MTS SYSTEMS CORPORATION REPORTS FOURTH QUARTER AND FISCAL 1993 RESULTS; FISCAL YEAR EARNINGS PER SHARE UP 112 PERCENT.
MINNEAPOLIS, Nov. 29 /PRNewswire/ -- MTS Systems Corporation (NASDAQ-NMS: MTSC) earned $3,656,700 in its fourth quarter, or $.79 per share, up 84 percent from the comparable quarter one year ago. Revenues for the quarter were $57,491,000, 15 percent above the $49,868,700 reported one year ago. For the year, revenues increased 18 percent to $189,499,400. Net income was $10,382,500, or $2.27 per share, up 112 percent from the $1.07 per share in the prior year. Donald M. Sullivan, president and CEO, said the earnings gain for the quarter and year were principally due to the increased revenues. New orders for the year were $178,786,100, slightly ahead of the prior year. Sullivan said, "Orders from our North American customers increased about 15 percent with our Measurement and Automation Instrument sector particularly strong in the last half. "Conversely, orders from Europe and Asia/Pacific were down by about the same percent. Most of the decrease occurred in Europe from our automotive durability simulation systems niche where our new business fell to the lowest level in the last five years. Orders in this niche increased in North America as our customers benefited from increasing car and truck sales. "We now have about one third of our business coming from the auto/truck industry. It is still our largest customer base and we don't intend to lose any market share, but we're more comfortable at this level than we were five years ago when it was closer to half our business." MTS manufactures computer based testing and simulation systems for determining the mechanical behavior of materials, products, and structures, and measurement and control instrumentation products for the automation of manufacturing processes. MTS SYSTEMS CORPORATION (Unaudited) Three Months Ended 9/30/93 9/30/92 Revenues $57,491,000 $49,868,700 Income before taxes 4,740,100 2,143,300 Income taxes 1,083,400 197,300 Net income $3,656,700 $1,946,000 Earnings per common and common equivalent share $.79 $.43 Weighted average number of common and common equivalent shares 4,648,633 4,568,109 Twelve Months Ended 9/30/93 9/30/92 Revenues $189,499,400 $161,013,400 Income before taxes 14,937,100 6,451,800 Income taxes 4,554,600 1,537,300 Net income $10,382,500 $4,914,500 Earnings per common and common equivalent share $2.27 $1.07 Weighted average number of common and common equivalent shares 4,571,853 4,595,186 -0- 11/29/93 /CONTACT: Donald Sullivan, president, 612-937-4111; or Marshall Carpenter, chief financial officer, 612-937-4008; or Thomas Minneman, treasurer, 612-937-4647, of MTS Systems/ (MTSC)
CO: MTS Systems Corporation ST: Minnesota IN: SU: ERN
CP-DB -- MN012 -- 8471 11/29/93 17:35 EST
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|Date:||Nov 29, 1993|
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