Tech-Sym announces fourth quarter and year end results.HOUSTON--(BUSINESS WIRE)--Feb. 20, 1997--Tech-Sym Corp. (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 fourth quarter and year ended Dec. 31, 1996. Sales for the fourth quarter ended Dec. 31, 1996 were $90.9 million compared to $69.3 million reported for the year ago period. Net income for the quarter was $5.4 million, or 89 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , excluding a write-off of impaired goodwill of $3.6 million or 60 cents per share associated with the acquisition of an environmental instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. equipment manufacturer in 1994, compared to net income of $4.6 million, or 71 cents per share, reported for the same quarter last year. Including the write-off of the impaired goodwill, net income for the 1996 fourth quarter was $1.7 million, or 29 cents per share (28 cents per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis). Sales for the year were $321.9 million compared to $246.5 million reported in 1995. Net income for the latest year, which includes a net gain of $13.7 million related to the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of 24.7% of GeoScience ge·o·sci·ence n. Any one of the sciences, such as geology or geochemistry, that deals with the earth. ge and a net expense prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. premium on extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of $1.0 million and write-off of goodwill of $3.6 million was $22.3 million or $3.52 per share, compared to net income of $13.0 million, or $2.00 per share reported for the same period last year. Wendell W. Gamel, chairman and president, commented, "We are pleased with our operating results and financial results for the quarter. All of Tech-Sym's operating groups; Communications, Defense Systems and Geoscience reported positive results for the period. We were especially encouraged by the return to profitability at GeoSciences software subsidiary, CogniSeis Development, Inc., during the fourth quarter. Overall, 1996 was an eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. year that saw the successful spin-off of part of our Geoscience operations to the public and the acquisition of several businesses that we believe will enhance the operations and results of the corporation in 1997 and future years." Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks associated with the uncertainty of market acceptance of the company's products, limited number of customers, as well as risks of downturns in economic conditions generally, risks associated with competition and competitive pricing pressures, and other risks detailed in the company's filings with the Securities and Exchange Commission. Tech-Sym Corp. is a high technology company that designs, develops and manufactures electronic systems and components used in diverse markets including seismic exploration, communications and defense systems. -0-
TECH-SYM CORPORATION
CONSOLIDATED SUMMARY OF RESULTS(a)
(in thousands, except per share data)
Three months ended Dec. 31, 1996 1995
Sales $90,931 $69,332
Income before income taxes, minority
interest, and write-off of impaired
goodwill 6,721 6,609
Provision for income taxes 901 1,963
Minority interest expense 445
Income before write-off of impaired
goodwill 5,375 4,646
Write-off of impaired goodwill 3,627
Net income $ 1,748 $ 4,646
Earnings per common share:
Income before write-off of impaired
goodwill $ .89 $ .71
Write-off of impaired goodwill .60
Net income $ .29 $ .71
Average common shares outstanding 6,046 6,548
Year ended Dec. 31, 1996 1995
Sales $321,910 $246,487
Income before income taxes,
gain on issuance of stock, premium on
extinguishment of debt, minority
interest and write-off of impaired
goodwill 18,747 18,935
Provision for income taxes 4,749 5,900
Gain on issuance of stock 13,758
Premium on extinguishment of debt 1,035
Minority interest 754
Income before write-off of impaired
goodwill 25,967 13,035
Write-off of impaired goodwill 3,627
Net income $22,340 $13,035
Earnings per common share:
Income before gain on issuance of
stock and write-off of impaired
goodwill $ 1.92 $ 2.00
Gain on issuance of stock 2.17
Write-off of impaired goodwill .57
Net income $ 3.52 $ 2.00
Average common shares outstanding 6,350 6,522
(a) Financial results have been restated to reflect the acquisition
of CogniSeis Development Inc. in June 1995, which was accounted for
as a pooling of interests.
CONTACT: Tech-Sym Corp. Wendell W. Gamel, 713/785-7790 or Morgen-Walke Associates Robert P. Jones/Paul Furcinito Media Contact: Lee Foley fo·ley n. 1. A technical process by which sounds are created or altered for use in a film, video, or other electronically produced work. 2. A person who creates or alters sounds using this process. 212/850-5600 |
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