Printer Friendly

MTS REPORTS DECREASED SECOND QUARTER RESULTS - AUTOMOTIVE, MEASUREMENT, AND CONTROL MARKETS REMAIN SOFT

MTS REPORTS DECREASED SECOND QUARTER RESULTS - AUTOMOTIVE, MEASUREMENT,
 AND CONTROL MARKETS REMAIN SOFT
 MINNEAPOLIS, April 30 /PRNewswire/ -- MTS Systems Corporation (NASDAQ: MTSC) reported increased sales in the second quarter of fiscal 1992 but decreased operating results compared to the comparable quarter in fiscal year 1991.
 Sales for the second quarter of fiscal year 1992 were $39,876,400, 15 percent above the $34,712,100 reported one year ago. Net income for the quarter was $1,431,400 or $.31 per share compared to $.36 per share reported in the prior year.
 Sales for the quarter were essentially on plan but lower gross margins on certain high value state-of-the-art customer projects caused net income to fall well below expectations.
 New orders for the second quarter were $35,612,700, an 8 percent decrease from the comparable quarter one year ago. Demand from domestic customers was weak for both simulation systems and measurement and control products.
 For the first six months of fiscal 1992, sales decreased slightly to $72,294,700 and net income decreased 42 percent to $2,227,100 -- $.48 per share compared to $.85 per share in the preceding year.
 Backlog of undelivered orders at March 31, 1992, increased to $89,778,500 compared to $71,638,600 one year ago.
 President Donald M. Sullivan stated, "Profits were not up to expectations." A year-to-year increase in earnings is now less certain and much more dependent on an immediate resurgence of orders for higher gross margin, short lead-time products.
 "However," he said, "MTS's new order forecast continues to be optimistic for the year as a whole. We are seeing excellent growth in our Materials Testing sector worldwide and expect strengthening in our domestic business as the year progresses."
 MTS manufactures computer-based systems for determining the durability of materials, products and structures; and measurement and control systems for the automation of manufacturing processes.
 MTS SYSTEMS CORPORATION RESULTS
 (Unaudited)
 Three Months Ended Six Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Sales $39,876,400 $34,712,100 $72,294,700 $73,236,000
 Income before taxes 2,120,500 2,409,300 3,242,100 5,891,000
 Income taxes 689,100 805,800 1,015,000 2,066,700
 Net income $1,431,400 $1,603,500 $2,227,100 $3,824,300
 Earnings per common
 and common
 equivalent share $.31 $.36 $.48 $.85
 Weighted average
 number of common
 and common
 equivalent shares 4,616,547 4,469,901 4,589,149 4,470,506
 -0- 4/30/92
 /CONTACT: Donald Sullivan, 612-937-4111, or Marshall Carpenter, 612-937-4008, both of MTS Systems/
 (MTSC) CO: MTS Systems ST: Minnesota IN: CPR SU: ERN


MA -- MN020 -- 5232 04/30/92 18:21 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:Apr 30, 1992
Words:457
Previous Article:HACH ANNOUNCES STOCK SPLIT
Next Article:INNVENTURES NAMES JOHN DEW EXECUTIVE VICE PRESIDENT


Related Articles
MTS REPORTS DECREASED FIRST QUARTER RESULTS -- SAYS EARNINGS CAN STILL INCREASE FOR THE YEAR
MTS SYSTEMS ANNOUNCES RESULTS
MTS SYSTEMS CORPORATION REPORTS FOURTH QUARTER AND FISCAL 1993 RESULTS; FISCAL YEAR EARNINGS PER SHARE UP 112 PERCENT.
MTS SYSTEMS ANNOUNCES ACQUISITION AND REPORTS ESTIMATED SECOND QUARTER ORDERS AND REVENUES
MTS SYSTEMS CORPORATION REPORTS SECOND QUARTER RESULTS; EARNINGS PER SHARE UP 42% ON NON-RECURRING GAIN
MTS Systems Reports 32 Percent Earnings Increase for the Second Quarter
MTS Systems Reports 24 Percent Earnings Increase for Third Quarter
MTS Systems and Mechanical Dynamics Agree to Integrate Physical Testing and System Simulation in New Test Solution.
MTS Reports Strong Revenue Growth for First Quarter 1999.
MTS Software Launch Achieves Quick Market Acceptance.

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