Printer Friendly

ELECTROMAGNETIC SCIENCES ANNOUNCES SECOND QUARTER 1993 RESULTS

 ATLANTA, July 23 /PRNewswire/ -- Electromagnetic Sciences, Inc. (NASDAQ: ELMG) reported today that consolidated net sales for the second quarter of 1993 increased to $25.9 million from $18.4 million for the same period in 1992.
 Sales increased primarily because of the acquisition of a 74 percent interest in CAL Corporation in January 1993. Consolidated net earnings for the second quarter of 1993 were $704,000 or $.10 per share compared with $855,000 or $.11 per share for the second quarter of 1992. An increase in net earnings at the company's EMS Technologies subsidiary offset most of the effect of a decrease in net earnings at the LXE subsidiary; CAL's operations did not materially affect consolidated net earnings.
 For the first six months of 1993, the company's consolidated net sales increased to $50.1 million compared with $36.3 million in 1992. Net earnings were $1.2 million or $.17 per share for the first half of 1993, compared with $1.7 million or $.21 per share for the same period in 1992.
 Electromagnetic Sciences, Inc. serves a variety of wireless communications markets through three subsidiaries. EMS Technologies, Inc. and the company's recently acquired Canadian subsidiary, CAL Corporation, have particular expertise in space and satellite technology, as well as substantial capabilities in antennas and other electronics for communications, surveillance, radar and electronic countermeasures. LXE Inc. (NASDAQ: LXEI) is a leading supplier of wireless data communications systems for real-time transaction processing in materials handling operations.
 ELECTROMAGNETIC SCIENCES, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (In thousands, except earnings per share)
 Qtr. ended 6 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $ 25,883 $ 18,425 $ 50,109 $ 36,284
 Cost of sales 16,149 10,550 31,129 20,891
 Selling, general and
 administrative exps. 6,412 4,234 12,647 8,248
 Research and dev. exps. 1,903 2,098 3,841 4,026
 Operating income 1,419 1,543 2,492 3,119
 Interest and other income 60 220 129 422
 Interest expense (131) (15) (224) (36)
 Earnings before inc. taxes 1,348 1,748 2,397 3,505
 Income taxes 485 645 886 1,305
 LXE minority interest 159 248 307 469
 Net earnings $ 704 $ 855 $ 1,204 $ 1,731
 Net earnings per common and
 common equiv. share $ .10 $ .11 $ .17 $ .21
 Wtd. avg. common and common
 equivalent shares 6,853 7,526 6,874 7,615
 Condensed Consolidated Balance Sheet
 June 30, 1993
 (in thousands)
 Cash and investments $ 11,874 Current liabilities $ 16,420
 Receivables 27,990 Long-term debt 8,738
 Inventories 10,892 Other liabilities 5,341
 Net property, plant Minority interest in
 and equipment 27,351 LXE 7,372
 Other assets 11,068 Stockholders' equity 51,304
 Total $ 89,175 Total $ 89,175
 -0- 7/23/93
 /CONTACT: Don T. Scartz, vice president - Finance, for Electromagnetic Sciences, 404-263-9200, ext. 4461/
 (ELMG)


CO: Electromagnetic Sciences, Inc. ST: Georgia IN: CPR SU: ERN

BR-BN -- AT008 -- 5239 07/23/93 14:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 23, 1993
Words:504
Previous Article:NO DIVIDEND CHANGE CURRENTLY CONTEMPLATED, SYNTEX TELLS ANALYSTS
Next Article:LXE ANNOUNCES SECOND QUARTER 1993 RESULTS
Topics:


Related Articles
ELECTROMAGNETIC SCIENCES ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
ELECTROMAGNETIC SCIENCES ANNOUNCES 1992 FINANCIAL RESULTS
ELECTROMAGNETIC SCIENCES ANNOUNCES FIRST QUARTER 1993 RESULTS
ELECTROMAGNETIC SCIENCES, INC. REPORTS EFFECT OF EXPECTED LXE QUARTERLY LOSS
ELECTROMAGNETIC SCIENCES ANNOUNCES INCREASE IN FIRST QUARTER SALES AND EARNINGS
ELECTROMAGNETIC SCIENCES ANNOUNCES THIRD QUARTER 1995 RESULTS
ELECTROMAGNETIC SCIENCES REPORTS SECOND QUARTER PROFITS
Electromagnetic Sciences Announces Record Sales and Sharply Improved Third Quarter Financial Results
Electromagnetic Sciences Announces First Quarter Profit Growth
Electromagnetic Sciences Reports Strong Growth in Second Quarter Revenues and Profits

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters