Printer Friendly

ELECTROMAGNETIC SCIENCES ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS

ELECTROMAGNETIC SCIENCES ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
 ATLANTA, Oct. 21 /PRNewswire/ -- Electromagnetic Sciences, Inc. (NASDAQ: ELMG) today reported consolidated net earnings of $403,000, or $.05 per share, for the third quarter of 1992.
 The company's results for the comparable quarter in 1991 included earnings from continuing operations of $1,069,000, or $.14 per share, and gain from discontinued operations of $1,250,000 or $.16 per share, for total net earnings of $2,319,000 or $.30 per share. The 1991 gain from discontinued operations resulted from the sale of the company's Gamma-f subsidiary and the recovery of a portion of the reserve provided for that sale in a prior quarter. Consolidated net sales for the third quarter of 1992 were $18.8 million, compared with $19.6 million in the third quarter of 1991.
 For the nine months ended Sept. 30, consolidated net sales were $55.1 million, compared with $56.0 million for the comparable period in 1991. Consolidated net earnings for the first nine months of 1992 were $2.1 million, or $.26 per share; consolidated net earnings for the first nine months of 1991 included $6.2 million from continuing operations (including a gain on the sale of LXE stock of $3.6 million on an after- tax basis), a net loss from discontinued operations of $1.4 million, and a gain from change in accounting principle of $370,000, for a total net consolidated income of $5.2 million, or $.68 per share.
 John E. Pippin, chairman and CEO, stated: "The company's 1992 results reflect uncertain conditions that currently affect the markets for the company's microwave products; however, we are encouraged by our current levels of microwave marketing activity. We are actively pursuing a number of important opportunities in this segment of our business, including significant commercial and foreign programs. With respect to the company's LXE subsidiary, economic conditions and demand for its products supported sales growth as compared to 1991, but did not meet our expectations, particularly in the third quarter; in 1991, and continuing into the first half of 1992, LXE substantially strengthened its sales and marketing forces, and also significantly increased its product development commitment. The combination of these factors has resulted in somewhat lower LXE earnings than in the 1991 third quarter. We believe that our increased commitments to marketing and product development are important in building for the future, and will enhance LXE's performance as the markets for its products improve. We also believe that these commitments have enhanced LXE's ability to compete for orders in the current economic environment."
 Electromagnetic Sciences, Inc. designs and produces microwave systems, antennas, subsystems and components for communications, surveillance, radar, and countermeasures applications in satellite, airborne, and surface environments. Through LXE Inc. (NASDAQ: LXEI), the company designs and produces 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 9 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales $ 18,836 $ 19,605 $ 55,120 $ 55,999
 Cost of sales 11,705 11,871 32,595 35,605
 Selling, general and
 administrative exps. 4,613 3,946 12,861 11,494
 Research and dev. exps. 1,838 1,920 5,864 4,670
 Operating income 680 1,868 3,800 4,230
 Gain on initial public
 offering of LXE common stk. --- --- --- 5,867
 Interest and other income 230 232 652 628
 Interest expense (8) (40) (44) (127)
 Earnings from cont. opers.
 before income taxes, LXE
 minority interest and
 acctg. change 902 2,060 4,408 10,598
 Income taxes 320 783 1,625 4,028
 LXE minority interest 179 208 648 346
 Earnings from continuing
 operations before
 acctg. change 403 1,069 2,135 6,224
 Gain (loss) from discontinued
 operations (net of income
 taxes) --- 1,250 --- (1,425)
 Earns. bef. acctg. change 403 2,319 2,135 4,799
 Cumulative effect of change
 in acctg. for inc. taxes --- --- --- 370
 Net earnings $ 403 $ 2,319 $ 2,135 $ 5,169
 Earnings per common and common equivalent share (adjusted
 for potentially dilutive effect of LXE stock options):
 From cont. operations $ .05 $ .14 $ .26 $ .82
 From discont. operations --- .16 --- (.19)
 From cumulative effect of
 change in accounting for
 income taxes --- --- --- .05
 Net earnings per common and
 common equiv. share $ .05 $ .30 $ .26 $ .68
 Wtd. avg. common and common
 equivalent shares 7,220 7,653 7,484 7,586
 Condensed Consolidated Balance Sheet
 Sept. 30, 1992
 (in thousands)
 Cash and investments $ 14,720 Current liabilities $ 9,815
 Receivables 22,428 Long-term debt 975
 Inventories 9,034 Other liabilities 5,590
 Net property, plant Minority interest in
 and equipment 26,462 LXE 6,760
 Other assets 3,541 Stockholders' equity 53,045
 Total $ 76,185 Total $ 76,185
 -0- 10/21/92
 /CONTACT: Don T. Scartz, vice president - Finance, of Electromagnetic Sciences, 404-263-9200, ext. 4461/
 (ELMG LXEI) CO: Electromagnetic Sciences, Inc. ST: Georgia IN: CPR SU: ERN


EA-BN -- AT005 -- 2989 10/21/92 14:42 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1992
Words:846
Previous Article:TRUCKER TV LAUNCHES, SIGNS SHELL, TIME-WARNER AND NRA AS CHARTER ADVERTISERS
Next Article:1993 TOUR DU PONT PROMISES LONGER, MORE MOUNTAINOUS RACE
Topics:


Related Articles
ELECTROMAGNETIC SCIENCES ANNOUNCES 1992 FINANCIAL RESULTS
ELECTROMAGNETIC SCIENCES ANNOUNCES FIRST QUARTER 1993 RESULTS
ELECTROMAGNETIC SCIENCES ANNOUNCES SECOND 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 ANNOUNCES FIRST QUARTER EARNINGS
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