Continental Circuits Corp. reports results for first quarter of fiscal 1997.PHOENIX--(BUSINESS WIRE)--Nov. 25, 1996--Continental Circuits Corp. (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 :CCIR See ITU. ) Monday announced results for its fiscal 1997 first quarter ended Nov. 2, 1996. For the quarter, net income was $1.4 million, or 19 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. , compared with net income of $2.2 million, or 30 cents per share, for the first quarter of fiscal 1996. The company achieved sales of $27.1 million for the period compared with sales of $28.5 million for the same period a year ago. Operating results for the quarter were improved sequentially from the prior quarter. Commenting on the company's results, Continental Circuits Chairman and Chief Executive Officer Frederick G. McNamee said: "We are pleased with our operating results for the quarter, which were in line with both our financial plan and analyst expectations for the period. "The fact that results were improved from the fourth quarter of fiscal 1996 reflects the renewed ordering activity from both new and existing customers that has commenced in conjunction with the industry recovery now taking place. This follows a protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. period of softness that impacted our results during the latter half of last year. "I am also pleased to report that our pending acquisition of Sigma SIGMA - A scientific visual programming environment from NASA. http://fi-www.arc.nasa.gov/fia/projects/sigma/. Circuits Inc. (NASDAQ:SIGA SIGA Saskatchewan Indian Gaming Authority SIGA Simplified Improved Gaussian Approximation SIGA Special Interest Group in Andrology (ESHRE) SIGA Silizium, Galvanik Und Abformung SIGA Sunshine in Government Act of 1976 ) is proceeding on schedule," McNamee noted. "We are now completing our due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and plan to sign a definitive agreement shortly after its conclusion. We expect the transaction to be finalized See finalization. early in calendar 1997 following shareholder and regulatory approvals. "We remain very excited about the expanded market opportunities our two companies would have as a true one-stop-shop for electronic interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. products and services," he continued. "By providing both quick-turn and volume PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. production, flexible circuits backplane An interconnecting device that has sockets for printed circuit boards to plug into. Passive and Active Although resistors may be used, a "passive" backplane adds no processing in the circuit. assemblies, sub-assemblies, and complete systems, we offer customers real time-to-volume and time-to-market advantages that positions Continental Circuits to be a leading supplier of complete interconnect solutions and presents us with tremendous opportunities for growth in the years ahead." Continental Circuits manufactures complex, multilayer circuit boards used in sophisticated electronic equipment produced by leaders in the computer, communications, instrumentation and industrial controls industries. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties and actual results may differ materially from the above forward-looking statements due to a number of important factors including, but not limited to, the ability of management to integrate the two companies successfully, the timing and volume of orders, product mix and capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. . These factors are fully discussed in the companies' regular financial filings with the Securities and Exchange Commission.
CONTINENTAL CIRCUITS CORP.
STATEMENTS OF INCOME (unaudited)
(in thousands, except per share amounts)
Three months ended
Nov. 2, Oct. 31,
1996 1995
Net sales $27,123 $28,508
Cost of products sold 22,660 22,775
Gross profit 4,463 5,733
Selling, general and
administrative expense 2,030 1,913
Income from operations 2,433 3,820
Interest 64 110
Other 4 (13)
Income before income taxes 2,365 3,723
Income taxes 932 1,475
Net income $1,433 $2,248
Net income per share $ 0.19 $ 0.30
Weighted average number of shares 7,424 7,430
-0-
BALANCE SHEETS
(in thousands)
Nov. 2, July 31,
1996 1996
Assets (unaudited)
Currents assets:
Cash $5,584 $3,851
Accounts receivable 15,935 15,114
Inventories 5,981 4,796
Prepaid expenses & other 265 259
Prepaid income taxes 0 240
Deferred income taxes 714 714
Total current assets 28,479 24,974
Property, plant and equipment 77,361 74,317
Less-accumulated depreciation 41,600 40,200
Property, plant and equipment, net 35,761 34,117
Other assets 518 495
Total assets $64,758 $59,586
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $8,746 $7,193
Accrued expenses 2,812 2,052
Income taxes 673 0
Current portion of long-term debt 1,000 1,000
Total current liabilities 13,231 10,245
Long-term debt 4,083 3,333
Deferred income taxes 1,976 1,976
Shareholders' equity 45,468 44,032
Total liabilities and
shareholders' equity $64,758 $59,586
CONTACT: Continental Circuits Corp., Phoenix Frederick G. McNamee/Joseph G. Andersen, 602/268-3461 or Silverman Heller Associates Lou Alkana, 310/208-2550 |
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