AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX REPORTS FIRST QUARTER EARNINGS NORTH DARTMOUTH, Mass., April 21 /PRNewswire/ -- Aerovox Inc.
(NASDAQ: ARVX) reported revenues of $19,402,000 for the first quarter of 1992, net income of $493,000 and primary earnings of 10 cents per common share. During the same period in 1991, the company had sales of $16,598,000, net income of $512,000, and earnings of 10 cents per common share, including a net benefit of 3 cents per share from an adjustment made for inventory revaluation. Although first quarter sales in 1992 were up approximately $3 million from the previous year, earnings were impacted by a margin drop of 1.0 percentage point.
Aerovox noted that all markets for the company's AC capacitor products are stronger than anticipated for this time of year. In particular, orders from air conditioning customers -- the largest market served by the Electrical Products Group -- were up 50 percent from a year ago. Demand from the niche markets served by the Electronic Products Group is mixed. While the telecommunications industry, the primary market for the Group's primary product line -- DC film capacitors, has not yet rebounded from the recession, orders for discharge capacitors are ahead of last year and though it is a small part of the business, orders for EMI filters are up more than 50 percent. The company is experiencing moderate demand for power factor correction products, usually slow during the first three months of the year. "Business should be good during the next three months," according to Aerovox Chairman Clifford H. Tuttle, "and certainly will be important in gauging the remainder of the year. Still, we must wait until the third quarter to confirm that the upturn is solid and will continue." Aerovox is the largest manufacturer of a complete line of AC film and paper capacitors in North America and has the largest manufacturing capability for DC film capacitors in the United States. AEROVOX INC. Consolidated Statement of Income (Unaudited) Quarters ended 3/28/92 3/30/91 Net sales $19,402 $16,598 Cost of sales 15,685 13,267 Gross profit 3,717 3,331 Selling, general and administrative expenses 2,753 2,441 Income from operations 964 890 Interest expense (252) (158) Other income 114 136 Income before income taxes 826 868 Provision for income taxes 333 356 Net income $493 $512 Net income per share: Primary 10 cents 10 cents Fully diluted 9 cents --- Consolidated Balance Sheet (In thousands) Assets March 28, 1992 Current assets: (Unaudited) Cash and cash equivalents $5 Accounts receivable, net 10,491 Inventories 8,671 Prepaid expenses and other current assets 1,917 Deferred income taxes 2,200 Total current assets 23,284 Property, plant and equipment, net of accumulated depreciation 26,912 Deferred income taxes 1,384 Other assets 481 Total assets $52,061 Liabilities And Stockholders' Equity Current Liabilities: Accounts payable $6,779 Accrued expenses 3,357 Income taxes 578 Accrued litigation settlement 5,500 Total current liabilities 16,214 Deferred income taxes 2,791 Industrial revenue bond 4,050 Accrued litigation settlement 3,305 Loan payable 500 Stockholders' equity: Common stock 5,131 Additional paid-in capital 114 Retained earnings 20,013 Foreign currency translation adjustment (57) Total stockholders' equity 25,201 Total liabilities and stockholders' equity $52,061 -0- 4/21/92 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/ (ARVX) CO: Aerovox Inc. ST: Massachusetts IN: CPR SU: ERN
SH-PB -- NE011 -- 0639 04/21/92 12:16 EDT
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|Date:||Apr 21, 1992|
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