Elexsys announces change in earnings expectations.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)--March 10, 1997--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 that although management currently anticipates being profitable in the current quarter, the company expects significantly reduced earnings for the period ended March 29, 1997, which in turn will result in Elexsys not meeting earnings expectations for the quarter ended March 29, 1997. However, the Company does anticipate sales for the quarter ended March 29, 1997 will be greater than that of the prior quarter ended Dec. 28, 1996. Chairman of the Board, Milan Mandaric, expressed disappointment in the earnings projections citing difficulties with materials related issues leading to higher production costs to replace and rebuild products. Mandaric commented as follows: "Obviously we are disappointed to have recently discovered some materials and internal production issues which will impact this quarter's earnings. However, we believe we are on course to correct certain problems encountered this quarter. We are also pleased that the company has been able to meet satisfactorily the expectations of its current and expanded customer base." Except for the historical information contained herein, the information contained in this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The actual results of the Company could differ materially from those discussed here. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's reports filed with the Securities and Exchange Commission. Elexsys International is one of the country's leading manufacturers of high-performance medium- and high-density 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, 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 markets. Elexsys' common stock is traded on the Nasdaq National Markets, under the symbol ELEX. Further information may be obtained from the company's SEC filings or by contracting the company directly. CONTACT: Elexsys International Inc. Robert DeLaurentis, 408/935-6367 W.F. "Barry" Hegarty, 408/935-6363 |
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