Printer Friendly

BUTLER INTERNATIONAL, INC. REPORTS IMPROVED OPERATING RESULTS IN THE THIRD QUARTER

 BUTLER INTERNATIONAL, INC. REPORTS IMPROVED
 OPERATING RESULTS IN THE THIRD QUARTER
 MONTVALE, N.J., Nov. 3 /PRNewswire/ -- Butler International Inc. (NASDAQ-NMS: BUTL) today announced improved operating results for the quarter ended September 1992. Sales of the company from its wholly owned subsidiary, Butler Services Group, Inc., were $71.2 million compared with $59.4 million in the third quarter a year ago, an increase of 20 percent. Third quarter sales were also up 8 percent from the second quarter -- the fourth consecutive quarter-to-quarter improvement. The company reported income from operations before non-cash depreciation and amortization charges of $2,000 vs. a $783,000 loss a year ago. This was the first time since the fourth quarter 1990 that the company had an operating profit at this level.
 Although the third quarter recorded a net loss of $1 million, or 23 cents per share, this was a 29 percent improvement over the net loss of $1.5 million, or 33 cents per share, in the third quarter 1991. Competitive pressures and a change in business mix continued to impact profitability, as gross margins as a percent of sales decreased to 12.8 percent in the third quarter 1992 -- down from 13.9 percent a year ago. Even with the 20 percent sales growth, total selling, general and administrative expenses were up only 1 percent over last year as the company has continued to hold the line on its overhead costs.
 The company's average billable employees increased over 18 percent in the third quarter compared with the same period in 1991, primarily due to internal growth and partially from the acquisition in August of certain operating assets of the Northwest Office of Raycomm Transworld Industries, Inc. Most of the company's growth was generated by its worldwide contract technical services and Butler Fleet Services, both of which posted significant sales and profit improvements over last year. The company's domestic telecommunications business began to show a significant operating improvement despite flat sales as cost reduction programs implemented earlier this year have taken hold.
 The company recently announced that it had strengthened its balance sheet by raising over $2 million in additional capital through private placements of convertible preferred stock. These funds are being used to finance acquisitions and for working capital. The company continues to pursue acquisition opportunities that will complement its existing businesses without adding significantly to its overhead structure.
 In commenting on the third quarter results and outlook, Edward M. Kopko, Butler's chairman and president, stated, "Operations continued to improve in the third quarter with our first operating profit before non- cash charges in seven quarters. Cost reduction actions initiated during 1991 and in the first half of 1992 have made us more competitive. The strong sales growth reflects our improved marketing and sales efforts which we continued to develop throughout the recession. We believe we are positioned to prosper as the economy expands again."
 Butler Service Group, Inc. is a leading domestic and international contract technical services and telecommunications services company. It is principally engaged in the location, recruitment and hiring of a wide variety of skilled engineers and technical personnel to provide services on a temporary or project basis, to industrial corporations and other organizations throughout the U.S. and abroad.
 BUTLER INTERNATIONAL, INC.
 Summary of Operations
 (In Thousands Except Share and Per Share Data)
 (unaudited)
 13 Weeks Ended 39 Weeks Ended
 September September
 1992 1991 1992 1991
 Net sales $71,162 $59,388 $199,840 $189,740
 Cost of sales 62,046 51,146 173,515 161,958
 Gross margin 9,116 8,242 26,325 27,782
 SG&A 9,114 9,025 27,581 28,866
 Income (loss) from
 operations before
 depreciation/
 amortization 2 (783) (1,256) (1,084)
 Loss from operations (659) (1,384) (3,090) (2,881)
 Net loss (1,032) (1,451) (3,566) (3,285)
 Net loss per share (23 cents) (33 cents) (80 cents) (74 cents)
 Average Shares
 Outstanding $4,484,834 4,418,889 4,484,834 4,419,109
 Selected Balance Sheet Information
 (In Thousands Except Per Share Data)
 Sept. 1992 Dec. 1991
 Total current assets $45,802 $41,480
 Total assets 74,188 69,495
 Total current liabilities 17,450 15,450
 Total liabilities 39,958 33,752
 Stockholders' equity 34,230 35,743
 Issued and outstanding
 shares 4,484,834 4,496,377
 -0- 11/03/92
 /CONTACT: Cathy D. Shea of Butler International, 201-573-8000/
 (BUTL) CO: Butler International, Inc. ST: New Jersey IN: TLS SU: ERN


CH -- NE004 -- 2155 11/03/92 15:58 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1992
Words:758
Previous Article:SCHNEIDER'S LASER-WELDED BALLOON CATHETER APPROVED FOR MARKETING BY FDA
Next Article:UNIVERSAL HOSPITAL SERVICES, INC. ANNOUNCES THIRD QUARTER EARNINGS
Topics:


Related Articles
BUTLER INTERNATIONAL, INC. ANNOUNCES SECOND QUARTER RESULTS
BUTLER EXPECTS TO REPORT PROFITS FOR 1993
BUTLER INTERNATIONAL REPORTS PROFITABLE RESULTS FOR THE FIRST QUARTER OF 1993; SALES INCREASED BY 23 PERCENT
BUTLER INTERNATIONAL, INC. REPORTS 274% INCREASE IN NET INCOME SALES UP 33%
BUTLER INTERNATIONAL, INC. REPORTS THIRD QUARTER RESULTS
BUTLER INTERNATIONAL, INC. TO REPORT BREAKEVEN THIRD QUARTER RESULTS
BUTLER INTERNATIONAL, INC. ANNOUNCES $6 MILLION OF ANNUAL COST REDUCTIONS AND OTHER ACTIONS
BUTLER INTERNATIONAL, INC. REPORTS INCREASE IN FIRST QUARTER PROFITS
Butler International, Inc. Reports 64% Increase in First Quarter Net Income
Butler International, Inc. Reports Record Earnings for the Third Quarter Up 41% Over the Prior Year

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