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 LINCOLN, Neb., Dec. 8 /PRNewswire/ -- Isco Inc. (NASDAQ: ISKO) reported that earnings for the fiscal first quarter, which ended Oct. 29, 1993, were $893,000 or 16 cents per share on sales of $9,866,000. This compares with earnings of $1,257,000 or 23 cents per share on sales of $9,929,000 for the like period a year ago. Cash flows from operations for the three months were $1,434,000, compared with $1,670,000 for the like period last year.
 Earnings for the first quarter last year included an adjustment of $241,000 or 4 cents per share for deferred income taxes. This adjustment resulted from implementing the Statement of Financial Accounting Standards (FAS) No. 109, "Accounting for Income Taxes." Excluding this adjustment, the current quarter earnings of $893,000 or 16 cents per share compare with $1,016,000 or 19 cents per share for like quarter a year ago.
 Operating results for each division in the recent first quarter, the previous quarter, and the first quarter a year ago were as follows:
 1Q F1994 4Q F1993 1Q F1993
 Sales (000's)
 Environmental $6,840 $6,215 $6,882
 Separation Instruments 3,026 2,940 3,047
 Operating Income (000's)
 Environmental $1,003 $ 899 $1,361
 Separation Instruments 36 (278) (153)
 "While overall sales were at the same level for the first quarter of fiscal 1994 compared with the same period last year, I am pleased that sales were up approximately 8 percent on a sequential quarter basis," commented Robert Allington, president of Isco.
 "While the aggregate sales and orders indicate some strengthening, the underlying market conditions continue to be mixed. Incoming orders for the company were at the same level in the first quarters of fiscal 1994 and 1993. However, this included a 14 percent increase for the Separation Instruments Division and a 5 percent decline for the Environmental Division. Geographically, domestic sales were up 2 percent while international sales were down 10 percent.
 Comparing the first quarter product line sales Allington noted, "In the Separation Instruments Division the increase in sales of supercritical extraction and low pressure liquid chromatography products was offset by declines in high performance liquid chromatography products and syringe pumps. Meanwhile, in the Environmental Division, sales of parameter monitoring products, including the PAL 1110 pH monitor, were ahead of budget. During the quarter, sales of flow meters were up while sales of wastewater samplers were down.
 "As a company we maintained our operating expenses at $4.9 million during the first quarter of fiscal 1994, which is the same as the year ago quarter. Furthermore, we are beginning to see the effect of the cost reduction programs we initiated in fiscal 1993. Operating expenses in the Separation Instruments Division declined by over 12 percent. While Environmental Division operating expenses were up, we anticipate that expenses will decline as the full impact of the first quarter staff reductions take effect."
 Looking forward Allington commented, "We continue to expect that sales and earnings will be up 8 percent to 9 percent for fiscal 1994. We anticipate that the second quarter will be the softest. As our new flow loggers, samplers, and fraction collector are accepted by the market we see sales and earnings strengthening in the third and fourth quarters."
 Isco manufactures water pollution monitoring equipment, and is the leading producer of wastewater samplers and open channel flow measuring devices. Isco also manufactures chemical separation instruments for industrial, environmental, and research use.
 (Amounts in thousands, except per share data)
 Three Months Ended
 Oct. 29, Oct. 30,
 1993 1992
 Net sales $9,866 $9,929
 Cost of sales 3,898 3,775
 5,968 6,154
 Selling, general and
 administrative 3,783 3,841
 Research and engineering 1,146 1,105
 4,929 4,946
 Operating income 1,039 1,208
 Non-operating income 305 323
 Earnings before income taxes and
 cumulative effect of a change in
 accounting principle 1,344 1,531
 Income taxes 451 515
 Earnings before cumulative
 effect of a change in
 accounting principle 893 1,016
 Cumulative effect of changing
 the method of accounting for
 income taxes --- 241
 Net earnings $893 $1,257
 Net earnings per share
 Earnings before cumulative
 effect of a change in
 accounting principle $.16 $.19
 Cumulative effect of changing
 the method of accounting for
 income taxes --- .04
 Net earnings $.16 $.23
 Weighted average number of
 shares outstanding 5,488 5,488
 Cash dividend per share $.04 $.04
 -0- 12/8/93
 /CONTACT: John Korab of Isco, 402-474-2233; or Wayne Brown of Carl

Thompson Associates, 303-494-5472/

CO: Isco Inc. ST: Nebraska IN: ENV SU: ERN

MC -- DV001 -- 1719 12/08/93 11:24 EST
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Publication:PR Newswire
Date:Dec 8, 1993

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