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DESIGNATRONICS INC. REPORTS YEAR END RESULTS

 NEW HYDE PARK, N ?Nov. 30 ~PRNewswire~ -- Designatronics Inc. (AMEX: DSG) today announced that sales from continuing operations for the year ended Aug. 31, 1992 were $22,975,000 compared to $20,276,000 for the prior year period, an increase of 13.3 percent. Net income from continuing operations was $163,000, or $.06 per share, for the current year period compared to a net loss of $12,000, or ($.00) per share, for the prior fiscal year. Included in the current year figure was a one time charge for restructuring expenses of $742,000.
 During the current fiscal year, Designatronics Implemented the decision of its board of directors to discontinue the electronic components segment of the company and focus its' energy and resources on its' electro-mechanical and mechanical components operations. To accomplish this, the company sold the fixed assets, inventory and name of its' Accusonic Systems subsidiary on June 18, 1992, closed its' operations in Haiti, and is in the process of terminating, or selling, the operations of its' Automatic Coil Corp. subsidiary in Florida. The net effect of the discontinuance of the electronic component segment of the company resulted in a loss from discontinued operations in the current year of $722,000 as compared to a loss of $114,000 for the prior year period. The loss on disposal of the discontinued segment was recorded as approximating $2,413,000. As such, the company showed a net after tax loss of $2,972,000, or ($1.04) per share for the current year as compared to a net after tax loss of $127,000, or ($.04) per share for the prior fiscal year period.
 The company's consolidated gross profit margin for continuing operations was 36.0 percent in fiscal 1992 compared to 34.1 percent in fiscal 1991.
 The company's working capital position was $8.1 million at Aug. 31, 1992 as compared to $10.1 million at Aug. 31, 1991. The decrease in working capital was due primarily as a result of discontinued operations. The company's current ratio at Aug. 31, 1992 is 2.9:1.
 The company's order backlog at Aug. 31, 1992 was $6,398,973 and was $6,391,564 at Aug. 31, 1991.
 Designatronics, Inc. designs, manufactures and markets a wide array of mechanical and electro-mechanical components, automation machinery and off-the-shelf linear motion and rotary motion control components.
 DESIGNATRONICS INC.
 Consolidated Condensed Statements of Income
 (In thousand, except per share data, audited)
 (All figures stated are for continuing operations)
 Year ended Aug. 31 1992 1991
 Net sales $22,975 $20,276
 Income from continuing operations 387 121
 Income~(loss) before income taxes 286 (18)
 Income tax provision~(credit) 123 (6)
 Income~(loss) from continuing operations 163 (12)
 Loss from discontinued operations (722) (114)
 Loss on disposal of discontinued operations (2,413) --
 Net loss (2,972) (127)
 Income~(loss) per share - continuing
 operations .06 (.00)
 Net loss per share (1.04) (.04)
 Weighted average number of shares
 outstanding 2,852 2,888
 Selected Data of Financial Position
 (Dollars in thousands, audited)
 Year ended Aug. 31 1992 1991
 Current assets $12,543 $11,938
 Current liabilities 4,382 1,804
 Working capital 8,161 10,134
 Total assets 14,604 14,368
 Long term debt 2,697 2,006
 Shareholders' equity 7,513 10,533
 Per share book value 2.63 3.62
 -0- 11~30~92
 ~CONTACT: Martin Hoffman, president, or Victor Francois, assistant controller of Designatronics Inc., 516-328-3300, or Arum Advertising Associates, 516-328-3333, for Designatronics Inc.~
 (DSG)


CO: Designatronics Inc. ST: New York IN: SU: ERN

LD-OS -- NY006 -- 2233 12~01~92 08:00 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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