GERBER SCIENTIFIC REPORTS RESULTS
GERBER SCIENTIFIC REPORTS RESULTS SOUTH WINDSOR, Conn., Nov. 20 /PRNewswire/ -- Gerber Scientific,
Inc. (NYSE: GRB) today reported lower second quarter and six-month operating results. Consolidated sales for this year's second quarter ended Oct. 31, 1991 decreased 12 percent to $60,265,000 from $68,235,000 for the same period last year. Consolidated net earnings for the second quarter of this year were $1,848,000 compared with $2,896,000 for the second quarter of last year, a decrease of 36 percent. Earnings per share declined to 8 cents in this year's second quarter from 12 cents last year based on average shares outstanding of 23,940,000 and 23,546,000, respectively.
For the six months ended Oct. 31, 1991, sales decreased 6 percent to $126,323,000 from $134,844,000 for the previous year. Net earnings in this year's first six months were $4,946,000 compared with $5,629,000 last year, a decrease of 12 percent. Earnings per share were 21 cents in this year's first six months compared with 24 cents in the same period of last year based on average shares outstanding of 23,898,000 and 23,594,000, respectively. The company reported that new orders received in the first six months of this year were $127,900,000, a slight increase from $127,600,000 for the same period last year. Backlog at Oct. 31, 1991 was $63 million compared with $63,600,000 at Oct. 31, 1990. The company remains financially strong, with high liquidity and a low ratio of debt-to-equity. Cash and short-term investments increased $6.1 million during the first six months of the current year to $54.9 million at Oct. 31, 1991, and total debt as a percentage of shareholders' equity was only 9.4 percent. Gerber Scientific, Inc. produces high technology factory automation capital equipment for a variety of industries. GERBER SCIENTIFIC, INC. Consolidated Summary of Earnings Three months ended Oct. 31; 1991 1990 Sales $60,265,000 $68,235,000 Earnings before income taxes 2,848,000 4,496,000 Provision for income taxes (1,000,000) (1,600,000) Net earnings 1,848,000 2,896,000 Earnings per share $.08 $.12 Average shares outstanding 23,940,000 23,546,000 Six months ended Oct. 31; 1991 1990 Sales $126,323,000 $134,844,000 Earnings before income taxes 7,546,000 8,679,000 Provision for income taxes (2,600,000) (3,050,000) Net earnings 4,946,000 5,629,000 Earnings per share $.21 $.24 Average shares outstanding 23,898,000 23,594,000 -0- 11/20/91 /CONTACT: Robert D. Lipira of Gerber Scientific, 203-644-1551/ (GRB) CO: Gerber Scientific Inc. ST: Connecticut IN: SU: ERN TS-FC -- NY007 -- 5250 11/20/91 08:42 EST
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|Date:||Nov 20, 1991|
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