ELDEC REPORTS FIRST-QUARTER RESULTS
ELDEC REPORTS FIRST-QUARTER RESULTS LYNNWOOD, Wash., July 22 /PRNewswire/ -- ELDEC Corp.
(NASDAQ: ELDC) reported improved results for the first quarter of fiscal 1993 compared to the same period a year earlier. Sales for the quarter, which ended June 28, 1992, were $27.7 million, up 13 percent from the $24.5 million in sales last year.
Primarily as the result of an accounting change, net income was $655,000, or 12 cents a share. In contrast, there was a loss of 40 cents per share for the same period last year. The accounting change involves how employee benefit costs are accounted for. From continuing company operations -- operations exclusive of the accounting change and also excluding the cost of the DUNLOP-ELDEC settlement, a recently dissolved joint venture in England -- there was a profit of $162,000, or 3 cents per share. However, during the quarter, ELDEC paid an after-tax settlement amounting to $180,000 to close the joint venture, which resulted in a net loss from operations of $18,000. According to ELDEC Chief Executive Officer Max Gellert, the settlement eliminates any potential future liabilities involving the joint venture. The backlog, which stands at $149.2 million, is 21 percent higher than the $123.2-million backlog at this time a year ago. However, the amount shippable in 12 months -- $78.4 million -- is 13 percent less than the $89.8 million of a year ago. ELDEC custom designs and manufactures electronic and electromechanical systems for aerospace and defense applications. Founded in 1957, the company is a subcontractor to a large number of major aerospace and defense electronics contractors. ELDEC CORP. FINANCIAL HIGHLIGHTS(A) (In thousands, except share amounts) First Quarter Ended: June 28, 1992 June 30, 1991 Sales $ 27,745 $ 24,461 Income (loss) from continuing operations before joint venture settlement (after tax) 162 (2,114) Joint venture settlement (after tax) (180) -- Net income (loss) from operations (18) (2,114) Cumulative effect of accounting change 673 -- Net income (loss) 655 (2,219) Earnings (loss) per share $ 0.12 $ (0.40) Backlog: Total $149,204 $123,180 To be shipped within 12 months $ 78,419 $ 89,776 Common and common equivalent shares outstanding (weighted average) 5,592,838 5,522,915 NOTE A: Full Statement of Income available on request. -0- 7/22/92 R /CONTACT: Max Gellert, 206-743-8200, or Tom K. Brown, 206-743-8205, both of ELDEC/ (ELDC) CO: ELDEC Corp. ST: Washington IN: ARO SU: ERN
SC-JH -- SE004 -- 1923 07/22/92 12:44 EDT
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|Date:||Jul 22, 1992|
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