QUESTECH, INC., ANNOUNCES YEAR-END RESULTS
QUESTECH, INC., ANNOUNCES YEAR-END RESULTS FALLS CHURCH, Va., April 1 /PRNewswire/ -- QuesTech, Inc.
(NASDAQ: QTEC) reported financial results for the year ended Dec. 31, 1991. The company maintained its earnings per share and earnings from continuous operations at the 1990 level despite the decline in revenues.
QuesTech's revenues were down 16.2 percent to $39,129,700 from $46,666,300 in 1990. The revenue decline is attributed to the business contraction in the field service division. Pre-tax income from continuing operations increased approximately 1 percent to $570,600 from $449,700 in 1990. Net earnings for 1991 were $303,600 compared to $352,300 in 1990. The higher earnings in 1990 are attributed to a gain from discontinued operations in the amount of $52,600. Revenues for the fourth quarter increased by 13 percent to $10,669,400 from $9,475,800 in 1990; income from continuing operations for the fourth quarter also increased to $105,200 from a loss of $64,000. Net earnings for the fourth quarter of 1991 were $105,200, vs. $122,200 for the same period in 1990. The higher net earnings in the fourth quarter of 1990 were due to the recognition of additional gain from discontinued operations in the amount of $186,200. Vincent L. Salvatori, chairman and CEO, said: "The results from 1991 clearly show the positive effects of the continuing stringent cost controls and the beginning effects of our marketing investment. We are especially pleased with the growth in revenues for the fourth quarter. "Although the overall defense budget will be substantially reduced, we believe that our market segment, i.e. R&D and intelligence, will at least maintain its present level of funding. We expect intense competition." QUESTECH, INC. Financial Results for Year-End 1991 1990 Revenues $39,129,700 $46,666,300 Income from operations 1,011,400 1,220,400 Earnings before taxes 570,600 449,700 Net Earnings Continuing operations 303,600 299,700 Discontinued operations -- 52,600 Net earnings $ 303,600 $ 352,300 Earnings per share Continuing operations $0.19 $0.19 Discontinued operations -- 0.03 Earnings per share $0.19 $0.22 Weighted average number of shares 1,568,000 1,574,700 -0- 4/1/92 /CONTACT: Vincent L. Salvatori, chairman and CEO, QuesTech, Inc., 703-760-1005/ (QTEC) CO: QuesTech, Inc. ST: Virginia IN: ARO SU: ERN
MH-TW -- DC008 -- 3795 04/01/92 10:01 EST
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|Date:||Apr 1, 1992|
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