Tech-Sym Corporation reports first quarter results.HOUSTON--(BUSINESS WIRE)--April 29, 1996--Tech-Sym Corporation (NYSE NYSE See: New York Stock Exchange :TSY TSY Technology Systems (Bellcore) TSY Telephony Subsystem TSY The Sophomore Year (band) ) today announced operating results for the first quarter ended March 31, 1996. For the first quarter, sales increased 36% to $71,685,000 from the $52,794,000 reported in the year earlier period. Net income for the latest quarter almost doubled to $2,279,000, or $.35 per share from $1,158,000, or $.18 per share a year ago. Separately, the Company also announced that its Syntron, Inc., subsidiary received orders totaling $13 million for marine seismic equipment used in the exploration and production of oil and gas. Geco-Prakla Geco-Prakla was a European geophysical service company specializing in seismic surveys for petroleum exploration. History The company started as Geoteam-Computas Ltd. A.S. on December 13, 1972. , a subsidiary of Schlumberger Ltd., purchased its first SYNTRAK 480 ocean bottom cable, Sevmorneftegeofizika Trust (SMNG) in Murmanusk, Russia, purchased its second SYNTRAK 480 marine streamer system, and the Maritime INTEREST, MARITIME. By maritime interest is understood the profit of money lent on bottomry or respondentia, which is allowed to be greater than simple interest because the capital of the lender is put in jeopardy. Safety Agency (MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. ) in Japan purchased its first SYNTRAK 480 marine streamer system. Also, the Company's defense systems subsidiary, Metric Systems metric system, system of weights and measures planned in France and adopted there in 1799; it has since been adopted by most of the technologically developed countries of the world. Corporation, announced that it received an exercise of a $5.6 million option under its contract with the Aircraft Division of the Naval Air Warfare Center The Naval Air Warfare Center was a former U.S. Navy military installation located in Warminster, Pennsylvania and Ivyland, Pennsylvania. The U.S. Navy purchased the grounds to establish this facility from the Brewster Aeronautical Corporation following its bankruptcy in the for Common Rack and Launcher Sets (CRALTS CRALTS Common Rack and Launcher Test Set ) used to test aircraft weapons launching systems. Wendell W. Gamel, Chairman and President, stated, "Although our results for the first quarter showed strong year-over-year comparisons, our earnings for the first quarter of this year were not at the level we expected. Earnings were less than expected due to a shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in orders by our customers for seismic software, and to a lesser extent, softness in our communications area. We intend to make up this shortfall during the remainder of fiscal 1996." Tech-Sym Corporation is a high technology company that designs, develops and manufactures electronic systems and components used in diverse markets including oil and gas exploration and production, communications and defense systems. -0-
TECH-SYM CORPORATION
CONSOLIDATED SUMMARY OF RESULTS
(unaudited)
Three Months Ended March 31, 1996 1995(a) Sales $71,685,000 $52,794,000 Income before income taxes 3,379,000 1,811,000 Provision for income taxes 1,100,000 653,000 Net income $2,279,000 $1,158,000
Earnings per common share:
Net income $0.35 $0.18
Average common shares
outstanding 6,563 6,493
(a) Financial results for 1995 have been restated to reflect the acquisition of CogniSeis Development, Inc. in June 1995, which was accounted for as a pooling of interests and to reflect the deferral of revenue recognition on certain sales where the right of exchange for credit existed. CONTACT: Tech-Sym Corporation Wendell W. Gamel Chairman and President 713/785-7790 or Robert P. Jones/Adam Steinberg Media contact: Lee Foley/Gina Gardner Morgen-Walke Associates 212/850-5600 |
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