JACO ELECTRONICS ANNOUNCES FIRST QUARTER RESULTS
JACO ELECTRONICS ANNOUNCES FIRST QUARTER RESULTS HAUPPAUGE, N.Y., Oct. 27 /PRNewswire/ -- JACO Electronics, Inc.
(NASDAQ-NMS: JACO) today announced net sales and earnings for the three months ended Sept. 30, 1992.
Earnings for the three months ended Sept. 30, 1992 increased 231 percent to $287,000 or $.17 per share, compared with a loss in the first quarter of fiscal 1992 of ($219,000) or ($.13) per share. The increase in earnings was principally attributed to the strong increase in net sales. Net sales increased 32 percent reaching $23.2 million compared with sales of $17.6 million during the first quarter of fiscal 1992. Joel H. Girsky, chairman and chief executive officer of JACO Electronics, Inc., commenting on the first quarter results said, "The table below highlights results that were reasonably good. The company anticipates a continuing trend of quarterly volume increases and more importantly - continuing profits. The quarter also showed a positive book to bill ratio of 1.11 to 1, giving credence to our cautious optimism for our next quarter and the balance of our fiscal year." JACO Electronics, Inc., founded in 1961, distributes electronic components and electromechanical devices, such as capacitors, semiconductors, relays, fractional horsepower electric motors, resistors and subsystems, for use in commercial, industrial, aerospace and defense applications. JACO represents over 115 electronics manufacturers, selling nationally over its own sales force and independent representatives to over 10,000 customers. JACO ELECTRONICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Sept. 30 1992 1991 Net sales $23,260,952 $17,610,519 Earnings (loss) before income taxes 454,094 (202,262) Income tax expense 167,000 17,000 Net earnings (loss) 287,094 (219,262) Net earnings (loss) per share .17 (.13) Weighted averaged shares outstanding 1,717,337 1,708,637 -0- 10/27/92 /CONTACT: Jeffrey D. Gash of JACO Electronics, Inc., 516-273-5500/ (JACO) CO: JACO Electronics, Inc. ST: New York IN: CPR SU: ERN
PS-OS -- NY047 -- 5301 10/27/92 10:37 EST
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|Date:||Oct 27, 1992|
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