Printer Friendly

MACHINE TECHNOLOGY, INC., REPORTS SECOND QUARTER RESULTS

 PARSIPPANY, N.J., April 18 /PRNewswire/ -- Machine Technology, Inc. (NASDAQ-NMS: MTEC) today reported a profit of $42,403 or $.0l per share for the second quarter 1994 which is a substantial improvement over the loss of $191,138 or $.03 per share for the second quarter of 1993. The Company considerably reduced its loss for the six months ended February 28, 1994 to $165,496 or $.03 per share from a loss of $723,547 or $.12 per share for the comparable period of the prior fiscal year. The Company's continued improvement, five consecutive quarters as compared to the same prior periods, is due to increased revenues, control of variable manufacturing expenses and the reduction of manufacturing overhead.
 Net sales for the three and six months ended February 28, 1994 increased 5.3%, to $4,329,745 and 6.7% to $8,021,710 respectively, as compared to the same periods of the prior fiscal year. The increase in revenues is a result of business derived from new customers as well as increased volumes from established customers. The increase in overall buying activity is in response to the strengthening semiconductor industry.
 Gary Hillman, President, stated "Our continuing efforts to both broaden and deepen our customer base is beginning to bear fruit. At the same time we have aggressively managed our manufacturing costs and expenses to improve margins."
 Machine Technology Inc., designs, manufactures and markets automated production systems used in the manufacture of semiconductor devices.
 MACHINE TECHNOLOGY, INC.
 Three Months Ended Six Months Ended
 Feb. 28, Feb. 28, Feb. 28, Feb. 28,
 1994 1993 1994 1993
 Net sales $4,329,745 $4,113,134 $8,021,710 $7,515,487
 Loss before
 income tax $42,403 $(191,138) $(165,496) $(723,547)
 Income tax
 (benefit) - - - -
 Net Loss $42,403 $(191,138) $(165,496) $(723,547)
 Net Loss
 per share:
 Primary $.01 $(.03) $(.03) $(.12)
 Fully diluted $.01 $(.03) $(.03) $(.12)
 Weighted average
 shares outstanding
 Primary 6,430,361 6,023,577 6,298,966 5,962,548
 Fully diluted 6,941,790 6,023,577 6,298,966 5,962,548
 -0- 4/18/94
 /CONTACT: Gary Hillman, President, 201-386-0600, Ext. 223, or


Stephen C. Clark III, Controller, 201-386-0600, Ext. 212, both of Machine Technology, Inc./
 (MTEC)


CO: Machine Technology, Inc. ST: New Jersey IN: SU: ERN

PS-SS -- NY061 -- 7682 04/18/94 12:23 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 18, 1994
Words:395
Previous Article:THORNBURG MORTGAGE ASSET CORPORATION'S FIRST QUARTER EPS INCREASES TO $0.31 VERSUS $0.19 IN THE FOURTH QUARTER
Next Article:SANDOZ HIGHLIGHTS ITS 1993 RESULTS AND ANNOUNCES 1994 FIRST QUARTER SALES
Topics:

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