Printer Friendly

AEROVOX REPORTS THIRD QUARTER EARNINGS

 AEROVOX REPORTS THIRD QUARTER EARNINGS
 NORTH DARTMOUTH, Mass., Oct. 23 /PRNewswire/ -- Aerovox Incorporated


(NASDAQ: ARVX) reports third quarter 1992 revenues of $15,514,000, net income of $279,000 and earnings of 5 cents per common share. For the same period in 1991, the company had revenues of $14,087,000, net income of $260,000 and earnings of 5 cents per common share.
 Revenues for the first nine months of 1992 were $56,846,000. Net income for the period was $1,499,000 and per share earnings were 29 cents. For the same period in 1991, Aerovox posted revenues of $50,715,000, net income of $1,448,000 and per share earnings of 28 cents.
 The Electronic Products Group, where sales were up from the prior year, generated the company's profits for the quarter. Cool weather and slow housing starts which adversely affect Aerovox's air conditioning markets combined with reduced margins pushed Electrical Products Group earnings down to break-even for the quarter, a first in many years.
 Aerovox noted that AeroMet II has demonstrated that it meets both cost and performance goals, and that the automation project is moving into the final stages of shakedown. The company will be ready to produce all forecasted AeroMet II customer requirements on the automated equipment beginning in Jan. 1993.
 The company also stated that the Board of Directors recently approved a plan to establish a maquiladora in Mexico as a cost center. Aerovox anticipates that products with a sales value of $5-$10 million will be manufactured in the new facility in 1993.
 Aerovox expects that in general its market will begin to rebound in 1993, though air conditioning is not expected to return to 1992 levels until spring due to current oversupply of units and parts. Sales in the Electronic Products Group are expected to increase as customers who have recently qualified the company's DC film capacitors begin to place orders for 1993.
 Aerovox's 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: Sept. 26, 1992
 Current assets:
 Cash and cash equivalents $ 6
 Accounts receivable, net 9,522
 Inventories 8,897
 Prepaid expenses and other current assets 1,950
 Deferred income taxes 3,184
 Total current assets 23,559
 Property, plant and equipment
 net of accumulated depreciation 26,547
 Deferred income taxes 400
 Other assets 379
 Total assets $50,885
 Liabilities and stockholders' equity
 Current liabilities:
 Accounts payable 3,830
 Short-term debt 5,590
 Accrued expenses 2,723
 Income taxes 1,297
 Accrued litigation settlement 1,000
 Current maturities of long term debt 781
 Total current liabilities 15,221
 Deferred income taxes 2,789
 Industrial revenue bond 3,682
 Long term debt 2,038
 Accrued litigation settlement 1,000
 Stockholders' equity:
 Common stock 5,139
 Additional paid in capital 154
 Retained earnings 21,019
 Foreign currency translation adjustment (157)
 Total stockholders' equity 26,155
 Total liabilities and stockholders'
 equity $50,895
 AEROVOX INC.
 CONSOLIDATED STATEMENT OF INCOME
 (unaudited)
 Three Months Nine Months
 ended ended
 9/26/92 9/28/91 9/26/92 9/28/91
 Net sales $15,514 $14,087 $56,846 $50,715
 Cost of sales 12,594 11,452 45,710 40,718
 Gross profit 2,920 2,635 11,136 9,997
 Selling, general
 and administrative
 expenses 2,354 2,196 8,233 7,365
 Income from
 operations 566 439 2,903 2,632
 Other income,
 (expense):
 Interest expense (209) (196) (716) (621)
 Other income 110 202 325 448
 Income before
 income taxes 467 445 2,512 2,459
 Provision for
 income taxes 188 185 1,013 1,011
 Net income $279 $260 $1,499 $1,448
 Net income per share
 Primary 5 cents 5 cents 29 cents 28 cents
 -0- 10/23/92
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX) CO: Aerovox Inc. ST: Massachusetts IN: CPR SU: ERN


CH -- NE010 -- 4168 10/23/92 12:37 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:Oct 23, 1992
Words:694
Previous Article:AGENCY FOR HEALTH CARE POLICY AND RESEARCH TO FUND TWO RESEARCH EFFORTS
Next Article:GENERAL MOTORS REPORTS SALES
Topics:


Related Articles
AEROVOX REPORTS SECOND QUARTER EARNINGS
AEROVOX ANNOUNCES FINAL SETTLEMENT OF ENVIRONMENTAL LITIGATION
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 ACQUIRES CAPACITOR MANUFACTURER AERO M
AEROVOX REPORTS FIRST QUARTER EARNINGS
AEROVOX TO LEASE PLANT IN MEXICO
AEROVOX COMMENTS ON EXPECTED THIRD QUARTER
AEROVOX UPDATES AERO M STATUS

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