ANDREW CORP. REPORTS RECORD RESULTS FOR FISCAL 1992
ANDREW CORP. REPORTS RECORD RESULTS FOR FISCAL 1992 ORLAND PARK, Ill., Nov. 13 /PRNewswire/ -- Andrew Corp.
(NASDAQ-NMS: ANDW) today reported that its fiscal 1992 sales, net income and earnings per share set new records for the company.
Sales for the fiscal year ended Sept. 30, 1992, reached $442.0 million, an increase of 6 percent from $416.2 million in 1991. Net income was $25.0 million, up 13 percent from $22.2 million last year. Earnings per share increased 14 percent to $2.61 from $2.28 the previous year. There were 2 percent fewer average shares outstanding in fiscal 1992 because of stock repurchase programs. Orders for the year ended Sept. 30, 1992, were essentially flat with the prior year at $418.3 million compared with $419.9 million. Efficiencies in order turnaround resulted in a reduction in backlog expected to be shipped over the next twelve months to $ 84.0 million, a 22 percent decline. For the fourth quarter of 1992, sales were $120.2 million compared with $117.9 million in 1991, an increase of 2 percent. Net income was $10.8 million, a 21 percent increase over fourth quarter net income of $8.9 million. Earnings per share were $1.22 compared with $.91, an increase of 34 percent. Orders in the quarter were $105.7 million compared to $109.7 million last year. Due to stock repurchases in the September 1992 quarter, average shares outstanding were 10 percent lower than in the last quarter of the prior year. Dr. Floyd L. English, president and chief executive officer, said, "1992 proved to be a strong year for Andrew, especially considering the sluggish economic conditions. Despite the economic negatives our 1992 financial results were aided by the global nature of our business with nearly half of our sales generated outside of the United States. Sales gains reflected new product development, increases in market share and penetration of new markets. "Sales gains were generated in cellular, private microwave and network product markets while sales to common carrier and broadcast markets declined. Significant cost reduction efforts and operating profit improvement in our Network and Government businesses caused profit to grow faster than sales," Dr. English said. At its regular Nov. 12, 1992 meeting, the Board of Directors accepted the resignation of Edward J. Andrew as chairman and as an employee of the company. The board voted not to fill the position of chairman. Andrew Corp. is a global communications equipment supplier serving businesses and governments. ANDREW CORP. Condensed Income Statement (Amounts in thousands except per share) Periods ended Quarter Year Sept. 30 1992 1991 1992 1991 Sales $120,204 $117,937 $442,008 $416,229 Income before taxes 17,293 14,370 39,979 35,876 Net income 10,808 8,909 24,987 22,178 Net income per share 1.22 .91 2.61 2.28 Orders 105,705 109,703 418,339 419,872 Twelve Month Backlog 83,951 107,564 Avg. shares outstdg. 8,859 9,775 9,588 9,773 -0- 11/13/92 /CONTACT: Charles R. Nicholas, chief financial officer of Andrew Corp., 708-873-2740/ (ANDW) CO: Andrew Corp. ST: Illinois IN: TLS SU: ERN
TS -- NY039 -- 0677 11/13/92 11:59 EST
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|Date:||Nov 13, 1992|
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