AUTOCLAVE ENGINEERS, INC. REPORTS FIRST QUARTER RESULTS
AUTOCLAVE ENGINEERS, INC. REPORTS FIRST QUARTER RESULTS ERIE, Pa., Sept. 25 /PRNewswire/ -- Autoclave Engineers, Inc.
(NASDAQ: ACLV) today reported results for the first quarter of fiscal 1993, ended Aug. 31, 1992.
Net sales for the first quarter were $17,471,000 a decrease of 4 percent from the $18,284,000 level of the prior year. This resulted in a loss of ($125,000) or ($0.03) per share versus last year's net income of $170,000 or $0.04 per share. Commenting on these results, William F. Schilling, president and chief executive officer, said, "These results were consistent with our expectations. The first quarter is usually a slow period for us, and this year was no exception. First quarter results were less than last year's due to low shipment levels at Burton Corblin. A modest decline in the volume at the Autoclave Engineers Group also had an impact." Schilling went on to say, "The second quarter will be much stronger. Volume will increase significantly at both Burton Corblin and the Autoclave Engineers Group, and Unit Instruments will repeat its good first quarter performance. This should result in strong earnings for the quarter." As for the outlook for the fiscal year, Schilling said, "Our outlook remains the same as we reported in July. We expect fiscal 1993 to continue the improvement begun in 1992. Although the entire year will be difficult for Burton Corblin because of the ongoing European recession and continued slow global demand for Burton Corblin's products, improved performance at the Autoclave Engineers Group and Unit Instruments will more than offset this situation." Autoclave Engineers, Inc., headquartered in Erie, with subsidiaries in Erie, Yorba Linda, Calif., and Nogent, France, is a recognized leader in providing high-quality engineered products for chemical research and related process markets throughout the world. AUTOCLAVE ENGINEERS, INC. Consolidated Statement of Earnings For the First Quarter Ended Aug. 31, 1992 Aug. 31, 1991 Net sales $17,471,000 $18,284,000 Net income (loss) ($125,000) $170,000 Net income (loss) per share ($0.03) $0.04 Average weighted number of common shares outstanding 4,247,750 4,244,943 -0- 9/25/92 /CONTACT: Thomas C. Guelcher of Autoclave Engineers, 814-838-5804/ (ACLV) CO: Autoclave Engineers, Inc. ST: Pennsylvania IN: CHM SU: ERN
KE-ML -- PG005 -- 3522 09/25/92 12:36 EDT
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|Date:||Sep 25, 1992|
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