MICRODYNE CORPORATION REPORTS RECORD SALES,
GAINS IN NET INCOME AND NET INCOME PER SHARE
ALEXANDRIA, Va., April 23 /PRNewswire/ -- Microdyne Corporation (NASDAQ: MCDY) today reported record sales for its second quarter ended March 31, 1992. Compared to the second quarter ended March 31, 1991, revenue rose 76 percent to $21.5 million, and net income gained 42 percent, to $2,757,000. For the first six months of fiscal 1992, revenue was $38.5 million, up 77 percent, from fiscal 1991's first half, and net income was $4,532,000, an increase of 37 percent from the year earlier period.
Microdyne Corporation was acquired by Federal Technology Corporation (FTC) in a reverse acquisition in June, 1991. For SEC reporting purposes, the merged company's current-year results are compared to only those of the former FTC for the year-earlier period. On that basis, using 14.5 million shares in 1992 and 10.8 million in 1991, net income per share in the second quarter was $0.19, up 6 percent over fiscal 1991's second quarter, and net income per share for the six months was $0.31 in both the 1992 and 1991 fiscal years. The following table presents, on a pro-forma basis, the combined fiscal 1991 second quarter results of the original Microdyne and FTC:
Pro-forma Results (unaudited)
(in thousands, except per-share data)
Three months Percent
ended March 31 1992 1991 Increase
Revenue $21,515 $17,259 +25
Net income $ 2,757 $ 1,131 +144
Weighted Average Shares 14,575 13,814 +7
Net Income per Share $ 0.19 $ 0.08 +137
"We're very pleased by our performance in the second quarter," said Philip T. Cunningham, Microdyne's chairman and president. "Network connectivity hardware and software product sales grew substantially. We had more than $13.5 million in data communications products sales during the quarter, 79 percent higher than the comparable quarter a year ago and a substantial increase over the first quarter of fiscal 1992. Moreover, we plan to introduce several new network connectivity products before the end of fiscal 1992, providing a platform for additional growth in 1993."
Cunningham said the company's gross profit margin was approximately 45 percent of sales in both the first and second quarters of fiscal 1992, and that selling, general and administrative expenses fell as a percentage of sales from 26.4 percent in 1992's first quarter to 23.4 percent in the second quarter. Operating income as a percentage of sales increased sequentially from 14.0 percent of sales in 1992's first quarter to 17.2 percent of sales in the just-completed quarter.
Headquartered in Alexandria, Va., Microdyne Corporation is a leading developer, manufacturer and marketer of hardware and software products for the data communications market. Microdyne specializes in local area network (LAN) and wide area network (WAN) products, and also produces aerospace and industrial telemetry products.
MICRODYNE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Dollars and shares in thousands,
except per share data - Unaudited)
Periods ended Three Months Six Months
March 31 1992 1991 1992 1991
Revenue $21,515 $12,257 $38,542 $21,780
Cost of goods sold 11,789 6,341 21,190 11,460
Gross profit 9,726 5,916 17,352 10,320
S,G&A expenses 5,039 2,697 9,550 4,720
R&D 980 -- 1,708 --
Income from oper. 3,707 3,219 6,094 5,600
(expense)-net 19 (74) 31 (190)
income taxes 3,726 3,145 6,125 5,410
income taxes 969 1,204 1,593 2,110
Net income $ 2,757 $ 1,941 $ 4,532 $ 3,300
Net income per share $ 0.19 $ 0.18 $ 0.31 $ 0.31
Weighted average shares
outstanding 14,575 10,773 14,551 10,559
NOTE: The consolidated statements of earnings reflect the performance of Microdyne Corporation and its subsidiaries for the three and six months ended March 31, 1992. Data presented for the comparable periods in 1991 are for the former Federal Technology Corporation. On a pro-forma basis, Microdyne's fiscal 1991 second quarter results are as follows: Revenue-$17,259; Net income-$1,131; Weighted average shares- 13,814; Net income per share-$0.08.
/CONTACT: June Filingeri or Bernie Kilkelly of Morgen-Walke, 212-986-5900, for Microdyne/
(MCDY) CO: Microdyne Corporation ST: Virginia IN: SU: ERN SM -- NY031 -- 1716 04/23/92 09:44 EDT