DRS Technologies Reports Record Results for the Second Quarter and First Half; Backlog Increases 21 Percent to $158 Million.PARSIPPANY, N.J.--(BUSINESS WIRE)--Nov. 4, 1997--DRS Technologies Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :DRS DRS Drives (street suffix) DRS Dispute Resolution Service DRS Doctorandus DRS Department of Rehabilitative Services DRS Direct Registration System (securities) DRS Department of Rehabilitation Services ) today reported record second quarter and six-month results for the periods ended Sept. 30, 1997. The company also reported receiving a record amount of new business orders for both periods. Revenues for the second quarter of fiscal 1998 increased 16 percent to a record $38,738,000 compared with revenues of $33,440,000 reported for the same three-month period in the prior year. Net earnings were $1,467,000, an increase of five percent over $1,396,000 earned for the second quarter last year. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of 21 cents were the same as reported a year ago, despite the effect of a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $600,000, or four cents per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as a result of plant consolidation and the transfer of certain product lines to other company facilities. Results for the quarter included a positive impact of approximately $473,000 from the sale of the assets of DRS Medical Systems during the period. For the first six months of fiscal 1998, DRS Technologies DRS Technologies, Inc. (commonly known as DRS; formerly known as Diagnostic/Retrieval Systems, Inc.) is a supplier of defense electronic products and systems to the United States Air Force, Army, Coast Guard, Marine Corps, Navy, aerospace and defense prime reported a 28 percent increase in revenues of $77,735,000, a first-half record over $60,863,000 posted for the same period a year earlier. Net earnings were 12 percent higher at $2,810,000, setting a new record for the first six months, compared with $2,516,000 earned a year ago. Fully diluted earnings per share were 41 cents, an eight percent increase over the 38 cents posted for the first half last year. Revenue growth during the second quarter was attributable primarily to shipments associated with the company's military display workstation product lines; increases over last year in commercial product sales, which include revenues from businesses acquired during fiscal 1997; and product shipments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's electro-optical systems. Higher revenues for the six-month period were due primarily to shipments relating to the company's military display workstation, data recording and electro-optical systems product lines, as well as to increases in commercial product sales. DRS posted a second quarter record in 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. of $3,285,000, an eight percent increase over the $3,032,000 reported for the same period a year earlier. Operating income for the six-month period was $6,184,000, 12 percent higher than the $5,500,000 posted for the first half of fiscal 1997, despite the restructuring charge in the second quarter. The company received new contract orders valued at approximately $83.4 million during the period, compared with $25.2 million in new awards booked in the same quarter last year. At Sept. 30, 1997, the company's 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. stood at approximately $158 million, 21 percent higher than backlog of approximately $130 million at the end of last year's second quarter. Mark S. Newman, chairman, president and chief executive officer, commented: "DRS's strong performance during both periods continues to support our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy of internal growth and growth through acquisition. We remain focused on managing the company to become a mid-tier industry leader." DRS Technologies is a diversified diversified (di·verˑ·s , high-technology company serving government and commercial niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. worldwide. The company develops and manufactures a variety of leading edge systems and components used for the processing, display and storage of data. DRS provides its customers with a broad range of products, including electronic sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. , electronic imaging and electro-optical systems, and offers a full complement of technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . The company's defense electronics products serve all branches of the armed forces. Its commercial and industrial products are used mainly by the airline, banking, computer disk drive, security, transportation, retail sales and broadcast industries. -0-
DRS Technologies Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended Sept. 30,
1997 1996
Revenues $38,738,000 $33,440,000
Operating Income $ 3,285,000 $ 3,032,000
Earnings before Income Taxes $ 2,330,000 $ 2,289,000
Net Earnings $ 1,467,000 $ 1,396,000
Net Earnings per Share of
Common Stock:
Primary $ .25 $ .24
Fully Diluted $ .21 $ .21
Weighted Average Number of
Shares of Common Stock
Outstanding:
Primary 5,887,000 5,743,000
Fully Diluted 9,111,000 8,907,000
-0-
Six Months Ended Sept. 30,
1997 1996
Revenues $77,735,000 $60,863,000
Operating Income $ 6,184,000 $ 5,500,000
Earnings before Income Taxes $ 4,461,000 $ 4,125,000
Net Earnings $ 2,810,000 $ 2,516,000
Net Earnings per Share of
Common Stock:
Primary $ .48 $ .44
Fully Diluted $ .41 $ .38
Weighted Average Number of
Shares of Common Stock
Outstanding:
Primary 5,848,000 5,712,000
Fully Diluted 9,044,000 8,892,000
CONTACT: DRS Technologies Inc., Parsippany Patricia M. Williamson, 973/898-1500 |
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