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DOVATRON INTERNATIONAL ANNOUNCES SECOND QUARTER RESULTS

 BINGHAMTON, N.Y., July 22 /PRNewswire/ -- DOVatron International Inc. (NASDAQ: DOVT) today announced net income from continuing operations of $1,436,000 for the second quarter ended June 30, 1993, on revenues of $30,975,000. This compares with net income from continuing operations of $1,228,000 on revenues of $24,737,000 for second quarter 1992, a 17 percent increase in net income from continuing operations and a 25 percent increase in revenues. Net income in 1993 did not increase as quickly as revenues due to newly realized costs associated with the creation of DOVatron as a publicly traded corporation. Through six months ended June 1993, the company's net income from continuing operations was $2,831,000 on revenues of $61,709,000 compared to net income from continuing operations of $2,513,000 on revenues of $49,360,000 for 1992. The company's earnings per share (EPS) for second quarter 1993 of 25 cents compared to a proforma EPS for second quarter 1992 of 21 cents using the same number of shares. The EPS increased by 17 percent. DOVatron completed a spin-off from Dover Corp. effective May 21, 1993.
 Ronald R. Budacz, chairman and chief executive officer, commented, "We are very pleased to see our business continue to grow in light of the many distractions required to complete the spin-off process. Most heartening is the increase in annual backlog from year end 1992 of $83 to $117 million for June 30, 1993." Further, he commented, "DOVatron has added several new Fortune 500 customers during the second quarter. The orders from these accounts will start shipping in the third and fourth quarter of 1993. One new order will require the company to increase its capital expenditure for 1993 by more than $1 million over its previously stated plan of $4.5 to $5.0 million. This single customer plans to order product that will provide DOVatron with aggregate revenues in excess of $50 million for the next 36 months. This customer's products will be manufactured at DOVatron's Colorado and New York facilities.
 DOVatron International serves the electronics industry through its four strategically located ISO 9000-certified contract electronics manufacturing divisions. In addition, the company designs, manufactures and markets products to the industry through three other autonomous business units.
 DOVatron has production facilities located in New York, Colorado, California, Ireland and Singapore.
 DOVATRON INTERNATIONAL INC.
 Income Statement
 Three Months Ended
 June 30,
 1993 1992
 Net sales $30,975,000 $24,737,000
 Cost of sales 27,111,000 21,452,000
 Gross profit 3,864,000 3,285,000
 Selling, general and admin. 1,696,000 1,668,000
 Operating income 2,168,000 1,617,000
 Other income (expense) (231,000) (41,000)
 Pretax income from continuing
 operations 1,937,000 1,576,000
 Income taxes 501,000 348,000
 Net income from continuing
 operations $1,436,000 $1,228,000
 EPS from continuing operations $0.25 ---
 Six Months Ended
 June 30,
 1993 1992
 Net sales $61,709,000 $49,360,000
 Cost of sales 53,912,000 43,163,000
 Gross profit 7,797,000 6,197,000
 Selling, general and admin. 3,716,000 2,939,000
 Operating income 4,081,000 3,258,000
 Other income (expense) (259,000) (34,000)
 Pretax income from continuing
 operations 3,822,000 3,224,000
 Income taxes 991,000 711,000
 Net income from continuing
 operations $2,831,000 $2,513,000
 EPS from continuing operations $0.50 ---
 NOTE: Net income including discontinued operations for three months ended June 30, 1993 was $1,437,000 vs. $1,702,000 for the corresponding period in 1992. Net income including discontinued operations for six months ended June 30, 1993 was $2,842,000 vs. $3,639,000 for the corresponding period in 1992.
 DOVATRON INTERNATIONAL INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 June 30, 1993 Dec. 31, 1992
 Assets
 Current Assets:
 Cash $3,965,000 $4,514,000
 Trade receivables, net 15,207,000 13,246,000
 Accounts receivables from
 affiliates --- 886,000
 Inventories 15,262,000 10,996,000
 Prepaid expenses and deferred
 income taxes 812,000 536,000
 Net current assets of
 discontinued operations --- 775,000
 Total current assets 35,246,000 30,953,000
 Property, plant and
 equipment, net 13,588,000 9,346,000
 Notes receivable and other
 assets 1,148,000 613,000
 Net noncurrent assets of
 discontinued operations 1,432,000 2,164,000
 Total assets $51,414,000 $43,076,000
 Liabilities
 Current liabilities:
 Trade accounts payable $9,813,000 $8,364,000
 Accounts payable to
 affiliates --- 1,024,000
 Advances from Dover Corp. --- 5,871,000
 Accrued expenses 4,999,000 2,845,000
 Net current liabilities of
 discontinued operations 541,000 ---
 Total current liabilities 15,353,000 18,104,000
 Deferred compensation and post
 retirement benefits 332,000 800,000
 Deferred income taxes 102,000 102,000
 Shareholder's equity:
 Common stock 57,000 1,000
 Additional paid-in capital 8,660,000 ---
 Retained earnings 26,910,000 24,069,000
 Total shareholder's equity 35,627,000 24,070,000
 Total liabilities and
 shareholder's equity $51,414,000 $43,076,000
 -0- 7/22/93
 /CONTACT: Carl R. Vertuca Jr. of DOVatron, 303-772-5933/
 (DOVT)


CO: DOVatron International Inc. ST: Colorado, New York IN: CPR SU: ERN

BB -- DV006 -- 4908 07/22/93 20:25 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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