COMPTEK REPORTS QUARTERLY RESULTS
COMPTEK REPORTS QUARTERLY RESULTS BUFFALO, N.Y., July 23 /PRNewswire/ -- Comptek Research, Inc.
(AMEX/BSE: CTK) announced today its financial results for the fiscal first quarter which ended June 26, 1992. The company experienced a decline in both sales and earnings for the quarter, primarily due to a lower-than-anticipated level of manufacturing activities in its commercial operations coupled with a delay in expected U.S. government contract awards. Comptek believes, however, it will achieve record sales and earnings for the full fiscal year which ends March 31, 1993.
For its first quarter, Comptek achieved net earnings of $250,000 on sales of $14,168,000, compared with net earnings of $391,000 on sales of $15,606,000 recorded the previous year's first quarter. Earnings per share were $0.06, compared with $0.10 for the same period last year. "Although defense systems sales dropped during the first quarter, we expect revenues to increase substantially for the balance of the fiscal year," stated John R. Cummings, Comptek's president. "The announcement earlier today of the award of a contract initially valued at $3.1 million and including options for an additional $5 million from the U.S. Air Force will contribute to this acceleration." During the quarter, Comptek commenced shipment of the DataMover(R) 2000, a wireless data communication device, which is sold by Bison Data Corporation primarily to the banking industry and electronic funds transfer networks. Bison Data Corporation is a joint venture company, 31 percent of which is owned by Comptek. For the first quarter, the company shipped 260 units and expects to more than double that amount for the second quarter as production capability and parts availability improves. At the end of the first quarter, backlog was $48.4 million, compared with $41.6 million a year earlier. Comptek Research, Inc., with 13 offices and subsidiary locations in the United States, is a domestic and international supplier of technically advanced electronics and data communication systems to government and industry. COMPTEK RESEARCH, INC. SUMMARY FINANCIAL DATA Three Months Ended June 26, 1992 June 28, 1991 Net Sales $14,168,000 $15,606,000 Operating Earnings 462,000 656,000 Earnings before income taxes 391,000 626,000 Net earnings $ 250,000 $ 391,000 Earnings per share $ .06 $ .10 Weighted average number of common shares and common share equivalents outstanding 4,473,000 4,070,000 -0- 7/23/92 /CONTACT: Christopher A. Head, vice president of Comptek Research Inc., 716-842-2700; or William K. Hart or Douglas A. Fox, both of SM Berger & Co., 216-464-6400, for Comptek Research/ (CTK) CO: Comptek Research Inc. ST: New York IN: ARO SU: ERN
KK -- CL004 -- 2284 07/23/92 08:56 EDT
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|Date:||Jul 23, 1992|
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