Elexsys Announces Second Quarter 1996 Financial Results; Net Sales Up 30 Percent Year Over Year.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--April 23, 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 second quarter ended March 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 second quarter of fiscal 1996 were $30.4 million, up 30 percent from $23.4 million reported in the second quarter of fiscal 1995, and compared with $28.9 million reported in the first quarter of fiscal 1996. Net income for the second quarter of fiscal 1996 was $2.2 million. This compared with $2.0 million reported in the previous quarter, and with a net loss of $870,000 before extraordinary items reported in the second quarter a year ago. Including the extraordinary item, a gain of $1.8 million from 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, net income for the second quarter of fiscal 1995 was $963,000. Earnings per share for the second quarter of fiscal 1996 were $0.23 on 9.6 million shares outstanding. This compared with earnings per share of $0.21 on 9.5 million shares reported in the previous quarter, and compared with a loss per share of $0.10 before extraordinary items on 9.3 million shares for the second quarter of fiscal 1995. Including the above mentioned extraordinary item, the company recorded earnings per share of $0.10 in the second quarter of fiscal 1995. 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. -0-
ELEXSYS INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months End Six Months Ended
March 30, April 1, March 30, April 1,
1996 1995 1996 1995
Net sales $30,388 $23,407 $59,299 $46,160 Cost of sales 24,682 21,541 48,215 41,424 Gross profit 5,706 1,866 11,084 4,736 Operating expenses: Selling, general and administrative 3,133 2,200 6,074 4,266 Research and development 97 126 140 249
Total operating expenses 3,230 2,326 6,214 4,515
Income (loss) from operations 2,476 (460) 4,870 221 Other (income) expenses: Interest expense 266 410 633 842 Interest income (3) -- (5) (1) Income (loss) before income taxes 2,213 (870) 4,242 (620) Provision for (benefit from) income taxes (16) -- 3 -- Income (loss) before extraordinary item 2,229 (870) 4,239 (620)
Extraordinary item:
Gain from exchange of 5 1/2
percent Convertible Subordinated
Debentures due 2012 for common
stock, net of expenses -- 1,833 -- 1,833
Net income $2,229 $963 $4,239 $1,213
Earnings per share: Primary $0.23 $0.11 $0.44 $0.14 Fully diluted $0.23 $0.10 $0.44 $0.13 Weighted average common shares and common equivalent shares outstanding: Primary 9,552 8,751 9,513 8,751 Fully diluted 9,552 9,278 9,513 9,278
ELEXSYS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 30, September 30,
1996 1995
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 285 $ 903
Accounts receivable, net 16,800 15,653
Inventories 8,648 7,860
Prepaid expenses and other current assets 1,025 709
Total current assets 26,758 25,125
Property, plant and equipment, net 21,096 18,980
Other assets 988 1,034
Total assets $ 48,842 $ 45,139
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 11,785 $ 9,854
Accrued payroll and related costs 2,409 2,521
Other current liabilities 1,205 1,965
Short-term borrowings 1,178 3,248
Current portion of long-term debt 220 363
Total current liabilities 16,797 17,951
Long-term debt 1,468 1,280
Convertible subordinated debentures 12,000 12,000
Stockholders' equity:
Common stock, $1.00 par value, 20,000,000
shares authorized, 9,129,223 and 8,960,560
shares issued and outstanding at
March 30, 1996 and at September 30, 1995 9,149 8,961
Additional paid-in capital 5,743 5,460
Retained earnings (deficit) 3,748 (491)
Cumulative foreign currency translation
adjustment (63) (22)
Net stockholders' equity 18,577 13,908
Total liabilities and stockholders'
equity $ 48,842 $ 45,139
CONTACT: Elexsys International Inc. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Shimada Shimada (shĭmä`dä), city (1990 pop. 73,810), Shizuoka prefecture, E central Honshu, Japan, on the Oi River. It is a distribution point for timber and rice and a center for woodworking, chemical, and mechanical industries. , 408/743-5400, Fax 408.743.5454 or Stapleton Stapleton may refer to: Places United Kingdom
Tersh Barber A barber (from the Latin barba, "beard") is someone whose occupation is to cut any type of hair, give shaves, and trim beards. In previous times, barbers also performed surgery and dentistry. , 415/988-9207, Fax 415.988.9209 |
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