AUTOCLAVE ENGINEERS INC. REPORTS FISCAL YEAR RESULTS
AUTOCLAVE ENGINEERS INC. REPORTS FISCAL YEAR RESULTS ERIE, Pa., July 15 /PRNewswire/ -- Autoclave Engineers Inc.
(NASDAQ: ACLV) today announced results for both the fourth quarter and the fiscal year ended May 31, 1992.
Net income in the fourth quarter was $628,000 or $0.15 per share vs. last year's net loss of $196,000 or $0.05 per share. Net sales in the fourth quarter were $21,917,000 compared to $24,887,000 in the same period last year. Net income was $1,510,000 or $0.36 per share for the fiscal year on sales of $80,246,000. Last year the company reported a loss of $520,000 or $0.12 per share on sales of $81,077,000. Fourth quarter results include the impact of certain year-end adjustments, the most significant of which are restructuring costs at the company's Burton Corblin facility, tax adjustments related to utilization of foreign tax credits in prior years, and a LIFO inventory adjustment. Fourth quarter net income, absent these adjustments, was $456,000, or $0.11 per share. Commenting on these results, William F. Schilling, president and chief executive officer, said, "The economic environment in all of our markets was difficult through the year. This presented little opportunity for either price or volume increases as reflected in the annual sales figure. Despite these conditions net income improved dramatically. This was the direct result of achieving efficiencies from all of our operations and careful attention to quality and cost control by all of our employees." Schilling continued, "We expect the improvement begun in 1992 to continue in 1993. However, first quarter results will be less than last year's, due to low shipment levels at Burton Corblin. The entire year will be difficult for Burton Corblin because of the ongoing European recession and a continued global decrease in projects requiring Burton Corblin's products." Autoclave Engineers Inc., headquartered in Erie, with subsidiares in Erie; Yorba Linda, Calif.; and Nogent, France, is a recognized leader in providing high quality, engineered products for chemical research and related industrial process markets worldwide. AUTOCLAVE ENGINEERS INC. Fiscal 1992 Results Condensed Statement of Earnings Period Ended Fiscal Year May 31 1992 1991 Net sales $80,246,000 $81,077,000 Net income (loss) 1,510,000 (520,000) Net income (loss) per share $0.36 $(0.12) Average weighted number of common shares outstanding 4,242,936 4,250,105 Period Ended Fourth Quarter May 31 1992 1991 Net sales $21,917,000 $24,887,000 Net income (loss) 628,000 (196,000) Net income (loss) per share $0.15 $(0.05) Average weighted number of common shares outstanding 4,271,916 4,252,027 /delval/ -0- 7/15/92 /CONTACT: Thomas C. Guelcher, chief financial officer of Autoclave Engineers, 814-838-5804/ (ACLV) CO: Autoclave Engineers Inc. ST: Pennsylvania IN: CHM SU: ERN
DM-JG -- PG011 -- 9709 07/15/92 16:16 EDT
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|Date:||Jul 15, 1992|
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