Printer Friendly

ESCO ELECTRONICS ANNOUNCES YEAR-END AND FOURTH QUARTER RESULTS

 ESCO ELECTRONICS ANNOUNCES YEAR-END AND FOURTH QUARTER RESULTS
 ST. LOUIS, Nov. 2 /PRNewswire/ -- ESCO Electronics Corporation (NYSE: ESE) announced today that the company returned to profitability during the year ended September 30, 1992. The company reported net earnings of $1.4 million, or $0.12 per share, compared with a net loss of $67.4 million, or $6.03 per share, for the prior year. The company's net sales for fiscal 1992 were $406.3 million, compared with $481.2 million a year ago.
 The company reported fourth quarter net earnings of $0.4 million, or $0.03 per share, compared with a net loss of $66.5 million, or $5.96 per share, in fiscal 1991. Net sales for the fourth quarter were $125.2 million versus $94.0 million for the same period a year ago.
 Entered orders during fiscal 1992 were $492.8 million, a 58 percent increase over fiscal 1991, when the company reported orders of $312.8 million. As a result of the strong order input, 1992 year-end backlog increased 16 percent to $612.3 million, versus $525.8 million at year- end 1991.
 At Sept. 30, 1992 the company had cash and cash equivalents of $1.6 million compared with $43.0 million at Sept. 30, 1991. During 1992, the company utilized its cash to fully repay its long-term and in its acquisition of PTI Technologies, Inc. The company had short-term borrowings of $3.5 million at Sept. 30, 1992 versus no short-term borrowings at 1991 year end. Operating cash flow in 1992 was adversely affected by increased inventories on certain contracts and delays in receipt of progress billing payments.
 ESCO Electronics Corporation, headquartered in St. Louis, Mo., is principally a manufacturer of defense and commercial systems and products. Its common stock trust receipts are listed on the NYSE under the symbol "ESE."
 ESCO Electronics Corporation and Subsidiaries
 Consolidated Operating Results
 (Dollars in thousands, except per share amounts)
 Fiscal Year Ended
 September 30,
 1992 1991
 Net sales $406,345 $481,187
 Earnings (loss) before income taxes 1,974 (66,761)
 Income taxes 600 600
 Net earnings (loss) 1,374 (67,361)
 Earnings (loss) per common share $0.12 ($6.03)
 Three Months Ended
 September 30,
 1992 1991
 Net sales $125,194 $94,026
 Earnings (loss) before income taxes 469 (68,603)
 Income taxes 74 (2,068)
 Net earnings (loss) 395 (66,535)
 Earnings (loss) per common share $0.03 ($5.96)
 -0- 11/2/92
 /CONTACT: Kenneth F. Cook or James R. Orso, 314-982-1700, for ESCO Electronics/
 (ESE) CO: ESCO Electronics Corporation ST: Missouri IN: ARO SU: ERN


KD -- NY092 -- 1794 11/02/92 17:14 EST
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:Nov 2, 1992
Words:443
Previous Article:GOLD EAGLE TO INTRODUCES FIRST EVER MOOD-ALTERING AIR FRESHENERS FOR THE CAR
Next Article:EVA AIRWAYS RECEIVES ITS FIRST BOEING 747-400
Topics:


Related Articles
ESCO ELECTRONICS REPORTS FISCAL YEAR 1992 FIRST QUARTER RESULTS
ESCO ELECTRONICS EXPECTS TO REPORT ORDERS IN FISCAL 1992 INCREASED ABOUT 58 PERCENT
ESCO ELECTRONICS CORPORATION ANNOUNCES STOCK REPURCHASE PROGRAM
ESCO ELECTRONICS LOWERS EARNINGS EXPECTATIONS
ESCO ANNOUNCES YEAR-END ORDERS AND INTEGRATION OF TWO SUBSIDIARIES
ESCO ELECTRONICS ANNOUNCES FISCAL 1996 FIRST QUARTER RESULTS
ESCO ELECTRONICS REPORTS INCREASED SALES AND EARNINGS
ESCO ANNOUNCES CLOSE OF SALE OF HAZELTINE
ESCO Electronics Corporation Announces Year-End and Fourth Quarter Results
ESCO Announces Increased Earnings and Earnings Per Share For Fiscal 1998 Third Quarter and Nine Months

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters