David White 1994 net income rises 386 percent.GERMANTOWN Germantown, residential section of NW Philadelphia, Pa. Settled by Dutch and Germans in 1683, Germantown became one of the earliest printing and publishing centers in the country. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Feb. 22, 1995--David White Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DAWH) today reported net income of $701,000 or $1.33 for the fiscal year ended Dec. 31, 1994, a substantial improvement over the $144,000 or 27 cents a share reported in 1993. Tony L. Mihalovich, president and chief executive officer of the leading manufacturer of optical and laser surveying instruments Surveying instruments Instruments used in surveying operations to measure vertical angles, horizontal angles, and distance. Such devices were originally mechanical only, but technological advances led to mechanical-optical devices, optical-electronic devices, , attributed the strong performance to an excellent construction market and continued improvement in productivity throughout the company. Sales for the fiscal year climbed to $15,886,000 from $13,378,000 in the year before. Fourth quarter net income totaled $93,000 or 18 cents a share, down from $109,000 or 21 cents in the final quarter of 1993. Mihalovich said net operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before actually were higher than the year before. However, in the final quarter of 1993 net income was boosted by a tax credit of $29,000. Fourth quarter sales totaled $3,385,000, up from $3,357,000 in the final quarter of 1993. ``Our 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. of unfilled orders at the end of the fiscal year was at the highest level in recent history,'' said Mihalovich. ``This gives us good momentum going into the first half of 1995.'' ``We are well aware that every year will not be as good as 1994. We are, however, confident that the restructured David White David or Dave White can refer to a number of people:
As evidence of the successful restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , Mihalovich pointed to Dun & Bradstreet's recent upgrading of David White's White's is a London gentlemen's club, established at 4 Chesterfield Street in 1693 by Italian immigrant Francesco Bianco (AKA "Francis White"). Originally it was established to sell hot chocolate, a rare and expensive commodity at the time (and the source of its original title of credit rating to the highest rating for a company its size. In addition, he said annual sales per employee continued to climb throughout 1994. Mihalovich said David White is well positioned for 1995. ``Demand for instruments `Made in the U.S.A.' is increasing throughout the world,'' he said. ``If the U.S. market slows down in the face of higher interest rates, we are hopeful that some of the slack 1. (operating system) slack - Internal fragmentation. Space allocated to a disk file but not actually used to store useful information. 2. (jargon) slack can be picked up overseas.'' -0- DAVID WHITE INC. (NASDAQ-DAWH) FINANCIAL RESULTS THREE MONTHS ENDED DEC. 31 --------------------------
($000 except per share data) 1994 1993
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Net sales $ 3,685 $ 3,357 Earnings before other expenses (income) and income taxes 227 178 Other expenses (income) (14) 0 Amortization of intangible assets 46 48 Interest expense 74 50 Earnings before income taxes 121 80 Income taxes 28 (29) Net earnings 93 109 Net earnings per common share $ 0.18 $ 0.21 Average common shares outstanding 527,823 527,523
YEAR ENDED DEC. 31
($000 except per share data) 1994 1993
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Net sales $ 15,886 $ 13,378 Earnings before other expenses (income) and income taxes 1,290 559 Other expenses (income) 5 (15) Amortization of intangible assets 183 187 Interest expense 264 266 Earnings before income taxes 838 121 Income taxes 137 (23) Net earnings 701 144 Net earnings per common share $ 1.33 $ 0.27 Average common shares outstanding 527,674 527,374
ASSETS ($000 omitted) 1994 1993
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Current assets $ 7,091 $ 5,370
Other assets 1,928 2,050
Plant, property and equipment, net 2,176 2,055
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$ 11,195 $ 9,475
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LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities $ 2,398 $ 3,640
Long-term liabilities 2,721 238
Minority interest 44 27
Stockholders' investment 6,032 5,570
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$ 11,195 $ 9,475
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CONTACT: David White Inc., Germantown Tony L. Mihalovich, 414/251-8100 |
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