Printer Friendly


 PROVO, Utah, Oct. 18 /PRNewswire/ -- Larson-Davis Incorporated today announced results for its fiscal year ended June 30, 1993. The company reported reclassified figures(A) for the years ended 1993 and 1992 showing $6,180,082 in revenues, $303,809 net income and $.05 per share vs. $7,054,164 in revenues, $331,175 net income and $.06 per share respectively.
 Brian Larson, president of Larson-Davis, said, "General economic conditions within the electronics market over the past few years have had a sobering effect on the entire instrumentation industry. While most of our competitors exhibited significant downturns, Larson-Davis has sustained an expansionary mode and positioned itself aggressively to increase market share worldwide."
 The company has adopted a plan to sell or license the assets of its two software subsidiaries, LD Info and ASI. Larson explained, "We have decided to focus our efforts on the opportunities available to us in the instrumentation industry. Our strong showing this past fiscal year compared to our competition provides an excellent springboard for the company's expansion strategy."
 Selected excerpts from the audited Consolidated Financial Statements:
 For the years ended June 30,
 1993 1992
 Net Sales(B) $ 6,180,082 $ 7,054,164
 Income from Continuing Operations 130,819 686,860
 (Loss) from Operations Held for Sale (458,887) (412,418)
 Extraordinary Item 547,988 ---
 Minority Interest in Operations Held 83,889 131,873
 Net Income $ 303,809 $ 331,175
 Earnings Per Share $ .05 $ .06
 (A) -- Generally Accepted Accounting Principles (GAAP) require the reclassification of the revenues and expense for presentation purposes which include line items for operations held for sale and extraordinary item. The information should be read in conjunction with the company's Form 10-K which contains the audited Financial Statements and associated notes, and is available upon request.
 (B) -- The following is a condensed, proforma statement of operations that reflects what the presentation would have been without the reclassification as required by GAAP. This proforma is presented to provide a comparative basis with last fiscal year's financial results (see Note 16 of the Audited Consolidated Financial Statements for the year ended June 30, 1993):
 For the Years Ended June 30,
 1993 1992
 Net Sales $ 7,292,546 $ 7,290,884
 Cost of Goods Sold (2,745,837) (3,302,850)
 Other Operating Expenses (3,747,597) (3,519,050)
 Other Income (Expenses) ( 247,192) ( 250,542)
 Minority Interest in Loss of Subsidiary 83,889 131,873
 Pre-Tax Income $ 635,809 $ 350,315
 Provision for Taxes ( 332,000) ( 19,140)
 Net Income $ 303,809 $ 331,175
 Pre-Tax Earnings Per Share $ .12 $ .07
 Earnings Per Share $ .05 $ .06
 Larson-Davis Incorporated develops, manufactures and markets systems which enable the precise measurement of noise, vibration and other acoustic phenomena. With the recent creation of Larson-Davis Ltd., a wholly owned European subsidiary, the company greatly intensified its presence in the important European Community (EC) marketplace.
 -0- 10/18/93
 /CONTACT: Christen McComb of Investment Marketing Support, 904-273-1551, for Larson-Davis Incorporated)

CO: Larson-Davis Incorporated ST: Utah IN: SU: ERN

RK-JV -- FL012 -- 3512 10/18/93 15:33 EDT
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:Oct 18, 1993

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