Printer Friendly

AEROVOX REPORTS SECOND QUARTER EARNINGS

 AEROVOX REPORTS SECOND QUARTER EARNINGS
 NORTH DARTMOUTH, Mass., July 20 /PRNewswire/ -- Aerovox Incorporated


(NASDAQ: ARVX) reported revenues of $21,930,000 for the second quarter of 1992, net income of $727,000, and primary earnings of 14 cents per common share. For the same period in 1991, the company had revenues of $20,030,000, net income of $676,000, and earnings of 13 cents per common share.
 Revenues for the first half of 1992 totaled $41,332,000, net income was $1,220,000, and primary net earnings were 24 cents per common share. For the same period in 1991, the company posted revenues of $36,628,000, net income of $1,188,000 and per share earnings of 23 cents.
 Aerovox noted that the surge in Electrical Products Group sales of AC capacitors, during the first half of the year, was due to meeting aggressive market pricing that resulted in lower margins. While the total market went up only 5 percent during the first quarter, Aerovox gained 8 points of market share. The company expects margins in the Electrical Products Group to improve as AeroMet II production expands.
 Though sales in the Electronic Products Group were below budget, the company noted that a pick up in sales in this group during June made a good contribution to profit. The incoming order rate, particularly for power factor correction and discharge capacitors, was also up, indicating that earnings for that group should be more in line with company expectations during the third quarter.
 The Aerovox Electrical Products Group manufactures AC capacitors for use primarily in air conditioning, HID and fluorescent lighting and microwave ovens. The company's Electronic Products Group manufactures DC film capacitors for communications and other electronic applications, EMI filters, Power Factor Correction capacitors and systems, and Energy Discharge and Power Conversion capacitors.
 AEROVOX INC
 Consolidated Balance Sheet
 (In thousands, unaudited)
 Assets: June 27, 1992
 Current assets:
 Cash and cash equivalents $83
 Accounts receivable, net 10,921
 Inventories 9,713
 Prepaid expenses and other current assets 1,714
 Deferred income taxes 2,200
 Total current assets 24,631
 Property, plant and equipment
 net of accumulated depreciation 26,692
 Deferred income taxes 1,384
 Other assets 409
 Total assets $53,116
 Liabilities and stockholders' equity
 Current liabilities:
 Accounts payable 6,256
 Loan payable 5,615
 Accrued expenses 3,005
 Income taxes 1,083
 Accrued litigation settlement 1,000
 Total current liabilities 16,959
 Deferred income taxes 2,791
 Industrial revenue bond 4,050
 Accrued litigation settlement 3,366
 Stockholders' equity:
 Common stock 5,136
 Additional paid in capital 138
 Retained earnings 20,740
 Foreign currency translation adjustment (64)
 Total stockholders' equity 25,950
 Total liabilities and stockholders'
 equity $53,116
 AEROVOX INC.
 CONSOLIDATED STATEMENT OF INCOME
 (unaudited)
 Quarters ended Six months ended
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $21,930 $20,030 $41,332 $36,628
 Cost of sales 17,431 15,999 33,116 29,266
 Gross profit 4,499 4,031 8,216 7,362
 Selling, general
 and administrative
 expenses 3,126 2,728 5,879 5,169
 Income from
 operations 1,373 1,303 2,337 2,193
 Other income,
 (expense):
 Interest expense (255) (267) (507) (425)
 Other income 101 110 215 246
 Income before
 income taxes 1,219 1,146 2,045 2,014
 Provision for
 income taxes 492 470 825 826
 Net income $727 $676 $1,220 $1,188
 Net income per share
 Primary 14 cents 13 cents 24 cents 23 cents
 Fully diluted --- --- 23 cents ---
 -0- 7/20/92
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX) CO: Aerovox Inc. ST: Massachusetts IN: CPR SU: ERN


PB-CH -- NE013 -- 0832 07/20/92 14:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1992
Words:618
Previous Article:EPA FINES TWO NEW YORK CITY CORPORATIONS OVER $10 MILLION FOR UNDERGROUND STORAGE TANK VIOLATIONS
Next Article:KID TRAVELERS SERVED BY KID CONCIERGES, A FEATURE OF OMNI SHOREHAM HOTEL'S I'M A.O.K. PROGRAM
Topics:


Related Articles
AEROVOX ANNOUNCES FINAL SETTLEMENT OF ENVIRONMENTAL LITIGATION
AEROVOX REPORTS THIRD QUARTER EARNINGS
AEROVOX TO DEVELOP NEXT GENERATION CAPACITORS FOR U.S. ARMY ELECTROMAGNETIC ARMAMENT TECHNOLOGY
AEROVOX TO ACQUIRE CAPACITOR MANUFACTURER AERO M
AEROVOX CEO, CLIFFORD TUTTLE, RESPONDS TO INQUIRY
AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX TO LEASE PLANT IN MEXICO
AEROVOX COMMENTS ON EXPECTED THIRD QUARTER
AEROVOX UPDATES AERO M STATUS
AEROVOX NAMES RICHARD D. CAPRA PRESIDENT OF AERO M GROUP

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