SPECIAL DEVICES INC. ANNOUNCES EARNINGS FORECAST
SPECIAL DEVICES INC. ANNOUNCES EARNINGS FORECAST NEWHALL, Calif., Nov. 20 /PRNewswire/ -- Special Devices Inc.
(NASDAQ: SDII) announced today that preliminary indications are that earnings per share for the company's fiscal year ended Oct. 31, 1991 will be approximately $0.29. This compares to a proforma net loss per share of ($0.07) for fiscal 1990, after proforma income tax adjustment for the conversion from a Subchapter S corporation to a Subchapter C corporation. The company cautioned that this estimate is preliminary and subject to final year-end closing procedures and the year end audit.
The company stated that Aerospace Division results for the fourth quarter continued at a pace set during the first nine months of the year. Thomas F. Treinen, president, stated that demand for Aerospace Division products and services remained strong during fiscal 1991, giving no present indication of softening. The company also stated that the Automotive Products Division ramp-up, including progress on the start-up of its new production facility in Mesa, Ariz., is proceeding satisfactorily, and that the division increased its production and shipping volumes over the third quarter and has recently received a production contract from a third domestic airbag system manufacturer. Jack B. Watson, president of Automotive Products, noted, however, that the anticipated fourth quarter shipment release from TRW was not received. He stated the company had been manufacturing these initiators under a production release from TRW since July, 1991. However, due to the accumulation of an adequate quantity of finished product, the company has temporarily discontinued the manufacture of these items until TRW allows shipments to begin. Watson stated that he had not yet received a specific shipment date, however, he believed TRW was moving as quickly as possible to integrate the company's initiators into TRW's production cycle. The company is a leader in the design and manufacture of highly reliable pyrotechnic devices used by the aerospace industry, primarily in tactical missile systems, and by the automotive industry as initiators in airbag systems. -0- 11/20/91 /CONTACT: Robert W. Benson VP finance and CFO of Special Devices Inc., 805-259-0753/ (SDII) CO: Special Devices Inc. ST: California IN: AUT ARO SU: EH-SE -- LA006 -- 5244 11/20/91 08:32 EST
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|Date:||Nov 20, 1991|
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