DDL Electronics Reports Third Quarter Results; Operations Continue to Show Improvement.NEWBURY PARK, Calif.--(BUSINESS WIRE)--April 28, 1997--DDL Electronics, Inc. (NYSE NYSE See: New York Stock Exchange :DDL (1) (Data Description Language) A language used to define data and their relationships to other data. It is used to create the data structure in a database. Major database management systems (DBMSs) use a SQL data description language. ) announced results today for its third quarter ended March 31, 1997. Revenues in the latest quarter were $13,580,000 compared with $10,501,000 for the third quarter last year. For the nine months ended March 31, 1997, revenues were $34,660,000 compared to $22,722,000 in the first nine months of last year. In the third quarter ended March 31, 1997, DDL earned net income of $134,000 or $.01 per share. In last year's third quarter, DDL had net income of $1,951,000 or $.10, but without an extraordinary debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. gain of $2,356,000 the result would have been a net loss of $405,000 or ($.02) per share. For the nine months ended March 31, 1997, DDL incurred a net loss of $1,122,000 or ($.05) per share. For the same period last year, DDL had net income of $2,687,000, but without the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. extraordinary gain and a $1,110,000 income tax benefit the result would have been a net loss of $779,000 or ($.04) per share. Earnings before interest expense, income taxes, depreciation and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) was $1,195,000 and $2,019,000 for the three and nine months ended March 31, 1997, respectively. Excluding the extraordinary gain last year, EBITDA for the three and nine months ended March 31, 1996 was $712,000 and $747,000 respectively. Gregory L. Horton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated: "DDL showed solid improvement in sales, gross profit and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the latest quarter. The Company's total backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. also remains strong at $32 million, up $4 million in the past three months. I am optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that DDL's progress will continue into the fourth quarter and beyond." DDL Electronics, Inc., headquartered in Newbury Park, California The community of Newbury Park, California is located in the western portion of the City of Thousand Oaks and Casa Conejo, an unincorporated area of southern Ventura County. , provides integrated design The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and electronic manufacturing services ("EMS") to original equipment manufacturers in the instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , communications, computer, medical and aerospace industries. The Company also fabricates multilayer printed circuit boards (PCBs). The Company's EMS operations are located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. . Its 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. facilities are located in Northern Ireland. -0-
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(Unaudited)
Three months ended Nine months ended
March 31, March 31,
1997 1996 1997 1996
Revenues $ 13,580 $ 10,501 $ 34,660 $ 22,722
Cost of goods sold 11,600 9,147 30,161 19,985
Gross profit 1,980 1,354 4,499 2,737
Operating expenses:
Administrative and
selling 1,290 1,042 3,653 2,937
Goodwill amortization 317 317 951 317
1,607 1,359 4,604 3,254
Operating income (loss) 373 (5) (105) (517)
Interest expense (279) (355) (844) (584)
Other income (expense), net 40 (45) (173) 322
Income (loss) before
income taxes 134 (405) (1,122) (779)
Income tax benefit - - - 1,110 (A)
Income (loss) before
extraordinary item 134 (405) (1,122) 331
Extraordinary item - 2,356 (B) - 2,356 (B)
Net income (loss) $ 134 $ 1,951 $ (1,122) $ 2,687
Earnings (loss) per share:
Income (loss) before
extraordinary item $ 0.01 $ (0.02) $ (0.05) $ 0.02
Extraordinary item - 0.12 - 0.13
$ 0.01 $ 0.10 $ (0.05) $ 0.15
Average shares (in 000s) 23,285 19,064 23,047 17,678
(A) Represents tax refunds received for the carryback of net
operating loses incurred in prior years.
(B) Represents an extraordinary gain for the negotiated reduction of
obligations under several consulting and deferred fee arrangements
with former officers, key employees and directors of the Company.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
March 31, June 30,
1997 1996
(Unaudited)
Current Assets:
Cash and cash equivalents $ 1,429 $ 2,519
Accounts receivable 9,429 5,670
Costs and estimated earnings
in excess of billings
on uncompleted contracts 4,394 2,976
Inventories 3,433 4,014
Prepaid expenses and deposits 210 314
Total current assets 18,895 15,493
Property, plant and equipment, net 6,426 5,917
Goodwill 4,756 5,708
Other assets 378 969
$30,455 $28,087
Current liabilities:
Bank lines of credit payable $ 1,969 $ -
Current portion of long-term
debt 5,960 603
Accounts payable 8,989 7,484
Other current liabilities 3,375 3,892
Total current liabilities 20,293 11,979
Long-term debt 5,723 10,935
Stockholders' equity 4,439 5,173
$ 30,455 $ 28,087
CONTACT: DDL Electronics, Inc. Rick Vitelle, 805/376-9415, ext. 142 |
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