Power Control reports improved results.Technologies Inc. (NYSE NYSE See: New York Stock Exchange : ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. ), announced today that net income for the three months ended September September: see month. 30, 1995 was $3.7 million, or 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , versus pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $0.9 million or 4 cents per share in the comparable 1994 period (Table 1). Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended September 30, 1995 were $49.3 million, up 23 percent from sales of $40.1 million in the year-ago period which were negatively impacted by a 13-day strike at one facility. The company benefited from improved domestic and international demand for its products, particularly in the aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. segment. For the nine months ended September 30, 1995, the company had pro forma net income of $11.0 million, or 53 cents per share, versus $4.0 million, or 19 cents per share for the nine month period ended September 30, 1994. Net sales for the nine month period ended September 30, 1995 were $149.0 million, versus $129.2 million in the year-earlier period. On June June: see month. 15, 1995, Power Control Technologies was spun-off as a result of a merger between Abex Inc. and a subsidiary of MacAndrews and Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes Holdings, and retains the operations of Abex Inc.'s Abex NWL NWL Newell Rubbermaid, Inc. (stock symbol) NWL Northwest League (Boise, Idaho; baseball) NWL Northwoods League NWL North West London NWL Neverending White Lights (band) Aerospace division. For financial reporting purposes, Power Control Technologies is considered the successor to Abex Inc., therefore, financial information presented for periods prior to June 15, 1995 represent Abex Inc. results. The historical Abex Inc. statements include: 1) expenses related to Abex Inc.'s former Hampton Hampton, part of Greater London, England Hampton, since 1965 part of the Greater London outer borough of Richmond upon Thames, SE England, on the Thames River. It is the site of Hampton Court Palace, which occupies about eight acres (3. , NH corporate office, 2) expenses related to certain closed and sold facilities, and 3) certain other income, none of which relate to the remaining business of Power Control Technologies. The third quarter of 1995 was the first full quarter during which the company operated without these historical Abex expenses and other income. Financial results on this basis are presented in Table 2. In the third quarter of 1995, Power Control's Abex NWL Aerospace division was awarded the contract by Bombardier Aerospace Bombardier Aerospace is a division of the Bombardier group, with the third largest workforce (behind Boeing and Airbus) and the fourth largest in yearly delivery of commercial airplanes (behind Boeing, Airbus and Embraer). Group as the complete hydraulic system Noun 1. hydraulic system - a mechanism operated by the resistance offered or the pressure transmitted when a liquid is forced through a small opening or tube supplier for the new 70-seat de Havilland de Ha·vil·land , Olivia Born 1916. British-born American actress who portrayed Melanie in Gone With the Wind (1939) and won an Academy Award for To Each His Own (1946) and The Heiress (1949). Dash 8 Series 400 commuter aircraft. This program is valued in excess of $50 million. Abex NWL Aerospace is also the hydraulic system supplier for Bombardier's Canadair Canadair was a civil and military aircraft manufacturer in Canada. It was the subsidiary of other aircraft manufacturers and a nationalized corporation until privatized in 1986 and became the core of Bombardier Aerospace. Global Express long-range long-range adj. 1. Of, suitable for, or reaching long distances: long-range missiles. 2. Requiring or involving an extended span of time: long-range planning. business jet. In addition, Abex NWL Aerospace made its initial entry into the business jet thrust reverser actuation ac·tu·ate tr.v. ac·tu·at·ed, ac·tu·at·ing, ac·tu·ates 1. To put into motion or action; activate: electrical relays that actuate the elevator's movements. 2. market, with an award by the Nordam Group to provide thrust reversers for the Cessna Bravo BRAVO Cardiology A clinical trial–Blockade of the GP IIB/IIIA Receptor to Avoid Vascular Occlusion– which evaluated lotrafiban in preventing strokes and acute MI. See GP IIB/IIIA. and Cessna Excel A full-featured spreadsheet for Windows and the Macintosh from Microsoft. It can link many spreadsheets for consolidation and provides a wide variety of business graphics and charts for creating presentation materials. . Also, during the third quarter, Abex NWL Aerospace commenced the initial production of the control actuation system for the U.S. Army's Javelin missile There are two missiles named Javelin.
