CEM REPORTS THIRD QUARTER RESULTS.CHARLOTTE, North Carolina--(BUSINESS WIRE)--April 22, 1997--CEM Corporation (Nasdaq/NM:CEMX) today announced sales and earnings for the third fiscal quarter and nine months ended March 31, 1997. For the nine months ended March 31, 1997, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totaled $21.9 million versus $23.7 million in the year-earlier period. Net income for the first nine months of fiscal 1997 amounted to $1.1 million, or $0.31 per share, compared with $2.4 million, or $0.63 per share, a year ago. For the third quarter, net sales totaled $7.1 million compared with $7.5 million in the year-earlier period. Net income for the third quarter of fiscal 1997 amounted to $391,000, or $0.11 per share, compared with $676,000, or $0.18 per share, for the year-earlier period. "The results for the third quarter were in line with management's expectations," remarked Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Collins, President and Chief Executive Officer. "Although we recorded strong growth during the third quarter in sales to customers in Asia, we experienced particular weakness in demand in the U.S. government and environmental sectors. Shipments of instruments to many customers in these categories remain restricted principally because of budgetary limitations and, to a lesser degree, to delays in obtaining certain regulatory approvals." Collins noted, "A central focus of our strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. remains research and the development of new instruments. The most recent evidence of this initiative is the steady growth in demand for our Star System since its introduction in the third quarter of fiscal 1996. The control that this system provides over the temperature of individual samples during the heating cycle has enabled us to develop exciting new applications for various laboratory markets. Our decision to develop the Star System was based in part on the potential it offered to penetrate new industries. Currently, we are actively pursuing opportunities in such diverse areas as pharmaceuticals, chemicals and semiconductors. We are confident that this effort will support the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth of CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. with its strong balance sheet, nominal long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and liquid financial position." CEM manufactures microwave-based instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. for testing and analysis. The Company's products are used worldwide in the general analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. laboratory market and in many manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation , including chemical and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. . -0-
CEM CORPORATION
Financial Highlights
(Unaudited)
Three Months Ended
March 31
1997 1996 % Change
Net sales $7,138,000 $7,518,000 (5%)
Net income $ 391,000 $ 676,000 (42%)
Earnings per share $ .11 $ .18 (39%)
Average shares outstanding 3,546,000 3,782,000 (6%)
Nine Months Ended
March 31
1997 1996 % Change
Net sales $21,920,000 $23,710,000 (8%)
Net income $1,102,000 $2,354,000 (53%)
Earnings per share $ .31 $ .63 (51%)
Average shares outstanding 3,559,000 3,759,000 (5%)
CONTACT: CEM Corporation, Charlotte Michael J. Collins, 704/821-7015 |
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