Printer Friendly

BOWMAR INSTRUMENT CORP. REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 1993; RECEIVES LARGE NEW ORDER; HAS RECORD BACKLOG

 PHOENIX, Dec. 9 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported financial results for fiscal year 1993. The company reported a net profit for the year ended Oct. 2, 1993, of $755,000, or $0.06 per share, compared with a net profit for fiscal 1992 of $1,243,000, or $0.20 per share. Fiscal 1993 sales were $20,101,000, compared to sales of $24,596,000 a year ago. During the fourth quarter, the large ordnance claim with the U.S. Government was settled and generated a significant contribution to earnings. This gain was partially offset by an approximately $325,000 write-off at White Technology for a product line being phased out. However, it should be noted that profit from the ordnance claim settlement slightly exceeded reported net income for the year.
 The company also announced the receipt of a new $7 million order at White Technology for components for the Abrams tank. With this order, the company's consolidated backlog was an all-time record of $30.5 million on Nov. 27, 1993, the bulk of which is scheduled for delivery during fiscal 1994 and the first quarter of fiscal 1995.
 In addition to the previously announced manufacture of three prototype "HDLX" dental X-ray machines for Panoramic Corp., Bowmar announced it currently is engaged in a new product development program at its Aerospace Division to produce an innovative autoclave to meet the growing demand in the medical and dental markets. Providing approval is forthcoming from the Food and Drug Administration on a timely basis, first shipments of the autoclave could be made in the fourth quarter of fiscal 1994. This is a continuation of the company's strategic entry into the dental and medical markets.
 Gardiner S. Dutton stated that: "Although Bowmar was profitable in the fiscal year just ended, it was a year of reduced sales caused by a delay in orders for military components. However, these orders have now been received, contributing to the record backlog, which puts us in a position to record a significant sales increase in the current fiscal year."
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific applications in the aerospace, electronic and computer industries. The company's manufacturing facilities are located in Fort Wayne, Ind., and Phoenix.
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (In thousand of dollars)
 Oct. 2, Sept. 30,
 1993 1992
 Assets
 Current assets
 Cash $136 $717
 Accounts receivable, net 2,937 3,401
 Inventories 4,174 2,768
 Prepaid expenses 386 381
 Total current assets 7,633 7,267
 Property, plant and equipment, net 1,418 1,559
 Other assets 221 868
 Assets held for sale 1,638 1,674
 Total assets $10,910 $11,368
 Liabilities and shareholders' equity
 Current liabilities
 Notes payable $636 $0
 Current portion of long-term debt 496 491
 Accounts payable 1,505 916
 Accrued expenses 1,179 2,363
 Total current liabilities 3,816 3,770
 Long-term debt 5,078 5,891
 Total liabilities 8,894 9,661
 Shareholders' equity 2,016 1,707
 Total liabilities and
 shareholders' equity $10,910 $11,368
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands of dollars, except share data)
 (Unaudited)
 Fourth Quarter
 of fiscal year Fiscal Year
 1993 1992 1993 1992
 Net sales $5,403 $5,093 $20,101 $24,596
 Cost of sales 3,608 3,238 14,111 16,425
 Gross margin 1,723 1,855 5,990 8,171
 Expenses:
 Selling, general and
 administrative 1,121 1,226 4,562 5,270
 Product development 57 126 272 421
 Interest expense, net 163 275 775 1,316
 Other (income) expense, net 25 (246) (507) (252)
 Total expenses 1,366 1,381 5,102 6,755
 Profit before income taxes 357 474 888 1,416
 Provision for income taxes 68 103 133 173
 Net profit $289 $371 $755 $1,243
 Profit per common share $0.03 $0.06 $0.06 $0.20
 Weighted average number
 of common shares and
 equivalents 6,229,452 6,263,159 6,236,590 6,261,963
 -0- 12/9/93
 /CONTACT: Thomas K. Lanin of Bowmar Instrument, 602-957-0271/
 (BOM)


CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU: ERN

MF-JL -- LA007 -- 2103 12/09/93 09:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1993
Words:709
Previous Article:WOLVERINE DECLARES QUARTERLY DIVIDEND
Next Article:SIERRA ON-LINE INC. SIGNS LICENSING AGREEMENT WITH CHILDREN'S TELEVISION WORKSHOP
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters