Elexsys Announces Fourth Quarter and Fiscal Year Financial Results; Net Income and Net Sales Improved for Fiscal Year 1996 Compared to Fiscal Year 1995.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 24, 1996--Elexsys International 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 :ELEX ELEX Electronic ELEX Naval Electronic Systems Command ELEX Electronics Exercise ) today reported financial results for the fourth quarter and fiscal year ended Sept. 30, 1996. 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 fourth quarter of fiscal 1996 were $36.8 million, up 20 percent from $30.5 million reported in the fourth quarter of fiscal 1995, and up 19% compared with $30.8 million reported in the third quarter of fiscal 1996. Net income for the fourth quarter of fiscal 1996 was $2.3 million, up 15% compared with $2.0 million reported in the previous quarter and down 25% compared with $3.0 million reported in the fourth quarter of fiscal 1995. Earnings per share for the fourth quarter of fiscal 1996 were $0.24 on 9.6 million shares outstanding, an increase of 20% compared with earnings per share of $0.20 on 9.6 million shares reported in the previous quarter and a decrease of 25% compared with $0.32 on 9.4 million shares for the fourth quarter of fiscal 1995. Net Sales for fiscal year 1996 were $127 million, up 22% compared with $104 million in fiscal 1995. Net income for fiscal 1996 was $8.5 million, up 65% compared with $5.1 million in fiscal 1995. Net income for fiscal 1995 included a gain of $1.8 million due to the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Earnings per share in fiscal 1996 were $0.89, an increase of 56% compared with $0.57 in fiscal 1995. Excluding the above mentioned gain, earnings per share for fiscal 1995 were $0.37. Elexsys International Inc. is one of the country's leading manufacturers of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" medium and high-density high-den·si·ty adj. Having a high concentration: high-density urban areas. multilayer circuit boards, backpanel assemblies and sophisticated subsystem A unit or device that is part of a larger system. For example, a disk subsystem is a part of a computer system. A bus is a part of the computer. A subsystem usually refers to hardware, but it may be used to describe software. assemblies. The company offers advanced interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. solutions for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , computer, industrial, medical and instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. markets. Elexsys' common stock is traded on the Nasdaq National Market, under the symbol ELEX. Further information may be obtained from the company's SEC filings or by contacting the company directly. Elexsys International, Inc. will be participating in the AEA AEA Atomic Energy Authority AEA n abbr (BRIT) (= Atomic Energy Authority) → consejo de energía nuclear; (BRIT) (SCOL) (= Advanced Extension Award) → sponsored MONTEREY Monterey (mŏntərā`), city (1990 pop. 31,954), Monterey co., W Calif., a port on Monterey Bay; founded 1770, inc. 1850. It is a popular resort, the home of many artists and writers, and one of California's oldest cities. CLASSIC on Oct. 29 & 30 -- We'd we'd 1. Contraction of we had. 2. Contraction of we should. 3. Contraction of we would. we'd have ~would be pleased to have you stop in for one of our presentations, or if you prefer, we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall set up a one-on-one one-on-one adj. 1. Consisting of or being direct communication or exchange between two people: one-on-one instruction. 2. Sports Playing directly or exclusively against a single opponent. meeting with Elexsys' Executive Officers. Please call our Investor Relations Investor relations The process by which the corporation communicates with its investors. Department for more information, 408/935-6331.
ELEXSYS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
Sept. 30, Sept. 30,
1996 1995
ASSETS
Current Assets
Cash and cash equivalents $ 1,075 $ 903
Accounts receivable, net 20,463 15,653
Inventories 10,690 7,860
Prepaid expenses and other
current assets 1,447 709
Total current assets 33,675 25,125
Property, plant and
equipment, net 24,818 18,980
Other assets 3,612 1,034
Total assets $ 62,105 $ 45,139
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable $ 12,629 $ 9,854
Accrued payroll and related
costs 2,611 2,521
Other current liabilities 1,321 1,965
Short-term borrowings 5,310 3,248
Current portion of long-term
debt 1,234 363
Total current liabilities 23,105 17,951
Long-term debt 2,448 1,280
Convertible subordinated
debentures 12,000 12,000
Stockholder's equity:
Common stock, $1.00 par value,
20,000,000 shares authorized,
9,300,810 and 8,960,560 shares
issued and outstanding at Sept.
28, 1996 and at September 30,
1995 9,301 8,961
Additional paid-in capital 7,294 5,460
Retained earnings (deficit) 7,979 (491)
Cumulative foreign currency
translation adjustments (22) (22)
Net stockholders' equity 24,552 13,908
Total liabilities and
stockholders' equity $ 62,105 $ 45,139
ELEXSYS INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Fourth Quarter Ended
Sept. 30, Sept. 30,
1996 1995
Net sales $ 36,766 100.0% $ 30,512 100.0%
Cost of sales 30,169 82.1% 23,704 77.7%
Gross profit 6,597 17.9% 6,808 22.3%
Operating expenses:
Selling, general and
administrative 3,687 10.0% 3,107 10.2%
Research and
development 47 0.1% 31 0.1%
Total operating
expenses 3,734 10.1% 3,138 10.3%
Income from operations 2,863 7.8% 3,670 12.0%
Other expenses:
Interest expense, net 446 1.2% 454 1.5%
Income before income
taxes 2,417 6.6% 3,216 10.5%
Provision for income
taxes 150 0.4% 198 0.6%
Net income $ 2,267 6.2% $ 3,018 9.9%
Earnings per share $ 0.24 --- $ 0.32 ---
Weighted average
common shares and
common equivalent
shares outstanding 9,568 --- 9,363 ---
ELEXSYS INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Year Ended
Sept. 30, Sept. 30,
1996 1995
----------------------------------------
Net sales $126,906 100.0% $103,970 100.0%
Cost of sales 103,696 81.7% 88,137 84.8%
Gross Profit 23,210 18.3% 15,833 15.2%
Operating expenses
Selling, general
and administrative 12,852 10.1% 10,154 9.8%
Research and development 258 0.2% 395 0.4%
Total operating
expenses 13,110 10.3% 10,549 10.1%
Income from operations 10,100 8.0% 5,284 5.1%
Other expenses:
Interest expense, net 1,428 1.1% 1,765 1.7%
Income before
income taxes 8,672 6.9% 3,519 3.4%
Provision for income
taxes 202 0.2% 220 0.2%
Income before
extraordinary item 8,470 6.7% 3,299 3.2%
Extraordinary item:
Gain from exchange of
5 1/2 percent Convertible
Subordinated Debentures
due 2012 for common stock,
net of expenses --- 0.0% 1,833 1.8%
Net income $8,470 6.7% $5,132 4.9%
Earnings per share $ 0.89 --- $ 0.57 ---
Weighted average common
shares and common
equivalent shares
outstanding 9,553 --- 9,018 ---
CONTACT: Elexsys International Inc. Michael Shimada, 408/935-6347, CFO See Chief Financial Officer. W.F. "Barry" Hegarty, 408/935-6363, President |
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