Printer Friendly

AEL REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS

 /REPEATING DUE TO GARBLE IN BEGINNING OF TABULAR MATERIAL
 LANSDALE, Pa., April 15 /PRNewswire/ -- AEL Industries, Inc. (NASDAQ-NMS: AELNA) reported operating results for its fourth quarter and fiscal year ended Feb. 26, 1993.
 Prior to the establishment of a $2.2 million provision for an anticipated claim settlement, AEL had pre-tax earnings of $1,229,000 in the fourth quarter. As a result of the special provision, the company is reporting a net loss of $1,203,000 or $.31 per share in the fourth quarter on revenues of $32,983,000 compared to net income of $11,123,000 or $2.86 per share on revenues of $30,290,000 in the fourth quarter of last year. The comparative quarter last year included a significant gain of $10.7 million or $2.76 per share from the sale of AEL's investment in a foreign company.
 For the year, AEL reported a profit of $484,000 or $.12 share on revenues of $113,132,000. In addition to the aforementioned claim provision, net income for the year includes $2,540,000 or $.64 per share resulting from a required change in accounting for income taxes. Last year the company reported net income of $12,302,000 or $3.16 per share on revenues of $140,112,000.
 "As anticipated, revenues rose nicely in the fourth quarter resulting in improved margins," said Dr. Leon Riebman, chairman and chief executive officer of AEL, "and bookings in the fourth quarter helped to raise our backlog further at year end." Reibman added, "We expect to resolve a long outstanding claim through a negotiated settlement with the U.S. government that has been a cost drain to the company. If successful, we can avoid costly litigation and permit management to concentrate its efforts on achieving our stated goals."
 Contract awards in the quarter totalled $46 million, increasing the backlog of unfilled orders at the close of the year to $156 million. At the end of the previous year, the backlog stood at $127 million.
 "Fiscal 1993 was a year of restructuring and streamlining for AEL, with the costs associated with those efforts expensed during the year," said Riebman. "We see encouraging signs that AEL's improved competitiveness and positioning in the high technology segments of our business areas will contribute to future growth and profitability for the company."
 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 integrates 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)
 Thirteen weeks ended 2/26/93 2/28/92
 Sales and service revenues $32,983 $30,290
 Income (loss) before income taxes,
 extraordinary credit and cumulative
 effect of change in accounting
 principle (971) 14,769
 Income tax provision 232 5,014
 Income (loss) before extraordinary credit
 and cumulative effect of change in
 accounting principle (1,203) 9,755
 Extraordinary credit benefit of net
 operating loss carryforward --- 1,368
 Cumulative effect of change in
 accounting for income taxes --- ---
 Net income (loss) (1,203) 11,123
 Earnings per share:
 Income (loss) before extraordinary
 credit and cumulative effect of
 change in accounting principle ($.31) $2.52
 Extraordinary credit benefit of net
 operating loss carryforward --- 0.34
 Cumulative effect of change in
 accounting for income taxes --- ---
 Net income (loss) ($.31) $2.86
 Weighted average shares outstanding 3,848,000 3,898,000
 Fifty-Two weeks ended 2/26/93 2/28/92
 Sales and service revenues $113,132 $140,112
 Income (loss) before income taxes,
 extraordinary credit and cumulative
 effect of change in accounting
 principle (1,950) 16,097
 Income tax provision 106 5,641
 Income (loss) before extraordinary credit
 and cumulative effect of change in
 accounting principle (2,056) 10,456
 Extraordinary credit benefit of net
 operating loss carryforward --- 1,846
 Cumulative effect of change in
 accounting for income taxes 2,540 ---
 Net income (loss) 484 12,302
 Earnings per share:
 Income (loss) before extraordinary
 credit and cumulative effect of
 change in accounting principle ($.52) $2.69
 Extraordinary credit benefit of net
 operating loss carryforward --- 0.47
 Cumulative effect of change in
 accounting for income taxes 0.64 ---
 Net income (loss) $0.12 $3.16
 Weighted average shares outstanding 3,901,000 3,892,000
 /delval/
 -0- 4/15/93
 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929/
 (AELN)


CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU: ERN

MJ-CC -- PH031 -- 6390 04/15/93 15:31 EDT
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:Apr 15, 1993
Words:787
Previous Article:WESTINGHOUSE, LOCAL UNIVERSITIES FORM PARTNERSHIPS ON TOTAL QUALITY
Next Article:BWI IMPROVES TERMINAL ROADWAY SURFACES
Topics:


Related Articles
AEL REPORTS AGREEMENT ON KOOR/TADIRAN CLAIM
AEL INDUSTRIES REPORTS FIRST QUARTER RESULTS
AEL REPORTS LOWER REVENUES, LOSS IN SECOND QUARTER
AEL REPORTS IMPROVED FIRST QUARTER RESULTS
AEL REPORTS STRONG SECOND QUARTER RESULTS
AEL INDUSTRIES REPORTS FIRST QUARTER RESULTS
AEL REPORTS SECOND QUARTER RESULTS
AEL REPORTS HIGHER EARNINGS IN THIRD QUARTER
AEL REPORTS REVENUE/PROFIT GAINS FOR FISCAL YEAR
AEL REPORTS LOWER REVENUES; LOSS IN THIRD QUARTER

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