Printer Friendly

KETEMA REPORTS FIRST QUARTER INCOME; ANNOUNCES RELOCATION OF EXECUTIVE OFFICES

 KETEMA REPORTS FIRST QUARTER INCOME;
 ANNOUNCES RELOCATION OF EXECUTIVE OFFICES
 BENSALEM, Pa., June 24 /PRNewswire/ -- Ketema, Inc. (AMEX: KTM) reported today net income of $0.3 million, or $.07 per share, for the first quarter of fiscal 1993, compared to net income of $0.9 million, or $.23 per share in the first quarter of the prior fiscal year.
 Sales in the first quarter of 1993 were $40.4 million, compared to $42.7 million in 1992.
 Hugh H. Williamson III, president and chief executive officer of the diversified manufacturer, commented, "Delays and extensions of aerospace customer requirements at the Aerospace & Electronics division reduced sales and earnings for the quarter as compared to the first quarter of the prior year. The division's results reflect soft market conditions in the defense and commercial aerospace industries and we anticipate these industry conditions to continue into the next quarter. Sales and earnings of the Industrial Products group improved compared to the first quarter of last year, despite recessionary conditions affecting our Heat Transfer division."
 Ketema will be relocating its executive offices to Denver, effective July 1. The new address will be One Cherry Center, Suite 600, 501 South Cherry St., Denver, Co. 80222. The new telephone number will be 303-331-0940. This move will streamline and combine several existing corporate locations into a central location.
 KETEMA, INC.
 Quarter ended May 31 1992 1991
 Net sales $40,448,000 $42,705,000
 Operating income 694,000 1,171,000
 Income before income taxes and
 cumulative effect of changes
 in accounting principles 442,000 1,171,000
 Provision for income taxes 177,000 468,000
 Income before cumulative effect of
 changes in accounting principles 265,000 703,000
 Cumulative effect of changes in
 accounting principles (A) --- 208,000
 Net income 265,000 911,000
 Income before cumulative effect of
 changes in accounting principles
 per share $.07 $.18
 Earnings per share (B) .07 .23
 Average shares outstanding (B) 3,814,798 3,932,302
 (A) The results for the quarter ended May 31, 1991, have been restated to reflect the adoption of a new accounting standard for income taxes and a change in the method of accounting for existing individual deferred compensation contracts as of March 1, 1991.
 (B) There is no dilutive effect on per-share amounts assuming the conversion of the debentures into additional shares of common stock.
 /delval/
 -0- 6/24/92
 /CONTACT: Claire R. DeLabar of Ketema, 215-639-2255/
 (KTM) CO: Ketema, Inc. ST: Pennsylvania IN: SU: ERN


JS-MP -- PH007 -- 3220 06/24/92 10:43 EDT
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:Jun 24, 1992
Words:422
Previous Article:AIR TRANSPORTATION HOLDING COMPANY, INC. REPORTS EARNINGS
Next Article:ESSELBORN NAMED PRESIDENT OF NUCORP
Topics:


Related Articles
KETEMA REPORTS THIRD QUARTER INCOME, ADOPTS REPURCHASE PROGRAM
/C O R R E C T I O N -- KETEMA EARNINGS/
KETEMA REPORTS FISCAL 1992 RESULTS
KETEMA REPORTS SECOND QUARTER INCOME AND ANNOUNCES REPURCHASE OF CONVERTIBLE SUBORDINATED DEBENTURES
KETEMA REPORTS THIRD QUARTER RESULTS
KETEMA REPORTS FISCAL 1993 RESULTS
KETEMA REPORTS FIRST QUARTER RESULTS
AMERICAN PRECISION INDUSTRIES ANNOUNCES 4TH QUARTER AND ANNUAL RESULTS
AMERICAN PRECISION INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
AMERICAN PRECISION INDUSTRIES ANNOUNCES RECORD SECOND QUARTER RESULTS; NET INCOME UP 40%, REPRESENTING 12 SUCCESSIVE QUARTERS OF IMPROVEMENT

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