Memry announces completion of sale.BROOKFIELD, Conn.--(BUSINESS WIRE)--July 9, 1997--Memry Corp. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). - OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : MRMY) today announced it completed on June 12, the sale to Thomas Industries of Guilford Conn., of all of the machinery and equipment belonging to Wright Machine Corp. of Worcester, Mass. for the sum of $1,100,000. As previously indicated, Memry has recorded the results of its Wright Machine subsidiary as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. for the nine months ended March 31, 1997. Restated revenues and pretax earnings for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the nine month period were $8,099,000 and $ (315,000) respectively. This compares with twelve month fiscal year end June 30, 1996 results for continuing operations of $1,136,000 in revenues and a pretax loss pretax loss A loss reported before tax benefits are considered. of $ (1,771,000). According to Memry's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , James Binch, "Although disappointing for customers and employees of Wright Machine, this step significantly enhances the company's ability to bring additional resources to bear upon our core materials technology business. With fiscal fourth quarter revenues from continuing operations more than thirty percent higher than the third quarter and prospects for continued rapid growth in fiscal 1998, we will need to direct our full efforts and attention to our core business. In addition to enhancing our balance sheet, this sale will also dramatically improve cash flow and earnings performance, both essential to our growth." Memry Corp., headquartered in Brookfield, Conn., is engaged in the design, development and manufacture of various industrial, consumer and medical materials and components utilizing shape memory alloys Shape memory alloys A group of metallic materials that can return to some previously defined shape or size when subjected to the appropriate thermal procedure. , including such products as laproscopic surgical assemblies, medical stents, cellular telephone antenna components, anti-scald and other high performance valves, and through its Menlo Park, Calif. facility, an extensive supply of nickel titanium strip, wire and tubing. CONTACT: Memry Corp., Brookfield James Binch 203/740-7311 |
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