AEL REPORTS SIGNIFICANT PROFIT GAINS FOR FISCAL YEAR
AEL REPORTS SIGNIFICANT PROFIT GAINS FOR FISCAL YEAR LANSDALE, Pa., April 6 /PRNewswire/ -- AEL Industries, Inc.
(NASDAQ-NMS: AELNA) today reported a significant increase in profits for its fiscal year ended Feb. 28, 1992.
Dr. Leon Riebman, chairman and chief executive officer of this major supplier of defense electronic systems and subsystems, stated, "Fiscal 1992 was another challenging and somewhat satisfying year as the settlement of our long outstanding claim associated with the sale of the company's foreign subsidiary bolstered fourth quarter earnings." Net income for the year jumped to $12,302,000 or $3.16 per share, compared to $2,574,000 or $.66 per share in the prior fiscal year. This year's earnings included an after-tax gain of $10.7 million or $2.76 per share from the sale of AEL's investment in a foreign company. Revenues for the year of $140,112,000 were off 3 percent from the record $144,258,000 reported in the prior year. In the fourth quarter, net income rose to $11,123,000 or $2.85 per share, including the gain from the foreign investment sale, on revenues of $30,290,000 compared to net income of $342,000 or $.09 per share, on revenues of $37,378,000 in fiscal 1991. "Book value of the company rose sharply to $14.60 per share at year- end," Riebman said, "and payment received from the sale of the foreign investment added over $21 million to AEL's cash reserves." The company's financial condition was strengthened considerably, "positioning us rather substantially to meet working capital needs for our projected growth through the decade of the nineties," Riebman added. The company's backlog at the end of fiscal 1992 was $127 million. "Awards for the year were impacted by Desert Storm priorities and the subsequent delay in the administration's signing of the Defense Appropriations Bill until December," Riebman said. Many of the delayed awards are expected to be received during the first and second quarters of the current year. The backlog at the end of the previous year was $187 million. 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 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) Periods ended Fourth quarter Fiscal year 2/28/92 2/22/91 2/28/92 2/22/91 Sales and service revenues $30,290 $37,378 $140,112 $144,258 Income before income taxes and extraordinary credit 14,769 357 16,097 2,708 Income tax provision 5,014 149 5,641 986 Income before extraordinary credit 9,755 208 10,456 1,722 Extraordinary credit-benefit of net operating loss carryforward 1,368 134 1,846 852 Net income 11,123 342 12,302 2,574 Net income per share: Income before extraordinary credit $2.50 $.05 $2.69 $.44 Extraordinary credit benefit of net operating loss carryforward .35 .04 .47 .22 Net income 2.85 .09 3.16 .66 Weighted average shares outstanding 3,898,000 3,886,000 3,892,000 3,892,000 /delval/ -0- 4/6/92 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929/ (AELN) CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU: ERN
KA-MP -- PH024 -- 5429 04/06/92 14:23 EDT
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|Date:||Apr 6, 1992|
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