Printer Friendly

HADCO CORPORATION REPORTS RECORD FIRST QUARTER RESULTS

 HADCO CORPORATION REPORTS RECORD FIRST QUARTER RESULTS
 SALEM, N.H., Feb. 13 /PRNewswire/ -- Hadco Corporation (NASDAQ: HDCO) today announced that net income for the fiscal quarter ended Feb. 1, 1992, was $1.4 million, or 13 cents per share, on net sales of $43.5 million.
 In comparison, net sales increased 29.9 percent and net income was 160 percent higher than the same period last year. Net income for the first quarter of fiscal 1991 was $0.5 million, or 5 cents per share, on $33.5 million of net sales.
 Bookings for the first quarter of fiscal 1992 were $47.3 million, up 58.2 percent from $29.9 million in the first quarter of fiscal 1991. Total backlog at the end of the first quarter of fiscal 1992 was $32.7 million, up from $20.2 million at the end of the first quarter of fiscal 1991. Total backlog at the end of the fourth quarter of fiscal 1991 was $28.1 million.
 Patrick Sweeney, president and chief executive officer, stated, "Bookings, revenues and net income from continuing operations are at a record level for our first quarter. Demand from our customers has remained strong from the fourth quarter of 1991. Both volume and technology have continued to increase and the price declines that we experienced have leveled off versus the fourth quarter of 1991.
 "The strength of our balance sheet continues to be a major competitive advantage. We ended the quarter with $23.4 million in cash and cash equivalents as compared to $19.1 million at the end of the first quarter of 1991. This position of strength allows us to make the investments today that are necessary for the achievement of our long-term goals and strategies.
 "Our strategy of investing in quality, technology and our people continues to remain sound. We will maintain this strategic focus that has proven to be successful. We remain responsive to change and are committed to meeting the needs of the customer.
 "A critical challenge for us is to create and enhance shareholder value. This management team understands shareholder expectation and the need to add value to the company. Our long-term strategies are developed with this objective in mind."
 Hadco is the largest independent manufacturer of dense double-sided and multilayer printed circuits, serving customers in the computer, telecommunications, automotive and instrumentation, including medical and industrial automation, industries. The company also manufactures backplanes for electronic interconnect systems. It operates six facilities in the United States.
 HADCO CORPORATION
 Consolidated Summary Statements of Income
 (all dollar amounts, except per share data, in thousands)
 14 Weeks Ended 13 Weeks Ended
 Feb. 1, 1992 Jan. 26, 1991
 (Unaudited) (Unaudited)
 Net sales $43,522 $33,493
 Income before
 provision for
 income taxes 2,087 824
 Net income 1,364 523
 Net income per
 common & common
 equivalent share 13 cents 5 cents
 Weighted average
 common and common
 equivalent shares
 outstanding 10,507,342 10,948,397
 Consolidated Summary Balance Sheets
 (all dollar amounts in thousands)
 2/1/92 10/26/91
 (Unaudited)
 Current assets $49,694 $51,263
 Net property, plant
 and equipment 47,113 47,327
 Other assets 629 629
 Total $97,436 $99,219
 Current liabilities $27,630 $29,700
 Other liabilities 17,833 19,958
 Stockholders' investment 51,973 50,561
 Total $97,436 $99,219
 -0- 2/13/92
 /CONTACT: Rodney P. DeRego, vice president and chief financial officer of Hadco, 603-898-8000/
 (HDCO) CO: Hadco Corporation ST: New Hampshire IN: CPR SU: ERN


EG-SH -- NE010 -- 9974 02/13/92 17:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:590
Previous Article:FIRST INTERSTATE BANK OF CALIFORNIA ANNOUNCES EMERGENCY HOME REPAIR LOAN PROGRAM FOR SOUTHLAND STORM VICTIMS
Next Article:CYPRUS MINERALS BOARD NAMES CALVIN A. CAMPBELL, JR., PRESIDENT AND CEO
Topics:


Related Articles
HADCO CORPORATION REPORTS FISCAL YEAR 1991 PROFITS
HADCO CORPORATION REPORTS RECORD SECOND QUARTER RESULTS
HADCO CORP. ANNOUNCES PUBLIC OFFERING OF 800,000 SHARES
HADCO CORPORATION REPORTS FIRST QUARTER RESULTS
HADCO CORPORATION REPORTS SECOND QUARTER RESULTS
HADCO CORPORATION REPORTS THIRD QUARTER RESULTS
HADCO CORPORATION REPORTS RECORD FIRST QUARTER RESULTS
HADCO CORPORATION REPORTS RECORD FIRST QUARTER RESULTS
HADCO CORPORATION REPORTS RECORD FIRST QUARTER RESULTS
Hadco Corporation Reports Second Quarter Results

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