"The Dash 8, Cessna, and Javelin successes during the quarter strengthened our positioning as an integrated system supplier in the fast-growing regional/business jet market and the large-volume missile/munition market," said 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. , Albert Indelicato. Power Control Technologies is a worldwide leader in the design, manufacture, and marketing of high technology power, control, and actuation components and systems for the global aerospace industry, and operates in the U.S. as Abex NWL Aerospace. Internationally, Power Control operates in Mainz-Kastel, Germany as Abex GmbH Aerohydraul, and in Yokohama, Japan as Abex Japan, Ltd. -0-
TABLE 1
Power Control Technologies Inc.
Pro Forma Financial Highlights
(in millions, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
____________________ _____________________
Actual Proforma Proforma Proforma
1995 1994 1995 1994
________ ________ ________ ________
Net Sales $49.3 $40.1 $149.0 $129.2 Income before taxes $3.9 $1.7 $11.2 $6.2
Provision for
income taxes $0.2 $0.8 $0.2 $2.2
________ ________ ________ ________
Net income $3.7 $0.9 $11.0 $4.0
________ ________ ________ ________
________ ________ ________ ________
Preferred dividend $0.4 $0.4 $1.2 $1.2
________ ________ ________ ________
Net income
available to
common $3.3 $0.5 $9.8 $2.8
________ ________ ________ ________
________ ________ ________ ________
Weighted average
common shares
outstanding (a) 20.7 20.7 20.7 20.7
________ ________ ________ ________
________ ________ ________ ________
Earnings per share:
Net income: $0.18 $0.04 $0.53 $0.19
________ ________ ________ ________
________ ________ ________ ________
Net income available
to common $0.16 $0.02 $0.48 $0.13
________ ________ ________ ________
________ ________ ________ ________
(a) Assumes 20,655,795 shares of common stock were outstanding for all 1994 periods presented. Assumes 20,685,278 weighted average shares of common stock were outstanding for the nine month period ended September 30, 1995. 20,744,243 weighted average shares of common stock were outstanding for the three month period ended September 30, 1995.
TABLE 2
Financial Highlights
(in millions, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
____________________ _____________________
1995 1994(a) 1995 1994(a)
________ ________ ________ ________
Net Sales $49.3 $40.1 $149.0 $129.2
Income from
continuing operations
before extraordinary
items $3.7 ($4.8) $8.1 ($16.9)
________ ________ ________ ________
Income from operations
and sale of discontinued
Industrial Products
segment $0.0 $6.6 $0.0 $33.2
Extraordinary
items (b) $0.0 $0.0 ($1.6) ($4.8)
________ ________ ________ ________
Net income $3.7 $1.8 $6.5 $11.5
________ ________ ________ ________
________ ________ ________ ________
Accrued dividends
on preferred stock $0.4 $0.0 $0.5 $0.0
________ ________ ________ ________
Net income available
to common $3.3 $1.8 $6.0 $11.5
________ ________ ________ ________
________ ________ ________ ________
Weighted average common
shares
outstanding (c) 20.7 19.8 20.1 19.8
________ ________ ________ ________
________ ________ ________ ________
Earnings (loss) per common share:
Before extraordinary items
Continuing
operations $0.18 ($0.24) $0.40 ($0.86)
Discontinued
operations $0.00 $0.33 $0.00 $1.68
________ ________ ________ ________
$0.18 $0.09 $0.40 $0.82
Extraordinary items,
net $0.00 $0.00 ($0.08) ($0.24)
________ ________ ________ ________
Net income $0.18 $0.09 $0.32 $0.58
________ ________ ________ ________
________ ________ ________ ________
Net income
available to
common $0.16 $0.09 $0.30 $0.58
________ ________ ________ ________
________ ________ ________ ________
(a) Quarterly net sales and gross profit for 1994 vary from previously reported amounts included in the company's reports on Form 10-Q due to the reclassification of the Industrial Products segment to discontinued operations. (b) Extraordinary items in 1994 and 1995 relate to debt redemption premiums. (c) 19,757,752 weighted average shares of common stock were outstanding for all 1994 periods presented. 20,135,656 and 20,744,243 weighted average shares of common stock were outstanding for the nine and three month periods ending September 30, 1995, respectively. CONTACT: Power Control Technologies, Kalamazoo Wenke Thoman, 616/384-3441 or 212/752-3259 |
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