of $4.2 million, or 13 cents per Common share, on revenues of $195.2 million for the first quarter ended Sept. 30, 1997, of fiscal year 1998. The company, which recently completed its acquisition of AlliedSignal's safety restraints business and formed a global strategic alliance with Siemens AG Siemens AG German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. , announced on November 6, 1997, that it would report a loss in the first quarter. The company's first quarter revenues are historically lower due to the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. auto industry's holiday schedule, as more than half of BREED's revenues are generated in Europe. Also contributing to the loss are higher interest expense, a changing product mix, and business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. costs resulting from ongoing manufacturing plant rationalization rationalization, in psychology: see defense mechanism. programs. Headquartered in Lakeland, Fla., BREED is rapidly emerging as one of the world's most fully integrated suppliers of complete automotive occupant safety systems. The company supports its growing list of automotive customers with advanced engineering, testing and manufacturing facilities located around the globe. Information about BREED and its products is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.breedtech.com . -0-
BREED TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except earnings per share)
Three Months Ended
September 30,
1997 1996
Net sales $195,172 $158,671
Cost of sales 166,885 116,577
Gross profit 28,287 42,094
Percent of sales 14.5% 26.5%
Operating expenses
Selling, general and administrative 16,229 15,465
Percent of sales 8.3% 9.7%
Research and development 8,881 7,973
Percent of sales 4.6% 5.0%
Amortization of intangibles 2,017 1,282
Percent of sales 1.0% 0.8%
Total operating expenses 27,127 24,720
Percent of sales 13.9% 15.6%
Operating income 1,160 17,374
Other income (expense)
Royalty income, net 165 (197)
Interest income 304 239
Interest expense (8,381) (4,447)
Other, net (875) 177
Other income (expense), net (8,787) (4,228)
Earnings (loss) before income taxes (7,627) 13,146
Income taxes (benefit) (3,400) 5,300
Net earnings (loss) ($4,227) $7,846
Earnings (loss) per share ($0.13) $0.25
Average shares outstanding 31,682 31,628
CONTACT: BREED Technologies Media Relations Investor Relations Investor relations The process by which the corporation communicates with its investors. Timothy Weir Bob Fincher 941/668-6464 941/668-6049 weirt@breedtech.com or Gina McLean 941/668-6684 |
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