OPTROTECH ANNOUNCES THIRD QUARTER OPERATING RESULTS (UNAUDITED)
BILLERICA, Mass., Nov. 8 /PRNewswire/ -- Optrotech, Ltd. (NASDAQ: OPTKF) today announced unaudited consolidated revenues and earnings for the third quarter (July - September) of 1991.
Net income after tax for the third quarter ending Sept. 30, 1991 was $505,119 or 8 cents per share compared with net income of $105,682, or 3 cents per share, for the same period in 1990. Net income in the nine month period ended Sept. 30, 1991 was $862,038 or 16 cents per share compared with net income of $1,030,878, or 19 cents per share, for the same period last year.
The company's revenues for the three month period ended Sept. 30, 1991 were $17,740,606 compared with $20,456,190 for the third quarter in 1990. Unaudited revenues for the nine month period ended Sept. 30, 1991 were $53,647,852 as compared to revenues of $59,937,524 for the same period in 1990.
The reduction in sales is principally due to the slump in the printed circuit board industry prevailing in the United States and Europe. In spite of the adverse market conditions, Optrotech maintained its market share worldwide.
The newly introduced "Blaser", which has been characterized as a real breakthrough in optical inspection for fine line high volume is successfully conducting its beta-site program at a major computer manufacturer.
A new product dedicated for the printing industry, the Sprint 110 has been delivered and satisfactorily accepted by a major printer in the U.S.A. The machine automates the stripping process and outputs full size flats necessary to create offset lithographic plates. The company is presently accumulating orders on this new product.
Management believes that its new families of products which are the outcome of Optrotech's extensive Research & Development efforts, will enable the company to increase profits and maintain its strong position in the Printed Circuit Board and related markets. OPTROTECH LTD. CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended Nine Months Ended
9/30/91 9/30/90 9/30/91 9/30/90
Revenues $17,740,606 $20,456,190 $53,647,852 $59,937,524
Net income after
taxes 505,119 105,682 862,038 1,030,878
Earnings per share 8 cents 3 cents 16 cents 19 cents
Number of shares
outstanding 7,108,588 6,950,319 7,104,952 6,412,298
/CONTACT: Tali Idan vice president, finance & administration of Optrotech, Inc., 508-667-6037/
(OPTKF) CO: Optrotech, Inc. ST: Massachusetts IN: CPR SU: ERN DD-KM -- NE007 -- 2551 11/08/91 10:50 EST