DEL ELECTRONICS (ASE:DEL) REPORTS RECORD FIRST QUARTER SALES AND EARNINGS AND A RECORD BACKLOG OF APPROXIMATELY $19.5 MILLION.VALHALLA, N.Y.--(BUSINESS WIRE)--Dec. 15, 1994--Del Electronics Corp. today reported record sales and earnings for the first quarter of fiscal 1995 ended Oct. 29, 1994. Net income, before the cumulative effect of change in method for accounting for income taxes, increased approximately 10.5% to $450,615 or 10 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. on 4,788,507 average shares outstanding from $407,924 or 9 cents per share on 4,477,814 average shares outstanding for the initial quarter of fiscal 1994. Average shares outstanding for the quarter increased 6.9% compared to the same period last year. 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 rose approximately 15.0% to $6,136,056 from $5,336,091 for the same period last year. The record backlog of unfilled orders at Oct. 29, 1994 was approximately $19.5 million. "This year's first quarter was one of record performance as well as one of major achievements," Leonard A. Trugman, chairman, 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. , and president said. "During the quarter, the company continued to accelerate the changing mix of business to emphasize low cost medical imaging and industrial markets. "During the just completed quarter, the company's Dynarad subsidiary was an exhibitor at the Medica medica (māˑ·dē·k medical exhibit in Germany and at the Radiological Society of North America The Radiological Society of North America (RSNA), founded in 1915, has the purpose to "promote and develop the highest standards of radiology and related sciences through education and research". Conference in Chicago. The new NOVA high frequency diagnostic mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her system and the new PHANTOM phantom /phan·tom/ (fant´um) 1. phantasm. 2. a model of the body or of a part thereof. 3. a device for simulating the in vivo effect of radiation on tissues. light weight, high frequency portable x-ray system were introduced along with the complete Dynarad product line. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that these new products will enhance our growth during fiscal 1995 and in the years to come. "During the just concluded quarter, significant increases in efficiency occurred at our Bertan subsidiary. In addition, continuing progress at our newly formed Del Medical Systems subsidiary occurred. "Our optimism about fiscal 1995's growth in revenues and earnings is based upon our present record backlog of approximately $19.5 million as compared to approximately $16.6 million at October 30, 1993. In addition, we have completed the elimination of approximately $1.3 million in annual payroll costs during the just completed first quarter," Trugman concluded. Del Electronics specializes in the design and manufacture of state-of-the-art, cost-effective medical imaging systems and precision power conversion components consisting of high and low voltage Low voltage is an electrical engineering term that broadly identifies safety considerations of an electricity supply system based on the voltage used. While different definitions exist for the exact voltage range covered by "low voltage", the most commonly used ones include "mains power supplies, electronic noise suppression suppression /sup·pres·sion/ (su-presh´un) 1. the act of holding back or checking. 2. sudden stoppage of a secretion, excretion, or normal discharge. 3. filters, transformers, energy storage devices and pulse forming networks A Pulse Forming Network (PFN) accumulates electrical energy over a comparatively long time, then releases the stored energy in the form of a relatively square pulse of comparatively short duration for various pulsed power applications. for the medical, industrial and defense electronics markets. -0-
DEL ELECTRONICS CORP. - FINANCIAL HIGHLIGHTS
For the Three Months
Ended
10/29/94 10/30/93
Net sales $6,132,872 $5,336,091
Income before
income taxes $ 648,315 $ 618,024
Provision for
income taxes 197,700 210,100
Income before
cumulative effect
of change in method
for accounting for
income taxes 450,615 407,924
Cumulative effect of
change in method for
accounting for
income taxes -- 76,363
Net income 450,615 484,287
Per share amounts (a)
Income before cumulative
effect of change in
accounting principle .10 .09
Cumulative effect of
change in method
for accounting for
income taxes -- .02
Net income per common
share and common
share equivalents .10 .11
Weighted average
number of outstanding
and common share
equivalents (a) 4,788,507 4,477,814
(a) Adjusted for the 3% stock dividends declared Nov. 23, 1994 and
May 4, 1994.
CONTACT: Del Electronics
Leonard A. Trugman
Chairman, CEO & President, 914/686-3600
or
The Equity Group
Bob Goldstein or Linda Latman, 212/371-8660
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