Printer Friendly

ACME ELECTRIC ANNOUNCES SECOND-QUARTER RESULTS

 EAST AURORA, N.Y., Feb. 8 /PRNewswire/ -- Acme Electric Corporation (NYSE: ACE) announced results today for the 13-week period ended Jan. 1.
 Net sales for the period improved to $18,452,000, compared with $18,173,000 for the comparable period of the prior year, with a net loss of $60,000, or 1 cent per share, compared with net income of $131,000, or 3 cents per share, for the comparable prior period.
 Net sales for the 26-week period ended Jan. 1 were $38,836,000, compared with net sales of $37,551,000 for the comparable prior period, with net income of $83,000, or 2 cents per share, compared with net income of $646,000, or 14 cents per share, for the comparable prior period.
 G. Wayne Hawk, chairman and CEO, reported that FNC battery operations were primarily responsible for the second-quarter operating loss. He also stated that, "Although the battery operation made progress in expanding its production capabilities and establishing a new shipment record in the month of December, operating costs exceeded expectations due to unforeseen process problems. However, significant progress continues in establishing the new battery as the technology of the future in the military and aerospace markets."
 Founded in 1917, Acme Electric Corporation is a leader in the design and manufacture of power conversion products for electronic and electrical systems for industrial, commercial, residential and military and aerospace applications. Corporate headquarters are in East Aurora, N.Y., with operations in Cuba, N.Y., Lumberton, N.C., Tempe, Ariz., and West Jordan, Utah.
 ACME ELECTRIC CORPORATION
 Comparative Analysis
 13 wks. ended 26 wks. ended
 1/1/93 12/31/91 1/1/93 12/27/91
 Net sales $18,452 $18,173 $38,836 $37,551
 Income before cumulative
 effect of a change in
 accounting principle (60) 131 83 646
 Cumulative effect of a
 change in accounting
 principle --- --- 219 ---
 Net income (60) 131 302 646
 Earnings per share before
 effect of a change in
 accounting principle $(.01) $.03 $.02 $.14
 Cumulative effect of a
 change in accounting
 principle --- --- $.04 ---
 Earnings per share $(.01) $.03 $.06 $.14
 Weighted number of shares
 outstanding used to compute
 income per common share 4,792,049 4,775,084 4,790,282 4,770,121
 -0- 2/8/93
 /CONTACT: David Anderson of Acme Electric, 716-655-3800/
 (ACE)


CO: Acme Electric Corporation ST: New York IN: SU: ERN

BN-BR -- NY027 -- 3954 02/08/93 09:31 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 8, 1993
Words:406
Previous Article:BALCHEM CORPORATION REPORTS EARNINGS
Next Article:MAGIC SOFTWARE ENTERPRISES LTD. REPORTS RECORD SALES AND EARNINGS FOR 1992
Topics:


Related Articles
ACME ELECTRIC REPORTS SECOND-QUARTER RESULTS
ACME ELECTRIC REPORTS THIRD-QUARTER RESULTS
ACME ELECTRIC CORPORATION ANNOUNCES FIRST QUARTER RESULTS
ACME ELECTRIC REPORTS FOURTH QUARTER RESULTS
ACME ELECTRIC CORPORATION ANNOUNCES FIRST QUARTER RESULTS
ACME ELECTRIC CORPORATION REPORTS CONTINUED IMPROVEMENT
ACME ELECTRIC REPORTS THIRD QUARTER RESULTS
ACME ELECTRIC CORPORATION REPORTS FIRST QUARTER RESULTS
Acme Electric Announces Second-Quarter Results
Acme Electric Corporation Reports First Quarter Results.

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