Printer Friendly

INNOVEX REPORTS RECORD FIRST QUARTER EARNINGS

 HOPKINS, Minn., Jan. 20 /PRNewswire/ -- Innovex, Inc. (NASDAQ-NMS: INVX) today reported earnings of $690,000 or $.16 per share for the first quarter of fiscal 1993 ended Dec. 31, a substantial improvement from the net loss of $581,000 or $.13 per share a year ago. Net sales for the current period rose 23 percent to $7,277,000.
 First quarter revenues included sales of the photo equipment market group for the first two months of this period prior to its divestiture. Excluding that amount, net sales of the disk drive market group totaled $5,868,000, up 53 percent from last year. First quarter earnings were not affected by the photo group's expected operating loss since the company incurred a restructuring charge in 1992 that included an accrual for the group's estimated loss through its December sale closing date.
 Thomas W. Haley, Innovex's chairman and chief executive officer, said the record first quarter earnings demonstrate what the company can accomplish by focusing solely on its fine wire technology in the high- growth thin-film lead wire market. He said lead wire sales were somewhat stronger than anticipated in the first quarter, since major disk drive manufacturers did not implement customary year-end, inventory-related manufacturing slowdowns. Haley said this development signals the continuing strength of the thin-film market.
 The company's average lead wire output rose to approximately 1.3 million pieces per week at the end of the first quarter, up from 1.0 million pieces per week at year-end fiscal 1992. The company's earnings also benefited from the growing efficiencies of its laser manufacturing technology, stabilized pricing, and lower operating expenses in the absence of the photo group and Mar Engineering, which was discontinued in late 1992.
 The company received approximately $4,000,000 in cash for the sale of the 60 percent interest in the photo group. This amount brought cash and short-term investments to $8,600,000 at the end of the first quarter. Later this year, as previously reported, the majority shareholder of the former photo group has the option to acquire another 20 percent interest at a price based on a multiple of the unit's 1993 earnings.
 Haley said the lead wire market is expected to remain strong throughout the coming year, which should make fiscal 1993 a period of record earnings for Innovex. In view of market trends, he said the company plans to expand its laser production capacity with the goal of further increasing its share of the global lead wire market.
 Innovex is the nation's leading manufacturer of lead wire assemblies for thin-film disk drives. The company's common stock is traded on the National Market System under the NASDAQ symbol INVX.
 INNOVEX, INC.
 Consolidated Statement of Operations
 (Unaudited)
 Three Months Ended
 12/31/92 12/31/91
 Net sales $7,276,742 $5,909,904
 Costs and expenses:
 Cost of sales (4,725,668) (4,542,376)
 Selling, general
 and administrative (832,621) (1,208,031)
 Engineering (576,445) (894,807)
 Net interest income (expense) 8,127 24,913
 Other income (expense) 264 7,245
 Income from continuing operations
 before income taxes 1,150,399 (703,152)
 Provision for income taxes (460,000) 232,000
 Income from continuing operations 690,399 (471,152)
 Discontinued operations gain
 (loss) net of tax -- (109,814)
 Net income $690,399 $(580,966)
 Net income (loss) per share
 from continuing operations $0.16 $(0.11)
 Total net income (loss) per share $0.16 $(0.13)
 Weighted average number of shares
 outstanding 4,428,889 4,412,429
 -0- 1/20/93
 /CONTACT: Thomas W. Haley, chairman and CEO of Innovex, 612-938-4155/
 (INVX)


CO: Innovex, Inc. ST: Minnesota IN: SU: ERN

AL -- MN004 -- 6801 01/20/93 10:39 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 20, 1993
Words:620
Previous Article:NORTEL SIGNS ON WITH DIGITAL MUSIC EXPRESS; MINNEAPOLIS-AREA CABLE OPERATOR TO LAUNCH LEADING PREMIUM DIGITAL AUDIO SERVICE ON APRIL 1
Next Article:TERMIFLEX REPORTS OPERATING RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED DEC. 31, 1992
Topics:


Related Articles
INNOVEX REPORTS THIRD QUARTER EARNINGS
INNOVEX ANNOUNCES DIVESTITURES OF PHOTO GROUP AND MAR ENGINEERING
INNOVEX REPORTS 1992 EARNINGS
INNOVEX REPORTS RECORD SECOND QUARTER EARNINGS
INNOVEX REPORTS RECORD THIRD QUARTER EARNINGS
INNOVEX ACQUIRES MEDICAL BUSINESS ASSETS
INNOVEX REPORTS FIRST QUARTER RESULTS
INNOVEX REPORTS RECORD THIRD-QUARTER AND NINE-MONTH RESULTS
INNOVEX REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
Innovex First Quarter Earnings to Exceed Market Expectations

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