Printer Friendly

INNOVEX REPORTS RECORD FISCAL 1993 RESULTS

 HOPKINS, Minn., Nov. 15 /PRNewswire/ -- Innovex, Inc. (NASDAQ-NMS: INVX) today reported record earnings of $3,668,000 or $.82 per share for fiscal 1993 ended Sept. 30, 1993, up significantly from $113,000 or $.03 per share a year ago. Net sales totaled $26,597,000, an increase of 50 percent from $17,718,000 in fiscal 1992.
 Due to the sale of its remaining ownership interest in its former photo equipment business on Nov. 1, 1993, the company has restated its financial results for fiscal 1992 and prior years to reflect this business reclassified as discontinued operations, photo equipment sales of $17.5 million in fiscal 1992 and $1.4 million in fiscal 1993 are no longer included in the company's continuing operating results. The Disk Drive Division now accounts for 100 percent of the company's total sales from continuing operations for fiscal 1993 and prior years.
 Thomas W. Haley, Innovex's chairman and chief executive officer, said fiscal 1993 was the strongest year in the company's history by a wide margin. He said the company's record earnings reflected the continued strength of the thin-film segment of the disk drive market throughout most of the year.
 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(A)
 Three Months Ended 12 Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $6,480,627 $5,238,830 $26,596,997 $17,717,556
 Costs and expenses
 Cost of sales (4,907,041) (3,572,166) (17,873,464) (12,888,404)
 Selling, general
 and administrative (338,900) (661,178) (2,550,833) (2,415,504)
 Engineering (198,951) (191,137) (740,546) (822,808)
 Net interest income
 (expense) 62,983 5,483 134,039 32,526
 Other income (expense)(5,423) 1,608 (13,127) 30,821
 Income from continuing
 operations before
 income taxes 1,093,295 821,440 5,553,066 1,654,187
 Provision for
 income taxes (362,000) (272,000) (1,896,000) (546,000)
 Income from continuing
 operations 731,295 549,440 3,657,066 1,108,187
 Discontinued operations
 gain (loss)
 net of taxes 90,938 (361,588) 11,048 (995,224)
 Net income $822,233 $187,852 $3,668,114 $112,963
 Net income per
 share from
 continuing operations $.16 $.12 $.82 $.25
 Total net income
 per share $.18 $.04 $.82 $.03
 Weighted average
 number of shares
 outstanding 4,499,223 4,418,745 4,455,258 4,418,323
 (A) Operating results for fiscal 1993 and 1992 have been restated to reflect the discontinuation of the photo equipment group and the Mar Engineering operation.
 -0- 11/15/93
 /CONTACT: Thomas W. Haley, chairman and CEO, of Innovex, 612-938-4155/


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

DS-AL -- MN010 -- 4298 11/15/93 10:04 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:Nov 15, 1993
Words:495
Previous Article:EDUCATION ALTERNATIVES REPORTS FIRST QUARTER OPERATING RESULTS
Next Article:EMPI HIRES MARRONE AS DIRECTOR OF REGULATORY, CLINICAL AND QUALITY ASSURANCE
Topics:

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