ANDREW CORP. REPORTS SECOND QUARTER SALES AND EARNINGS
ANDREW CORP. REPORTS SECOND QUARTER SALES AND EARNINGS ORLAND PARK, Ill., April 27 /PRNewswire/ -- Andrew Corp.
(NASDAQ: ANDW) today reported sales and earnings for the quarter ended
March 31, 1992. Sales increased 14 percent to a record $108.8 million.
Net income was $4.2 million compared to $4.3 million last year, a decrease of two percent. Earnings per share were $.43 compared to $.45, a decrease of four percent.
Orders for the second quarter were $108.4 million, down four percent compared to last year's record $112.5 million. Backlog to be shipped in the next 12 months was $110.3 million at March 31, 1992, compared to $122.3 million last year. Total funded backlog was $118.2 million versus $131.2 million. For the six months ended March 31, 1992, sales were a record $207.9 million, up 8 percent over last year. Net income of $8.3 million was up one percent compared to $8.2 million for the first six months of last year. Earnings per share of $.85 was flat with the first half of last year. Orders for the first six months of 1992 were $209.1 million, the same as in the prior year. Floyd L. English, president and chief executive officer, said, "The higher sales in the quarter was both encouraging and difficult for us. The higher volume lowers unit costs but product mix changes had a negative effect on margins. Lower shipments of terrestrial microwave antennas and related waveguide, flat cable sales and a significant increase in shipments of towers and shelters combined to increase cost of goods sold in the quarter. "Network products continues to increase its revenue growth rate and had a small operating profit for the first six months of 1992. Defense electronics booked multimillion-dollar orders for components and systems contracts. The government surveillance and intelligence business continues to reduce its losses and, based on its building backlog, should be profitable no later than the fourth quarter. "Although orders were slightly below last year's record level, strength in order patterns in March and early April indicate strong gains should be achievable in the second half of fiscal 1992. I am confident 1992 will be another record year for Andrew Corporation." ANDREW CORPORATION Condensed Consolidated Financial Data (Unaudited - Amounts in thousands except per share data) Three Months Ended Six Months Ended March 31 March 31 1992 1991 1992 1991 Sales $108,811 $95,562 $207,908 $192,360 Income before tax 6,708 6,974 13,263 13,381 Net Income 4,193 4,324 8,288 8,232 Net income per share .43 .45 .85 .85 Orders 108,400 112,544 209,120 209,680 Twelve month backlog 110,255 122,275 110,255 122,275 Average shares outstanding 9,803 9,710 9,797 9,731 -0- 4/27/92 /CONTACT: Charles R. Nicholas, CFO of Andrew Corp., 708-873-2740/ (ANDW) CO: Andrew Corp. ST: Illinois IN: TLS SU: ERN
AH -- NY082 -- 3188 04/27/92 12:50 EDT
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|Date:||Apr 27, 1992|
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