Printer Friendly

ACME ELECTRIC REPORTS FOURTH QUARTER RESULTS

 ACME ELECTRIC REPORTS FOURTH QUARTER RESULTS
 EAST AURORA, N.Y., Aug. 14 /PRNewswire/ -- Acme Electric Corporation


(NYSE: ACE) today reported that it ended its fiscal year on June 30, 1992 profitably. All operating units of the company were profitable during the year, with the exception of the new Acme Advanced Energy Systems Division, which is producing the revolutionary fiber nickel cadmium battery.
 Net sales for the 13 week period and full fiscal year ended June 30,1992 were $19,043,000 and $72,715,000, respectively, compared with net sales of $18,296,000 and $79,887,000 during the prior comparable periods. The net profit for the full year was $624,000, or 13 cents per share, compared with a net loss of $7,604,000, or $1.60 per share, a year ago.
 G. Wayne Hawk, president and CEO, stated that the recession, which plagued the company since early fiscal 1991, eased during fiscal '92. "By fiscal year-end, signs of recovery in our various businesses became sufficiently strong that we are now convinced continued improvement will occur, albeit at a slow pace."
 "Acme Advanced Energy Systems Division made dramatic strides in completing its production facility and will soon be capable of meeting all of the division's needs without dependence upon our German licensor for parts. Production of industrial cells has increased dramatically, and we are particularly pleased that the rapid transit and railcar industries are now using FNC batteries. It has been a long and costly program to bring this revolutionary battery technology to production and introduce it to markets in the United States and Canada. However, we are confident that success is near," Hawk stated,
 Founded in 1917, Acme Electric Corporation is a leader in the design and manufacture of power conversion equipment for electronic and electrical systems used in industrial commercial, residential, military and aerospace applications. Corporate headquarters are in East Aurora, with operations in Cuba, N.Y.; Lumberton, N.C.; Tempe, Ariz.; and West Jordan, Utah.
 ACME ELECTRIC CORPORATION
 Periods ended: Year 13 Weeks
 June 30 1992 1991 1992 1991
 Net sales $72,715,000 $79,887,000 $19,043,000 $18,296,000
 Net income (loss) 624,000 (7,604,000) 57,000 (6,064,000)
 Earnings (loss)
 per share $.13 ($1.60) $.01 ($1.27)
 Weighed average shares
 outstanding 4,777,473 4,741,329 4,789,099 4,759,097
 -0- 8/14/92
 /CONTACT: David Anderson, 716-655-3800, or Mary Hamilton, 716-968-2400, both for Acme Electric/
 (ACE) CO: Acme Electric Corporation ST: New York IN: CPR SU: ERN


SH-TS -- NY001 -- 9861 08/14/92 08:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 14, 1992
Words:435
Previous Article:PRIMARK ANNOUNCES AGREEMENT TO ACQUIRE DATASTREAM; REPORTS SECOND QUARTER RESULTS
Next Article:VISHAY ANNOUNCES TAX-FREE LABOR GRANTS TO EXPAND PRODUCTION IN ISRAEL
Topics:


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

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters