Tracor reports increased results for second quarter and first six months.AUSTIN, Texas--(BUSINESS WIRE)-- July 29, 1996--Tracor, Inc. (Nasdaq - TTRR TTRR Technology Test Readiness Review TTRR Technical Test Readiness Review TTRR Trainer Test Results Report ), a leading defense electronics company, today announced financial results showing increases in sales, net income, and earnings per share for its second-quarter and six-month periods ended June 30, 1996, compared with the same periods from 1995. Sales for the quarter were $267.4 million, a 23-percent increase over the second quarter in 1995; net income was $8.0 million, an 18-percent increase; and earnings per share were $.34 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, a 13-percent increase. Sales for the six months ended June 30, 1996, were $496.4 million, a 16-percent increase over 1995; net income was $15.7 million, a 20-percent increase over 1995; and earnings per share were $.66 per share on a fully diluted basis, a 10-percent increase. Tracor's total backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at June 30, 1996, was $1.9 billion, including $992.2 million in unexercised contract options. "These results were boosted by the addition of sales and earnings from AEL AEL Association Electronique Libre AEL Appalachia Educational Laboratory AEL Arabisch Europese Liga AEL Agence de l'Energie AEL Arab European League AEL Accessible Emission Limit AEL Acceptable Exposure Limit AEL Arquivo Edgard Leuenroth Industries, Inc., acquired by Tracor on February 22, 1996," said James B. Skaggs, chairman and president. "About 8 percent of the six-month sales growth is attributed to increases throughout the company. This internal growth was achieved primarily in the following core business areas: Tracor's shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. imagery workstations, electronic countermeasures Noun 1. electronic countermeasures - electronic warfare undertaken to prevent or reduce an enemy's effective use of the electromagnetic spectrum ECM dispenser systems, mine detection and neutralization neutralization, chemical reaction, according to the Arrhenius theory of acids and bases, in which a water solution of acid is mixed with a water solution of base to form a salt and water; this reaction is complete only if the resulting solution has neither acidic nor systems, full-scale aerial aerial: see antenna, in electronics. targets, and intelligence information systems." Highlighting the quarter were the following achievements: -- Completed the acquisitions of the assets of Westmark Systems, PRC's AEGIS shipbuilding program support contract from Litton, and Codar's shelter integration business from NAI See Network Associates. Technology. -- Expanded shipboard communications business to aircraft carriers with the win of a $38.7 million contract to design, integrate, and test the radio communication system for a new construction Nimitz class aircraft carrier The Nimitz-class supercarriers are a line of nuclear-powered aircraft carriers in service with the US Navy, and are the largest capital ships in the world. These ships are numbered with consecutive hull numbers starting with CVN 68. , the USS USS abbr. 1. United States Senate 2. United States ship USS abbr (= United States Ship) → Namensteil von Schiffen der Kriegsmarine Ronald Reagan. -- Won a $32.5 million U.S. Navy contract for engineering and life-cycle support of shipboard, shore-based, airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. , and portable communications electronics. -- Received $13.9 million in new orders from the U.S. Army for head-up display See heads-up display. systems, which enable pilots and copilots to view critical flight information through their night vision goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. . -- Reached agreement to sell AEL's instrument repair and calibration calibration /cal·i·bra·tion/ (kal?i-bra´shun) determination of the accuracy of an instrument, usually by measurement of its variation from a standard, to ascertain necessary correction factors. division to SIMCO SIMCO Stock Inventory Management and Customer Ordering Electronics for $7.5 million, and sold two excess AEL buildings for a total of $5.8 million. As recently announced, Tracor Flight Systems was awarded an initial $30 million contract from McDonnell Douglas McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. Corp. to join the wing halves of the new MD-95 twin jet, which is a new-generation 100-passenger airplane airplane, aeroplane, or aircraft, heavier-than-air vehicle, mechanically driven and fitted with fixed wings that support it in flight through the dynamic action of the air. designed to meet more stringent noise and emission requirements and provide lower operating costs operating costs npl → gastos mpl operacionales . "Current forecasts show the need for at least 2,000 airplanes of this type over the next 20 years. We have worked with McDonnell Douglas on several programs over the years and are extremely pleased to play a key role in this important commercial program," Skaggs said. Tracor, Inc., based in Austin, Texas, is one of the top 15 largest defense electronics firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with 1995 annual sales of $886.9 million. The company provides sophisticated electronic products, systems, and services to its customers in the U.S. Department of Defense as well as in nondefense U.S. government agencies, other governments, and the commercial marketplace. -0-
Tracor, Inc.
Summarized Consolidated Financial Statements (unaudited) (a)
STATEMENTS OF INCOME
Three months ended Six months ended
June 30, June 30,
-------------------------- ------------------------
1996 1995 1996 1995
------------ ------------ ------------ ----------
Net sales $267,372,000 $217,513,000 $496,419,000 $428,754,000
Cost of sales 215,314,000 175,026,000 397,307,000 343,653,000
------------ ------------ ------------ -----------
Gross profit 52,058,000 42,487,000 99,112,000 85,101,000
Selling,
administrative,
and general
expenses 30,348,000 25,680,000 57,955,000 51,919,000
------------ ------------ ------------ ------------
Earnings
before
interest
and income
taxes 21,710,000 16,807,000 41,157,000 33,182,000
Interest
expense 7,127,000 4,850,000 12,810,000 10,248,000
------------ ------------ ------------ ------------
Income before
income taxes 14,583,000 11,957,000 28,347,000 22,934,000
Income taxes 6,586,000 5,154,000 12,689,000 9,881,000
------------ ------------ ------------ ------------
Net income $ 7,997,000 $ 6,803,000 $ 15,658,000 $ 13,053,000
============ ============ ============ ============
Fully diluted net income per common and common equivalent share $.34 $.30 $.66 $.60 Weighted average common and common equivalent shares used in EPS calculation 23,591,000 23,890,000 24,229,000 23,514,000 BALANCE SHEETS
June 30, December 31,
------------ ------------
1996 1995
------------ ------------
Assets
Current assets $298,213,000 $229,734,000
Property, plant, and equipment, net 111,265,000 85,760,000
Goodwill, net 164,202,000 99,813,000
Other intangibles, net 15,565,000 18,385,000
Pension asset 18,631,000 23,107,000
Deferred charges and other assets 14,718,000 10,657,000
------------ -----------
Total assets $622,594,000 $467,456,000
============ ============
Liabilities and Shareholders' Equity
Current liabilities $147,489,000 $100,605,000
Long-term debt, less current portion 278,170,000 180,440,000
Deferred revenue 19,276,000 23,752,000
Other long-term liabilities 26,007,000 25,694,000
Shareholders' equity 151,652,000 136,965,000
------------ ------------
Total liabilities and
shareholders' equity $622,594,000 $467,456,000
============ ============
--------------------------------------------------------------------- STATEMENTS OF CASH FLOWS
Six months ended
June 30,
----------------------------
1996 1995
------------ ------------
Net cash provided by
operating activities $ 30,238,000 $ 40,231,000
Purchases of property,
plant, and equipment (6,322,000) (3,411,000)
Acquisitions (108,287,000) (12,105,000)
Net cash provided by
financing activities 83,397,000 12,701,000
Cash and cash equivalents
at beginning of period 59,478,000 24,152,000
------------ ------------
Cash and cash equivalents
at end of period $ 58,504,000 $ 61,568,000
============ ============
(a) Reflects the acquisition of AEL Industries, Inc. and its subsidiaries on February 22, 1996. CONTACT: Marian Kelley, Tracor, Inc., 512/929-2273 |
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