RECORD SALES AND EARNINGS REPORTED BY WILLIAMS CONTROLS INC.
PORTLAND, Ore., Nov. 16 ~PRNewswire~ -- Williams Controls Inc. (NASDAQ: WMCO) announced today, through its Chairman and Chief Executive Officer Thomas W. Itin, that net earnings for the year ended Sept. 30, 1992, were $1,267,000, or 9 cents per share, compared to a net loss of $1,051,000, or 11 cents per share in the prior year. The net earnings increase results from approximately $255,000, or 2 cents per share, from the cumulative effect of the change in accounting for income taxes. The prior-year loss was due primarily to establishing a reserve for a product recall, which is in progress. Sales for the year ended Sept. 30, 1992, were $20,072,000 compared to $16,200,000 for the prior year, an increase of 24 percent, and a record high for the company. The increase in sales is due primarily to the strong demand for the company's electronic throttle, accounting for approximately 42 percent of the sales for the current year as compared to 31 percent in the prior year. Joseph W. Hovorka, president, stated, "The demand for our products remains strong and is reflected in the company's future sales orders which were approximately $3,800,000, at year end." Itin further stated, "Despite the overall slowdown in the economy and the continuing sluggish international outlook, the company has demonstrated through its newly designed products that it will continue to gain market share in domestic and foreign markets." Williams Controls Inc. manufactures electronic throttles, pneumatic and hydraulic controls and exhaust brakes which are used in the heavy vehicle manufacturing industry primarily truck and bus applications, as well as mining, construction and refuse collection markets. WILLIAMS CONTROLS INC. Selected Operating Results Year Ended Sept. 30, Percent 1992 1991 Increase Net sales $20,072,000 $16,200,000 24 pct. Net earnings (loss) 1,267,000 (1,051,000) N~M(a) Earnings (loss) per common share .09 (.11) N~M Fourth Quarter Ended Sept. 30, Percent 1992 1991 Increase Net sales $5,578,000 $4,331,000 29 pct. Net earnings (loss) 883,000 (939,000) N~M Earnings (loss) per common share .06 (.10) N~M (a) Not meaningful -0- 11~16~92 CONTACT: Thomas W. Itin, chairman, or Joseph W. Hovorka, president, of Williams Controls, 503-684-8600 (WMCO) CO: WILLIAMS CONTROLS INC. IN: AUT SU: ERN ST: OR
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|Date:||Nov 16, 1992|
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