ESCO Electronics Corporation announces second quarter earnings increase.ST. LOUIS--(BUSINESS WIRE)--May 6, 1997--ESCO Electronics Corporation (NYSE NYSE See: New York Stock Exchange : ESE ESE abbr. east-southeast Noun 1. ESE - the compass point midway between east and southeast east southeast ) announced today that net earnings for the second quarter of 1997 were $2.8 million, or $.23 per share, compared with net earnings of $2.4 million, or $.20 per share, for the second quarter of 1996. Without the Hazeltine Hazeltine may refer to:
Net earnings for the six months ended March 31, 1997 rose to $4.9 million, or $.40 per share compared with $4.3 million, or $.37 per share for the same period last year. Excluding Hazeltine, net earnings for the six months ended March 31, 1996 were $2.5 million, or $.22 per share. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of 1997 were $88.8 million compared with $117.4 million for the second quarter of 1996. Excluding Hazeltine, sales for the second quarter of 1996 were $90.1 million. For the first half, sales were $157.7 million compared with $230.1 million the year before. Sales, excluding Hazeltine, were $175.2 million for the first six months of 1996. The decline in sales in the first half of 1997 was primarily due to lower volume at the Company's Systems and Electronics Inc. (SEI) subsidiary. New orders for the second quarter totaled $95.5 million compared with $91.1 million ($70.6 million without Hazeltine) for the second quarter of the prior year. The increase in second quarter new orders compared with prior year was primarily attributable to an award by the U.S. Army for additional M1000 tank transporters produced by SEI and continued strong orders in Filtration/Fluid Flow. New orders for the first six months of 1997 were $152.6 million compared with $199.7 million ($142.2 million excluding Hazeltine) for the same period of the prior year. 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. at March 31, 1997 was $265.6 million compared with $234.9 million at December December: see month. 31, 1996. Filtertek, which was acquired in February February: see month. , 1997, represented $24 million of purchased backlog at March 31, 1997. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the J. Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , Chairman and Chief Executive Officer, stated, "We are very pleased with the Company's second quarter results. We continue to see improvement in our operations particularly in our Filtration/Fluid Flow business. Our operating profit margin Operating profit margin The ratio of operating profit to net sales. in the second quarter increased to 7.5 percent, the highest margin we have achieved since the Company's inception." Mr. Moore continued, "Sales in the second half of fiscal 1997 will be higher than first half sales due to the contribution of Filtertek for the full period and sales growth throughout the Company. "We are making good progress on the integration of Filtertek and look forward to the positive contribution they will provide to our strategy for commercial growth and improved profitability," Mr. Moore concluded. Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the federal securities laws. Investors are cautioned that such statements are only predictions, and speak only as of the date of this release. Actual results may differ due to risks and uncertainties which are described in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal year 1996 and on page 14 of the 1996 Annual Report to Shareholders. ESCO ESCO Energy Service Company ESCO Estonian Shipping Company ESCO Esfahan Steel Company (Iran) ESCO Electric Steel Company, Inc. ESCO Eastern Sydney Chamber Orchestra (Australia) Electronics Corporation, headquartered in St. Louis, is a diversified diversified (di·verˑ·s manufacturer of commercial and defense products and systems sold to customers worldwide. -0-
ESCO ELECTRONICS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands)
March 31, September 30,
1997 1996
(unaudited)
Assets
Cash and cash equivalents $ 4,336 22,209
Receivables and unbilled costs, net 99,692 86,249
Inventories 61,585 51,187
Other current assets 3,187 3,005
Total current assets 168,800 162,650
Property, plant and equipment, net 95,042 54,026
Other assets 123,937 91,156
$ 387,779 307,832
Liabilities and Shareholders' Equity
Short-term borrowings and current
maturities of long-term debt $ 42,500 1,300
Other current liabilities 65,719 75,164
Total current liabilities 108,219 76,464
Other liabilities 29,044 28,860
Long-term debt 54,000 11,375
Shareholders' equity 196,516 191,133
$ 387,779 307,832
ESCO ELECTRONICS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
Net sales $ 88,811 117,444 $ 157,710 230,054
Costs and expenses:
Cost of sales 66,384 92,336 118,323 181,526
Selling, general and
administrative expenses 15,740 18,577 28,691 35,468
Interest expense 1,234 1,425 1,511 2,814
Other, net 1,069 857 1,799 2,613
Total costs and expenses 84,427 113,195 150,324 222,421
Earnings before income taxes 4,384 4,249 7,386 7,633
Income tax expense 1,617 1,835 2,437 3,297
Net earnings $ 2,767 2,414 $ 4,949 4,336
Earnings per share:
primary and fully diluted $ 0.23 0.20 $ 0.40 0.37
CONTACT: Patricia K. Moore, Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. , Esco Electronics Corporation, 314/213-7277 or for media inquiries: James R. Orso, 314/982-1730 |
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