Dynamics Corporation of America reports 1994 and fourth quarter results.GREENWICH, Conn.--(BUSINESS WIRE)--Feb. 23, 1995--For the year ended Dec. 31, 1994, Dynamics Corporation of America (NYSE NYSE
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DYA Dependent Youth Activities (for military dependents) ) today reported net income of $8,732,000, or $2.25 per share, compared with net income of $961,000, or $.24 per share, in 1993.
Net income for 1994 includes $3,334,000, or $.86 per share, of income reflecting the company's settlement of the preproduction pre·pro·duc·tion
1. Taking place or existing before production: preproduction planning.
2. portion of the proposal of its Fermont Division for an equitable adjustment on a contract with the U.S. Government, net of related expenses and income taxes. Net income for 1993 included DCA's proportionate pro·por·tion·ate
Being in due proportion; proportional.
tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates
To make proportionate. share of CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS.
(2) (Common Type System) The data typing used in . Corp.'s net charge for one-time accounting changes, related to post-retirement benefits other than pensions and accounting for income taxes, amounting to $1,716,000, or $.44 per share.
The company reported income from continuing operations continuing operations
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year ended Dec. 31, 1994 of $5,398,000, or $1.39 per share, on sales of $96,453,000. This compares with income from continuing operations of $2,677,000, or $.68 per share, on sales of $101,329,000 for the year ended Dec. 31, 1993.
In the quarter ended Dec. 31, 1994, DCA (1) (Document Content Architecture) IBM file formats for text documents. DCA/RFT (Revisable-Form Text) is the primary format and can be edited. DCA/FFT (Final-Form Text) has been formatted for a particular output device and cannot be changed. had income from continuing operations of $1,570,000, or $.40 per share, on sales of $25,007,000, compared with income from continuing operations of $1,099,000, or $.28 per share, on sales of $25,778,000 in the same period in 1993.
Included in income from continuing operations is the company's proportionate share of CTS Corp.'s results for the year and quarter ended Dec. 31, 1994, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the equity method of accounting required for that investment, which were $3,618,000, or $.93 per share, and $1,149,000, or $.29 per share, respectively, compared to $1,619,000, or $.41 per share, and $512,000, or $.13 per share, respectively, for the same periods last year.
Per share income was computed on the basis of weighted average common and common equivalent shares outstanding, which were 3,877,106 for the year 1994 and 3,902,164 for the year 1993.
Andrew Lozyniak, chairman of the board, president and chief executive officer of DCA, stated: "CTS' performance, the recovery on part of our claim against the Government and the outstanding results at International Electronic Research Corporation have combined to make 1994 a very good year for DCA and its stockholders."
Dynamics Corporation of America is a diversified company diversified company
A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a which manufactures electronic components, mobile vans and transportable shelters for specialized spe·cial·ize
v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es
1. To pursue a special activity, occupation, or field of study.
2. electronic and medical diagnostic equipment, portable electric housewares house·wares
Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. and commercial appliances, air distribution equipment and specialized air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. equipment. -0-
Dynamics Corporation of America Consolidated Sales and Earnings (dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, 1994 1993 1994 1993
Net sales $25,007 $25,778 $96,453 $101,329
Income from continuing operations before items shown below $605 $875 $2,747 $1,675
Provision for income taxes 184 288 967 617
Income from continuing operations before equity in CTS Corporation 421 587 1,780 1,058
Income from equity investment in CTS Corp. 1,149 512 3,618 1,619
Income from continuing operations 1,570 1,099 5,398 2,677
Income from discontinued operation - claim settlement --- --- 3,334 ---
Income before changes in accounting methods 1,570 1,099 8,732 2,677
Equity in CTS' Cumulative effect to Jan. 1, 1993 of changes in accounting methods --- --- --- (1,716)
Net income $1,570 $1,099 $8,732 $961
Income (loss) per common share: Continuing operations $0.40 $0.28 $1.39 $0.68 Discontinued operation --- --- 0.86 --- Equity in CTS' cumulative effect to Jan. 1, 1993 of changes in accounting methods --- --- --- (0.44)
Net income $0.40 $0.28 $2.25 $0.24
Weighted average common and common equivalent shares outstanding 3,864,159 3,899,625 3,877,106 3,902,164
CONTACT: Dynamics Corporation of America, Greenwich
Mary Jo. Cisternino, 203/869-3211