AEL INDUSTRIES REPORTS FIRST QUARTER RESULTS
AEL INDUSTRIES REPORTS FIRST QUARTER RESULTS LANSDALE, Pa., June 11 /PRNewswire/ -- AEL Industries, Inc.
(NASDAQ-NMS: AELNA) today reported sharply higher net income on lower revenues in its first quarter ended May 29, 1992.
Net income was $2,566,000 or $.65 per share vs. $450,000 or $.12 per share in the comparative period last year. Net income this year included the cumulative effect of a change in accounting for income taxes of $2,540,000 resulting from the company's adoption of the Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. Revenues fell to $27,444,000, down from the record level of $43,442,000 reported in the first quarter last year. George King, chief financial officer, said, "The reduced revenues in the first quarter reflect the slowness in receipt of new contract awards that AEL experienced during the third and fourth quarters of last year." King added, "Many of those delayed orders were received in the first quarter and more are anticipated in the second quarter. As a result, revenue activity is expected to increase during the last half of the year." The backlog of orders at the end of the first quarter rose to $138 million, up from $127 million at the beginning of the year. Backlog at the end of the first quarter last year was $160 million. King said the amount taken into income resulting from adoption of the Statement of Financial Accounting Standards No. 109 represents an adjustment to tax expense recorded by the company in prior years. "Companies who have not currently adopted this standard are required to do so within the next year or so," he added. AEL is a major supplier of electronic defense systems and subsystems. The company designs and manufactures sophisticated countermeasures, simulation and radar warning systems, engages in the installation and integration of electronic and avionics equipment in military aircraft and provides state-of-the-art antenna systems, microwave integrated components and hybrid microelectronic circuits. The Class A common stock of AEL Industries, Inc. is traded on the NASDAQ National Market System under the symbol AELNA. AEL INDUSTRIES, INC. (Dollars in thousands, except per-share amounts) 13 weeks ended 14 weeks ended 5/29/92 5/31/91 Sales and service revenues $27,444 $43,442 Income before income taxes, extraordinary credit and cumulative effect of a change in accounting principle 43 500 Income tax provision 17 201 Income before extraordinary credit and cumulative effect of a change in accounting principle 26 299 Extraordinary credit-benefit of net operating loss carryforward --- 151 Cumulative effect of change in accounting for income taxes 2,540 --- Net income 2,566 450 Earnings per share: Income before extraordinary credit and cumulative effect of a change in accounting principle $0.01 $0.08 Extraordinary credit-benefit of net operating loss carryforward --- .04 Cumulative effect of change in accounting for income taxes .64 --- Net income .65 .12 Weighted average shares outstanding 3,933,000 3,886,000 /delval/ -0- 6/11/92 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929/ (AELN) CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU: ERN
LJ-JS -- PH022 -- 9302 06/11/92 14:26 EDT
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|Date:||Jun 11, 1992|
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