Printer Friendly

ELECTRONIC ASSOCIATES POSTS PROFIT FOR QUARTER ON 21 PERCENT SALES INCREASE

 ELECTRONIC ASSOCIATES POSTS PROFIT
 FOR QUARTER ON 21 PERCENT SALES INCREASE
 WEST LONG BRANCH, N.J., May 4 /PRNewswire/ -- Electronic Associates, Inc. (NYSE: EA) reported a small profit in the first quarter versus a loss last year on a 21 percent rise in sales.
 Net income for the three months ended March 31 amounted to $20,000 or $.01 per share in 1992, compared with a net loss of $178,000 or $.07 per share in the same period last year. Sales climbed to $9.15 million in 1992 from $7.57 million in 1991.
 Richard G. Rogers, EAI president and chief executive, said, "The outlook is excellent for substantially increased revenue and operating profit for full year 1992." Rogers cautioned that second quarter results will reflect a loss, with a strong second half expected to follow.
 "We have begun to build on the base where our expertise and capabilities lie, particularly in contract manufacturing," said Rogers. Sales in contract manufacturing rose more than 50 percent in the first quarter.
 In the first quarter, contract manufacturing accounted for more than 50 percent of the company's sales. "We plan to continue to expand our base in this dynamic growth sector of the electronic industry," Rogers said.
 The company expects to incur a loss in the second quarter because of the deferral of contract manufacturing shipments by customers from the second quarter to later quarters. Also, a field service contract with NASA which was not renewed has not been replaced with other business.
 Electronic Associates, Inc. is engaged in three related business lines, serving users and producers of electronic products and systems. In contract manufacturing, EAI provides manufacturing services for products designed and marketed by customers. In field service, the company offers independent maintenance of electronic equipment, with technicians across the United States and in Japan. In product engineering, EAI provides simulation computer products plus design and engineering services to private industry and government agencies.
 ELECTRONIC ASSOCIATES, INC.
 Condensed Consolidated Statement of Operations
 (Unaudited -- In thousands, except per share data)
 Three Months Ended March 31 1992 1991
 Sales $9,150 $7,570
 Cost of sales 7,278 5,892
 S,G&A expenses 1,819 1,914
 Other (income) expense - net 22 34
 9,119 7,840
 Income (loss) before provision
 (benefit) for taxes 31 (270)
 Income tax provision (benefit) 11 (92)
 Net income (loss) 20 (178)
 Earnings (loss) per common share 0.01 (0.07)
 Average shares outstanding 2,588 2,596
 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
 (In thousands)
 3/31/92 12/31/91
 Assets:
 Current assets $13,293 $14,644
 Fixed assets - net 2,933 2,540
 Other assets 185 187
 16,411 17,371
 Liabilities and shareholders' equity:
 Current liabilities 6,109 7,585
 Noncurrent liabilities 5,134 4,649
 Shareholders' equity 5,168 5,137
 16,411 17,371
 Shares outstanding 2,588 2,588
 NOTE: Results of operations for periods of less than a year are not necessarily indicative of results for the full year.
 -0- 5/4/92
 /CONTACT: Louis J. Tedeschi, 908-229-1100, ext. 655 or Paul Finkel, 201-740-0090, both of Electronic Associates/
 (EA) CO: Electronic Associates, Inc. ST: New Jersey IN: CPR SU: ERN


TQ-PS -- NY084 -- 6181 05/04/92 16:00 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:May 4, 1992
Words:539
Previous Article:CIGNA REPORTS FIRST QUARTER RESULTS
Next Article:SHAHRAZAD ALI AND REV. AL SHARPTON APPEAR ON BET'S 'OUR VOICES' MAY 6


Related Articles
EAI POSTS PROFIT IN 1991 BEFORE NONRECURRING CHARGES
VIDEO DISPLAY CORPORATION REPORTS RECORD FIRST QUARTER SALES; ANNOUNCES ANNUAL MEETING DATE
ZEBRA SALES INCREASE 45 PERCENT, PROFITS UP 37 PERCENT
TSX CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 1996
MARRIOTT INTERNATIONAL EARNINGS PER SHARE UP 25 PERCENT FOR 1995 THIRD QUARTER
Company Watch - Lockheed Martin.
Saudi British Bank's third quarter profit increases.
HDFC reports drop in fourth quarter profit.

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