Printer Friendly

INNOVEX REPORTS FIRST QUARTER RESULTS

 INNOVEX REPORTS FIRST QUARTER RESULTS
 HOPKINS, Minn., Jan. 22 /PRNewswire/ -- Innovex, Inc. (NASDAQ: INVX)


today reported net sales of $5,933,000 for the first quarter of fiscal 1992 ended Dec. 31, 1991, down 25 percent from $7,912,000 a year ago. The company's net loss for the period came to $581,000 or $.13 per share, compared to net income of $73,000 or $.02 per share in the first quarter of fiscal 1991.
 The company said the recession-related slowdown of the photo equipment market continued in the first quarter of fiscal 1992, causing Innovex to report its first quarterly loss in nearly 10 years. However, the company said it ended the first quarter with its largest photo equipment backlog since last spring, an indication this market is beginning to strengthen. This development, along with the positive outlook of Innovex's lead wire business, makes the company believe fiscal 1992 will still be a year of improved sales and earnings.
 Sales of the Photo Equipment Market Group dropped 48 percent in the first quarter to $2,070,000, reflecting the continuing impact of the recession. Incoming orders started increasing toward the end of the first quarter, resulting in a quarter-ending backlog of $2,420,000, compared to only $573,000 at the beginning of this period. The company believes its increased backlog reflects pent-up market demand and the positive impact of low interest rates. The photo group's performance was also affected by increased development expenses associated with a variety of new lab automation products.
 Sales of the Disk Drive Market Group were virtually unchanged at $3,863,000. The first quarter is typically the seasonally weakest three-month period of the year for this business. However, the group's operating profit rose 35 percent, reflecting the favorable impact of its new laser automation and reduced capital spending associated with the laser conversion.
 Laser automation now accounts for approximately 90 percent of total lead wire volume, and a sixth laser system became fully operational during the first quarter. Demand for thin-film lead wire assemblies, particularly from non-IBM disk drive manufacturers, remains strong. As volume grows throughout the year, the efficiencies of the high-speed laser automation will result in further improvements to lead wire gross margins.
 The company said it expects to return to modest profitability in the second quarter, assuming the photo equipment market continues to strengthen. The company also anticipates reporting the majority of its fiscal 1992 earnings in the second half.
 Innovex is the nation's leading manufacturer of lead wire assemblies for thin-film disk drives in multi-image printers and related automated systems for professional photo laboratories. The company's common stock is traded on the National Market System under the NASDAQ symbol INVX.
 INNOVEX, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 Three Months Ended
 12/31/91 12/31/90
 Net sales $5,933,239 $7,912,252
 Cost of sales 4,575,173 5,268,705
 Gross margin 1,357,066 2,643,547
 Selling and administrative 1,282,187 1,664,128
 Research and development 974,184 912,180
 Operating profit (899,305) 67,239
 Interest income (24,913) (21,443)
 Other income (7,426) (20,144)
 Income before income taxes (866,966) 108,826
 Provision for income taxes (286,000) 36,000
 Net income $(580,966) $72,826
 Net income per share $(.13) $.02
 Weighted average number of
 shares outstanding 4,412,429 4,406,924
 -0- 1/22/92
 /CONTACT: Jeffrey L. Burnham of Innovex, 612-938-4155/
 (INVX) CO: Innovex, Inc. ST: Minnesota IN: SU: ERN


DS -- MN004 -- 2158 01/22/92 10:11 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:Jan 22, 1992
Words:595
Previous Article:CHEMICAL BANKING $4.1 BILLION SENIOR DEBT 'A' BY FITCH AFTER STOCK ISSUE -- FITCH FINANCIAL WIRE --
Next Article:'AMERICA'S FUNNIEST PEOPLE' TO PRODUCE FIVE SHOWS AT UNIVERSAL STUDIOS FLORIDA
Topics:


Related Articles
INNOVEX REPORTS FIRST QUARTER RESULTS
INNOVEX REPORTS THIRD-QUARTER RESULTS
INNOVEX REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
Innovex First Quarter Earnings to Exceed Market Expectations
Innovex Announces Second Quarter Earnings
Innovex Reports Record Year-End Sales And Earnings
Innovex Announces First Quarter Fiscal 2002 Results; Generates Net Profit Excluding Disputed Investment Banking Fees.
Innovex Announces Fiscal 2004 First Quarter Results; Generates $1.6 Million Net Profit. Revenue Grows 28% Versus Prior Year.
Innovex Expects Fiscal 2004 First Quarter Revenue of $44.3 Million; Allows Option to Purchase 24.9% of KR Precision to Expire.
Innovex Expects First Quarter Revenue of $34.5 Million Company to Present at Needham & Company Growth Conference.

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