DEVTEK AND PROFITS ADVANCE.MARKHAM, ONTARIO--(BUSINESS WIRE)--MARCH 15, 1995--DEVTEK CORP. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME:DEK DEK - Data Encryption Key .A)(TSE:DEK.B) Devtek Corporation is pleased to report its sixth continuous quarter of profitability. Sales for the second quarter (the three months ended January 31, 1995) were $64,619,000 up from $53,368,000 for the comparable period in 1994. Profitability increased to a net income of $1,043,000 or $0.09 per share in comparison to a net income of $722,000 or $0.06 per share in the second quarter of 1994. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses continues to improve to $4,588,000 or $0.41 per share from $3,714,000 or $0.33 per share in the corresponding quarter for 1994. For the first six months of fiscal 1995, sales were $126,826,000 up from $109,025,000 in 1994. Net income was $2,012,000 or $0.18 per share up from $1,246,000 or $0.11 per share in 1994. At the same time cash flow from operations improved to $8,971,000 or $0.80 per share from $7,175,000 or $0.65 per share in 1994. The growth in sales and profits in the second quarter reflect sustained demand for Devtek's automotive products and new market opportunities in industrial products for the telecommunications sector. The planned North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. introduction of wireless telephones is expected to further increase the sale of engineered products, primarily sophisticated antennas and enclosures. The slow recovery of the aerospace industry continues to constrain con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. profitability in Devtek's aerospace operations. The Board of Directors' approved a resolution to increase the number of directors of Devtek Corporation from eight members to nine. The Company is pleased to report the election of Mr. Bob H. O' Neal as a director of Devtek. Mr. O'Neal is President & Chief Executive Officer of Stewart & Stevenson Inc. Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , a company which designs, builds, sells and supports a wide array of gas, diesel and turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. engine powered equipment worldwide with sales exceeding $1.2 billion U.S. The company's management indicated it is confident that Devtek's operating results will continue to meet the profit expectations for the balance of the 1995 fiscal year. Devtek Corporation is an International developer and manufacturer of systems and components for the automotive, aircraft and industrial, and defence markets. CONTACT: Murray Kingsburgh Executive Vice President and Chief Financial Officer Bus: (905) 477-6861 Fax: (905) 477-0481 |
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