Printer Friendly

SHELDAHL ANNOUNCES SECOND QUARTER RESULTS

 SHELDAHL ANNOUNCES SECOND QUARTER RESULTS
 NORTHFIELD, Minn., March 16 /PRNewswire/ -- Sheldahl, Inc.


(NASDAQ: SHEL) announced today sales of $19.1 million for the second quarter of fiscal 1992. Extensive rescheduling of backlog and delays in new order placement particularly in the Datacom and Military markets results in QII sales to be $3.0M below QI Sales level and QII expectations. Automotive market sales continued strong, growing at a 30 percent annual rate. Results from continuing operations for the period were a loss of $279,000 or $.06 per share compared to an income of $332,000 and $.07 per share last quarter. Reduced revenue and underutilization of new advance manufacturing capacity adversely effected earnings.
 The precipitant decline in sales realized in the second quarter and the lingering effect of the recession will place 1992 annual sales in the $84-85 million range. This compares to an expected sales for fiscal 1992 of $92 million, a 6 percent increase over fiscal 1991. Earnings per share, with a lower cost base, is now expected to be in the $.40 to $.50 range.
 Sheldahl, Inc. develops, manufactures and sells materials, special fabrications and flexible interconnects for electronic markets. Its focus is to serve the needs of its customers in the automotive, aerospace/defense, data communications, consumer and materials markets. The company's common stock is traded on the National over-the-counter market under the NASDAQ symbol SHEL.
 SHELDAHL, INC. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 (In thousands except for per share data)
 Three Months Ended
 2/28/92 3/1/91
 Net sales $19,080 $20,260
 Cost of sales 15,842 15,917
 Gross profit 3,238 4,343
 Expenses:
 Sales and marketing 1,749 1,620
 General and administrative 941 1,074
 Research and development 477 426
 Interest 350 339
 Total expenses 3,517 3,459
 Income (loss) from continuing
 operations before income taxes (279) 884
 Provision for income taxes -- (336)
 Income (loss) from continuing operations (279) 548
 Loss from discontinued operations -- (10,431)
 Net loss $(279) $(9,883)
 Income and loss per share:
 Continuing operations $(.06) $.12
 Discontinued operations -- $(2.22)
 Net loss per share $(.06) $(2.10)
 Six Months Ended
 2/28/92 3/1/91
 Net sales $41,422 $42,008
 Cost of sales 34,192 32,513
 Gross profit 7,230 9,495
 Expenses:
 Sales and marketing 3,531 3,111
 General and administrative 1,941 2,031
 Research and development 957 863
 Interest 748 693
 Total expenses 7,177 6,698
 Income from continuing
 operations before income taxes 53 2,797
 Provision for income taxes -- (1,063)
 Income from continuing operations 53 1,734
 Loss from discontinued operations -- (11,459)
 Cumulative effect of change in accounting
 for income taxes -- 571
 Net income (loss) $53 $(9,154)
 Income and loss per share:
 Continuing operations $.01 $.37
 Discontinued operations -- $(2.44)
 Cumulative effect of accounting change -- $.12
 Net income (loss) per share $.01 $(1.95)
 SHELDAHL, INC. AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
 ASSETS 2/28/92 8/30/91
 Current assets:
 Cash $301 $595
 Accounts receivable - net 12,174 12,620
 Inventories 12,481 11,413
 Prepaid expenses and other current assets 846 1,238
 Net assets of discontinued operations 768 3,655
 Total current assets 26,570 29,521
 Plant and equipment at cost 50,604 50,920
 Accumulated depreciation 30,104 29,597
 Net plant and equipment 20,500 21,323
 Other assets 600 636
 -- $47,670 $51,480
 LIABILITIES AND SHAREHOLDERS' INVESTMENT:
 Current liabilities:
 Current maturities of long-term debt 9,954 1,215
 Accounts payable 6,708 6,466
 Accrued salaries 1,880 2,002
 Other accrued liabilities 2,219 3,166
 Liabilities of discontinued operations 1,181 3,055
 Total current liabilities 21,942 15,904
 Long-term debt 4,530 14,322
 Other non-current liabilities 3,382 3,593
 Shareholders' investment
 Common stock 1,193 1,185
 Additional paid-in capital 7,198 7,104
 Retained earnings 9,425 9,372
 Total shareholders' investment 17,816 17,661
 -- $47,670 $51,480
 -0- 3/16/92
 /CONTACT: John V. McManus of Sheldahl, 507-663-8000, ext. 337/
 (SHEL) CO: Sheldahl, Inc. ST: Minnesota IN: CPR SU: ERN


DS -- MN014 -- 8510 03/16/92 17:28 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1992
Words:697
Previous Article:WHERE'S THE BEEF? EL POLLO LOCO HAS THE ANSWER; TRENDSETTER IN HEALTHFUL FAST FOOD REVERSES ANOTHER TREND, ADDS STEAK PRODUCTS
Next Article:COOPER DEVELOPMENT REPORTS FIRST QUARTER RESULTS
Topics:


Related Articles
SHELDAHL PROFITS UP FOR THE QUARTER AND NINE MONTHS
SHELDAHL REPORTS SUBSTANTIAL INCREASE IN FIRST-QUARTER PROFITS
SHELDAHL REPORTS PROFITS UP 106% FOR 1994 SECOND QUARTER, UP 86% FOR SIX MONTHS
SHELDAHL THIRD QUARTER INCOME FROM CONTINUING OPERATIONS UP 104% REVENUE UP 17%
SHELDAHL REPORTS FIRST QUARTER GAINS
SHELDAHL REPORTS 11% RISE IN NET INCOME, 8% RISE IN REVENUES
SHELDAHL REPORTS RECORD RESULTS FOR QUARTER, HALF
Sheldahl Posts Record Revenues and Earnings for Fiscal 1996
Sheldahl Reports First Quarter Results
Sheldahl Announces Third Quarter, Nine-Month Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters