Printer Friendly

ESTERLINE REPORTS THIRD QUARTER NET EARNINGS OF 6 CENTS PER SHARE; SALES TOTAL $69 MILLION

 BELLEVUE, Wash., Sept.7 /PRNewswire/ -- Esterline Technologies today reported fiscal 1993 third quarter (ended July 31) net earnings of $404,000, or 6 cents per share, on sales of $69.1 million. For the same period last year the company reported net earnings of $1.5 million, or 23 cents per share, on sales of $73.5 million.
 (On August 12, the company said it expected third quarter results to be flat to down compared with the immediately preceding quarter, citing continued weakness in key markets. Fiscal 1993 second quarter net earnings per share were 7 cents on sales of $71.6 million.)
 For the first nine months of fiscal 1993 net earnings were $1.2 million, or 18 cents per share, on sales of $208 million. In the same year-ago period, net earnings were $2.8 million, or 41 cents per share, on sales of $222.5 million.
 Wendell P. Hurlbut, Esterline chief executive officer, said that "...after showing signs of strengthening in the first quarter of this year, Automation Group new orders have leveled off as customers see little prospect for a strong near-term economic recovery. Our aerospace and defense markets remain soft, and in our Instrumentation Group, power measurement markets are particularly difficult as electric utilities work under tightened budgetary constraints."
 For the quarter, total debt and interest expense remained approximately level with the preceding quarter -- $78.7 million and $1.5 million respectively.
 Hurlbut said that during the quarter Esterline's France-based Auxitrol subsidiary acquired the temperature and pressure sensing product lines of a
French competitor. He said the new products are "...a good match with Auxitrol's current lines, significantly expanding the company's range of sensors for airborne regulation and control systems."
 Esterline is a leading manufacturer of automated equipment for the production of printed circuit boards and metal fabrication, instrumentation for quality control, power measurement and process control, and engineered products for the commercial aircraft, aerospace and defense industries
 Consolidated Statement of Operations follows.
 ESTERLINE REPORTS THIRD QUARTER EARNINGS
 ESTERLINE TECHNOLOGIES AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands, except per share amounts)
 Three months ended Nine months ended
 July 31 July 31
 1993 1992 1993 1992
 Net sales $69,131 $73,457 $208,043 222,544
 Costs and expenses
 Cost of sales 42,401 44,215 128,614 137,641
 Selling, general
 and administrative 24,550 25,041 72,774 74,811
 Interest expense,
 net 1,508 1,619 4,629 5,458
 Total 68,459 70,875 206,017 217,910
 Earnings before
 income taxes 672 2,582 2,026 4,634
 Income tax expense 268 1,036 808 1,873
 Net earnings $404 1,546 $1,218 $2,761
 Net earnings per share $0.06 $0.23 $ 0.18 $ 0.41
 -0- 9/7/93
 /CONTACT: Brian D. Keogh of Esterline Technologies, 206-453-9400/
 (ESL)


CO: Esterline Technologies ST: Washington IN: CPR SU:

RB-AL -- SE001 -- 9168 09/07/93 08:05 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 7, 1993
Words:488
Previous Article:SMITH NEW COURT OPENS OFFICE IN BUENOS AIRES
Next Article:INTERWEST SAVINGS BANK ANNOUNCES EXPANSION PLANS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters