BEI ELECTRONICS REPORTS RECORD SALES FOR FISCAL 1991:
STRONG FOURTH QUARTER RESULTS POSTED
SAN FRANCISCO, Nov. 21 /PRNewswire/ -- BEI Electronics Inc. (NASDAQ: BEII), a San Francisco based diversified technology company, achieved record sales for fiscal 1991 ended Sept. 28, Peter G. Paraskos, president and chief executive officer, announced today.
Sales were $146,226,000, an increase of 56 percent from the $93,438,000 reported for fiscal 1990. Net income was $6,314,000, down slightly from the $6,773,000 posted in the prior year. Earnings per share for fiscal 1991 were 94 cents compared to $1.00 recorded one year ago.
Sales for the fourth quarter of fiscal 1991 were $37,320,000, up 9 percent from the $34,289,000 posted in the same period of 1990. Net income was $2,310,000, an increase of 22 percent from the $1,898,000 reported one year ago. Earnings per share in the fourth quarter of fiscal 1991 increased 21 percent to 34 cents compared to 28 cents in the same period of fiscal 1990.
"The record sales for fiscal 1991 were primarily due to the contribution to sales from the two major businesses BEI acquired in fiscal 1990," Paraskos said.
One significant reason for the slight decline in net income was BEI's investment spending to develop the company's quartz-based technology for use in rate sensors, accelerometers and inertial measurement systems.
Paraskos stated that "BEI's quartz technology represents a major advancement which could cause the replacement of existing electromechanical gyroscopes and accelerometers. These components could also lead to solid state, miniaturized inertial measurement units -- potentially a very large market," he added. The new quartz products are being produced by BEI's Systron Donner Company Inertial Division.
Paraskos reported net income was also negatively affected by three other factors, including 1) a slowdown in orders for BEI's products due to the general economy; 2) HYDRA-70 rocket motor shipment delays caused by technical and financial problems at U.S. Government designated suppliers during the first and second quarters of fiscal 1991; and 3) increased interest expense on borrowing incurred to finance a portion of the cost of the two major acquisitions in fiscal 1990.
Commenting on the year ahead, Paraskos noted that "BEI entered fiscal 1992 with a record backlog of $132.1 million which, considering the sluggish economy in the United States, should provide a strong base for good performance during the year."
BEI designs, manufactures and markets motion control systems and components, rate sensors, accelerometers, inertial measurement systems, precision potentiometers, pressure transducers, high performance fluid controls and systems and electronic and ordnance systems for use in commercial, industrial, medical, military and aerospace applications. The company has major operations in California, Arkansas, Texas and Massachusetts.
BEI ELECTRONICS INC.
Nov. 21, 1991
Sept. 28, 1991 Sept. 29, 1990
Net sales $37,320,000 $34,289,000
Income before income taxes 3,222,000 3,031,000
Net income 2,310,000 1,898,000
Earnings per common share $0.34 $0.28
No. of shares in computation 6,882,000 6,663,000
Fiscal Year Ended
Sept. 28, 1991 Sept. 29, 1990
Net Sales $146,226,000 $93,438,000
Income before income taxes 9,678,000 10,861,000
Net income 6,314,000 6,773,000
Earnings per common share $0.94 $1.00
No. of shares in computation 6,741,000 6,801,000
/CONTACT: Lawrence W. Parrish of BEI Electronics, 415-956-4477/
(BEII) CO: BEI Electronics ST: California IN: CPR SU: ERN RM -- SF001 -- 5915 11/21/91 13:01 EST