Hi-Shear Announces Higher Net Income for Third Quarter.
Net income for the nine months ended February 28, 2009 grew 21% to $3,916,000 or $0.57 per share as compared to $3,225,000, or $0.47 per share, for the same period last year. The growth in net income was the result of gross margin improvement and lower general and administrative expense during the nine month period. Revenues of $18,699,000 increased slightly from the revenues of $18,526,000 recognized for the same nine month period last year as efforts were expended on a wide range of customer backlog.
Hi-Shear Technology provides pyrotechnic, mechanical, and electronic products to the aerospace and defense market in applications where safety, performance and high reliability are essential. It develops and produces advanced systems and products that are primarily used worldwide in space satellites, launch vehicles, national defense, and government programs.
This release, as it relates to product announcements and other Company matters, contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks related to market acceptance of and demand for the Company's products, dependence on the uncertainty of government budgetary issues, primary government contracts, and intellectual property rights.
The Company's Form 10-Q was filed with the Securities and Exchange Commission on or about April 14, 2009. The 10-Q will be available through Edgar or can be downloaded through Hi-Shear's website at www.hstc.com, or contact Linda A. Nespole at (310) 784-7821.
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|Article Type:||Financial report|
|Date:||Apr 14, 2009|
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