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PRECISION AEROTECH REPORTS THIRD QUARTER RESULTS

 /C O R R E C T I O N -- PRECISION AEROTECH/
 In SD003, Precision Aerotech, moved earlier today, we are advised by


the company of incorrect information throughout the text of the release. The corrected release follows:
 PRECISION AEROTECH REPORTS THIRD QUARTER RESULTS
 LA JOLLA, Calif., March 18 /PRNewswire/ -- Precision Aerotech Inc. (AMEX: PAR) today announced net sales of $11.6 million for the quarter ended Jan. 31, 1992, compared to $15.5 million for the same period one year ago. The loss from continuing operations was $954,000 for the quarter compared to a loss of $923,000 for the same period one year earlier. After including the impact of discontinued operations, the $954,000 loss for the period ended Jan. 31, 1992, compares to a loss of $1.3 million for the quarter ended Jan. 31, 1991.
 Sales for the nine months ended Jan. 31, 1992 were $37.9 million compared with $47.3 million for the same period one year earlier. The loss from continuing operations was $1.3 million for the nine months ended Jan. 31, 1992 compared to a loss of $1.0 million for the same period one year earlier. After including the impact of discontinued operations, the loss of $1.3 million for the nine months ended Jan. 31, 1992 compares to a loss of $1.9 million for the same period one year ago.
 The primary reasons for the decrease in sales for both the three months and nine months ended Jan. 31, 1992, compared to the same period one year earlier is associated with intentional downsizing and refocusing of the Coast Aerotech Inc. ("Coast") business and the transition from certain mature defense programs to new markets, customers and programs at Speedring Inc. ("Speedring") mentioned during previous reporting periods.
 Consolidated gross margin dollars for all subsidiaries was $9.0 million for the nine months ended Jan. 31, 1992, compared to $10.5 million for the same period last year as a result of the reduced sales volume and business transition at Speedring. However, in spite of the adverse Speedring impact, gross margin percent performance improved to 23.8 percent for the nine months ended Jan. 31, 1992, contrasted with 22.5 percent for the comparable period one year earlier. The combined gross margin for the Speedring Systems Inc. ("Systems"), L & S Aerotech Inc. ("L & S") and Coast for the first nine months of the current year increased nearly $600,000 from the prior year, in spite of a sales decline of approximately $2.5 million.
 Selling, general and administrative expenses for the nine months ended Jan. 31, 1992 were reduced by more than $500,000, including $39,000 in the current three-month reporting period to $6.2 million compared to the same period one year earlier.
 The combined operating income for the first nine months of the current year for the Systems, L & S and Coast subsidiaries improved $1.2 million from the comparable period one year earlier. The lower sales at Speedring associated with the business transition more than offset the continued improvements in the other subsidiaries and the further reductions in corporate expense, resulting in a decrease in operating income for the nine months ended Jan. 31, 1992 to $2.9 million compared to $3.8 million for the same period one year earlier.
 Other expense including interest for the nine months ended Jan. 31, 1992 is approximately 10 percent lower than the comparable period last year.
 If sales and income from Speedring for the first nine months ended Jan. 31, 1992 equaled those of the comparable period one year earlier, or any previous comparable period since the business was acquired in 1988, positive consolidated corporate income for the current nine-month reporting period would have been achieved.
 Priority attention is being focused on new business development, with special emphasis at Speedring, and a major financial restructuring of the corporation.
 PRECISION AEROTECH INC.
 Consolidated Condensed Statements of Operations
 (Unaudited)
 (in thousands, except shares and per share data)
 Three Months Ended Nine Months Ended
 Jan. 31, Jan. 31,
 1992 1991(a) 1992 1991(a)
 Net sales $11,630 $15,456 37,918 $47,290
 Loss from
 continuing
 operations
 before income
 taxes (923) (844) (1,213) (772)
 Income tax
 expense 31 79 78 199
 Loss from
 continuing
 operations (954) (923) (1,291) (971)
 Discontinued
 operation:
 Loss on disposal
 of Micronics --- (11) --- (31)
 Loss from
 operations of
 Aero --- (355) --- (884)
 Total --- (366) --- (915)
 Net Loss $ (954) $(1,289) $(1,291) $(1,886)
 Loss per share:
 From continuing
 operations $ (.29) $ (.28) $ (.43) $(.33)
 From
 discontinued
 operations --- (.11) --- (.27)
 Net Loss per share $(.29) $ (.39) $ (.43) $ (.60)
 Number of shares
 used in
 calculation 3,452,953 3,453,402 3,452,953 3,451,887
 (a) The Statement of Operations for the period ending Jan. 31, 1991, have been restated to reflect Aero Technologies, Inc. as a discontinued operation.
 -0- 3/18/92
 /CONTACT: R.W. Detweiler or S.R. Greene of Precision Aerotech, 619-456-2992/
 (PAR) CO: Precision Aerotech Inc. ST: California IN: ARO SU: ERN


CH -- SD003X -- 9314 03/18/92 14:29 EST
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Date:Mar 18, 1992
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