DESIGNATRONICS REPORTS SECOND QUARTER RESULTS
DESIGNATRONICS REPORTS SECOND QUARTER RESULTS NEW HYDE PARK, N.Y., April 21 /PRNewswire/ -- Designatronics Inc.
(AMEX: DSG) today announced that sales for the second quarter ended Feb. 29. 1992 were $6,351,000 compared to $5,919,000 for the prior year period, an increase of 7.3 percent. Domestic sales increased 5.3 percent while foreign sales decreased 11.5 percent compared to their respective prior year periods. The net loss for the second quarter was ($195,000) or (0.07) per share as compared to a net loss of ($50,000) or ($0.02) per share for the same quarter last year.
For the six month period ended Feb. 29, 1992, net sales were $12,575,000 compared to $11,797,000 which represents a 6.6 percent increase as compared to the same period last year. The net loss for the six months was ($205,000) or ($0.07) per share as compared to ($179,000) or ($0.06) per share for the same period last year. The company's consolidated gross profit margin for the three and six month periods ended Feb. 29. 1992 increased to 29.1 percent and 30.7 percent respectively as compared to the prior year figures of 29.1 percent and 28.8 percent. This increase was mainly due to a more favorable product mix. Selling, general and administrative expenses, as a percentage of sales, were 32.6 percent in the current quarter and 32.7 percent on a year-to-date basis as compared to 31.3 percent and 31.8 percent respectively for the comparable prior year periods. The company's working capital position was $10.2 million at Feb. 29, 1992 as compared to $10.1 million at Aug. 31, 1991. The current ratio at Feb. 29, 1992 is 5.1:1 and was 6.6:1 at Aug. 31, 1991. The company has suspended operations at its Haiti location in compliance with an executive order issued by President Bush dated Oct. 28, 1991. The company has expanded its operations in Miami to maintain production to meet customer commitments and has transferred most of its inventory and machinery from the Haiti location to Miami. The company is currently investigating the advisability of permanently closing the Haitian operation. Management believes that there will an adverse effect on operations during this transition period, and is currently reviewing the electronic segment operations and its future visibility. Designatronics Inc. designs, manufactures and markets a wide array of mechanical, electromechanical and electronic components and sub- assemblies. Its products are distributed worldwide for use in factory automation, robotics, computer peripherals and telecommunications equipment. DESIGNATRONICS INC. Consolidated Condensed Statements of Income (in thousands, except share data, unaudited) Periods ended Second Quarter Six Months Feb. 29 1992 1991 1992 1991 Net Sales $6,351 $5,919 $12,575 $11,797 (Loss) from operations (226) (128) (258) (355) (Loss) bef. inc. taxes (211) (98) (238) (322) Inc. tax provision/(benefit) (16) (48) (33) (143) Net (loss) (195) (50) (205) (179) (Loss) per share $(0.07) $(0.02) $(0.07) $(0.06) Weighted avg. no. of shares outstanding 2,847,581 2,899,333 2,858,842 2,908,556 Selected Data of Financial Position ($ in thousands) Periods ended 2/29/92 8/31/91 (Unaudited) (Audited) Current assets $12,667 $11,938 Current liabilities 2,462 1,804 Working capital 10,205 10,134 Total Assets 15,341 14,368 Long term debt 2,580 2,006 Shareholders' Equity 10,281 10,533 Per share book value $3.60 $3.62 -0- 4/21/92 /CONTACT: Sol Schwartz, president, or Martin Hoffman, senior vice president, or Victor Francois, assistant controller, 516-328-3300, all of Designatronics, 516-328-3300/ (DSG) CO: Designatronics Inc. ST: New York IN: SU: ERN
TS-AH -- NY047 -- 0615 04/21/92 11:48 EDT
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|Date:||Apr 21, 1992|
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