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HADCO CORPORATION REPORTS FISCAL YEAR 1991 PROFITS

 HADCO CORPORATION REPORTS FISCAL YEAR 1991 PROFITS
 SALEM, N.H., Dec. 2 /PRNewswire/ -- Hadco Corporation (NASDAQ: HDCO)


today announced that net income for the fiscal year ending Oct. 26, 1991, was $5.6 million, or 52 cents per share, on net sales of $152.9 million. Net income for the fourth quarter of fiscal 1991 was $1.8 million, or 17 cents per share, on net sales of $41.9 million. Patrick Sweeney, president and chief executive officer, stated, "We are very pleased with the fiscal 1991 results. We believe the 1991 performance strengthens our leadership position in the industry."
 In comparison to 1991, net income for the fiscal year 1990 was $7.7 million, or 65 cents per share, on net sales of $161.0 million. Net income for the fourth quarter of fiscal 1990 was $2.3 million, or 20 cents per share, on $40.3 million of net sales. The primary reason for the decrease in overall performance for fiscal 1991 vs. 1990 is excess capacity in the industry resulting in lower prices.
 Bookings for the year were $155.0 million as compared to $154.9 million in fiscal 1990. Total backlog at year-end was $28.1 million up from $22.8 million at the end of fiscal 1990.
 Patrick Sweeney also stated, "We have come through a very uncertain time in fiscal 1991. The recession has weighted heavily on our customer base and we have felt the pressure. We are pleased with our performance, having managed successfully through the past year. The success of continuous quality improvement and cost control programs significantly offset the impact of eroding prices on gross margin for 1991 vs. 1990.
 "Bookings and backlog improved during the fourth quarter of fiscal 1991. Bookings for the fourth quarter of fiscal 1991 were $44.1 million as compared to $35.9 million for the same period in 1990. We view this change as positive, however, the increased volume of bookings appears to be coming from segments of the industry as opposed to an overall increase in business across the industry. We remain cautious about the overall economic climate and do not necessarily believe that the increase in bookings is an indication that the market has improved.
 "We have come out of the year with a very strong balance sheet. We ended the year with $23.2 million in cash, cash equivalents and short term investments as comapred to $20.7 million at the end of fiscal 1990. Cash flow from operations exceeded $18 million in fiscal 1991. Cash flow was utilized to purchase approximately $15 million of capital equipment, of which $6 million was financed through leases, and the repurchase of $3.7 million of our outstanding shares of common stock.
 "During the fourth quarter of fiscal 1991, the equipment installation for the Owego Inner Layer facility was completed. The production of high-density multi-layer product at that facility began during the quarter. The total investment in this facility over the past two years is approximately $14.5 million.
 "We will continue to develop our business strategies to capitalize on opportunities and respond to market changes. It is vital that a player in this industry be prepared and able to respond quickly. We are committed to making those investments in people and technology that will enhance our ability to provide 'fast and accurate' service to our customers. Customer satisfaction and a customer oriented attitude is the key to continued success."
 Hadco is the largest independent manufacturer of dense double-sided and multilayer printed circuits, serving customers in the computer, telecommunications, automotive, and industrial automation and instrumentation industries. The company also manufacturers backplanes for electronic interconnect systems. It operates six facilities in the United States.
 HADCO CORPORATION FINANCIAL RESULTS
 Consolidated Summary Statements of Income
 (All dollar amounts, except per share data, in thousands)
 Three Months Ended Twelve Months Ended
 10/26/91 10/27/90 10/26/91 10/27/90
 Net sales $41,973 $40,282 $152,932 $160,957
 Income before
 provision for
 income taxes 2,752 3,400 8,638 12,409
 Net income 1,836 2,287 5,607 7,692
 Net income per
 common & common
 equivalent share 17 cents 20 cents 52 cents 65 cents
 Weighted average
 common and common
 equivalent shares
 outstanding 10,738,168 11,258,629 10,869,569 11,897,483
 Consolidated Summary Balance Sheets
 (all dollar amounts in thousands)
 10/26/91 10/27/90
 Current assets $51,263 $48,305
 Net property, plant
 and equipment 47,327 43,145
 Other assets 629 442
 Total $99,219 $91,892
 Current liabilities $29,700 $27,865
 Other liabilities 18,958 15,819
 Stockholders' investment 50,561 48,208
 Total $99,219 $91,892
 -0- 12/2/91
 /CONTACT: Rodney P. DeRego, vice president and chief financial office of Hadco Corp., 603-898-8000/
 (HDCO) CO: Hadco Corporation ST: New Hampshire IN: CPR SU: ERN


DD-KM -- NE009 -- 1988 12/02/91 16:22 EST
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Date:Dec 2, 1991
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