AEL REPORTS HIGHER EARNINGS IN THIRD QUARTER
AEL REPORTS HIGHER EARNINGS IN THIRD QUARTER LANSDALE, Pa., Dec. 12 /PRNewswire/ -- AEL Industries, Inc.
(NASDAQ-NMS: AELNA) today reported slightly higher earnings on level revenues in the third quarter ended Nov. 29, 1991.
Net income for the quarter was $543,000 or $.14 per share on revenues of $33,603,000 compared to revenues of $34,090,000 and net income of $490,000 or $.12 per share in the third quarter of last year. For the nine months, net income was $1,179,000 or $.30 per share on revenues of $109,822,000 compared to net income of $2,232,000 or $.57 per share on revenues of $106,880,000 for the comparative period last year. George King, chief financial officer, said, "The heavy bidding activity that impacted earnings in the first half eased somewhat in the third quarter resulting in a modest improvement in net income." The company's backlog at the end of the third quarter was $135 million compared to $179 million a year ago. AEL is a leading 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 in the over-the-counter market on the NASDAQ National Market System under the symbol AELNA. AEL INDUSTRIES, INC. (Dollars in thousands, except per-share amounts) Thirteen weeks ended 11/29/91 11/30/90 Sales and service revenues $33,603 $34,090 Income before income taxes and extraordinary credit 621 516 Income tax provision 294 177 Income before extraordinary credit 327 339 Extraordinary credit-benefit of net operating loss carryforward 216 151 Net income 543 490 Net income per share: Income before extraordinary credit $.08 $.09 Extraordinary credit-benefit of net operating loss carryforward .06 .03 Net income .14 .12 Weighted average shares outstanding 3,889,000 3,896,000 Forty weeks ended 11/29/91 11/30/90 Sales and service revenues $109,822 $106,880 Income before income taxes and extraordinary credit 1,328 2,351 Income tax provision 627 837 Income before extraordinary credit 701 1,514 Extraordinary credit-benefit of net operating loss carryforward 478 718 Net income 1,179 2,232 Net income per share: Income before extraordinary credit $.18 $.39 Extraordinary credit-benefit of net operating loss carryforward .12 .18 Net income .30 .57 Weighted average shares outstanding 3,891,000 3,894,000 /delval/ -0- 12/12/91 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929/ (AELN) CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU: ERN
CC-MK -- PH024 -- 2016 12/12/91 14:23 EST
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|Date:||Dec 12, 1991|
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