Dynamics Corporation of America reports 1994 and fourth quarter results.
Net income for 1994 includes $3,334,000, or $.86 per share, of income reflecting the company's settlement of the preproduction 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 share of CTS 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 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 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 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 which manufactures electronic components, mobile vans and transportable shelters for specialized electronic and medical diagnostic equipment, portable electric housewares and commercial appliances, air distribution equipment and specialized air conditioning 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
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|Date:||Feb 23, 1995|
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