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 GARDEN GROVE, Calif., Aug. 2 /PRNewswire/ -- Brajdas Corp. (OTC) today announced financial results for its second quarter and the six- month period ended July 2, 1993.
 As previously reported, on April 6, 1993, RicheyImpact Electronics Inc. merged with and into Brajdas. Brajdas, which previously has conducted business as Cypress Electronics, now conducts business as RicheyCypress Electronics.
 Although Brajdas was the surviving entity for corporate law purposes, Richey is considered the acquirer for financial reporting and accounting purposes. Accordingly, only the results for the quarter ended July 2, 1993, reflect the combined operations of the merged companies. Results for the six months ended July 2, 1993, although including three months of the combined operations, also include three months of Richey-only operations. Comparative information for the respective periods of 1992 reflects Richey-only operations.
 The company's net income for the second quarter of 1993 was $93,000, compared with net income of $160,000 for the same period in 1992. Sales for the quarter rose to $19,721,000 from $8,009,000 for the corresponding quarter in 1992.
 Net income for the six months ended July 2, 1993, was $10,000 as compared to $325,000 in the corresponding period in 1992. Sales for the six months ended July 2, 1993, were $27,809,000 vs. $15,871,000 for the same period last year.
 The financial results will be included in Brajdas' Form 10-Q to be filed early this week. Also included in the Form 10-Q will be certain pro forma financial information regarding the results of continuing operations, assuming the merger of Richey and Brajdas occurred at the beginning of 1992 and giving effect to certain adjustments, including amortization of acquired intangibles, elimination of duplicate facilities and redundant salaries, changes in interest expense and related tax effects.
 On such an unaudited pro forma basis, sales for the six months ended July 2, 1993, were $38,231,000, compared with $35,374,000 for the six months ended July 3, 1992, an increase of 8.1 percent. Net income for the first six months of 1993 would have been $310,000, compared with a net loss of $363,000 for the corresponding period in 1992. The actual sales for the quarter ended July 2, 1993, were $19,721,000, compared with pro forma sales of $17,771,000 for the corresponding period of 1992, an increase of 10.9 percent. Actual net income for the quarter ended July 2, 1993, was $93,000, compared with pro forma net income of $71,000 for the corresponding period of 1992, an increase of 30.9 percent.
 The chairman and chief executive officer of Brajdas Corp., William C. Cacciatore, commented, "For the past three months, management has been diligently working to ensure a smooth integration of our merged companies. In my opinion, we have accomplished that objective. On a pro forma basis, the positive financial results for the first three months following our merger -- the second quarter of 1993 -- speak for themselves." He added, "More complete financial benefits of the merger likely will not be reflected until the third quarter." Cacciatore noted, "We have merged two smaller but well respected companies into one larger and, in my view, an even more respected company. I consider Brajdas now to be a major player in the electronic component distribution industry."
 Condensed Statements of Operations
 Three Months Ended Six Months Ended
 July 2, July 3, July 2, July 3,
 1993 1992 1993 1992
 Net sales $19,721,000 $8,009,000 $27,809,000 $15,871,000
 Cost of goods
 sold 14,939,000 5,811,000 20,873,000 11,593,000
 Gross profit $4,782,000 $2,198,000 $6,936,000 $4,278,000
 Operating expenses:
 Selling, warehouse,
 general and
 administrative $4,023,000 $1,848,000 $5,963,000 $3,578,000
 Amortization of
 intangibles 256,000 --- 256,000 ---
 Total $4,279,000 $1,848,000 $6,219,000 $3,578,000
 income $503,000 $350,000 $717,000 $700,000
 Interest expense 349,000 82,000 422,000 161,000
 Income before
 income taxes $154,000 $268,000 $295,000 $539,000
 Federal and state
 income taxes 61,000 108,000 285,000 214,000
 Net income $93,000 $160,000 $10,000 $325,000
 Earnings per
 share --- $.02 --- $.03
 Weighted average
 number of shares
 outstanding 20,616,078 9,716,078 15,196,188 9,716,078
 -0- 8/2/93
 /CONTACT: William C. Cacciatore, chairman and CEO of Brajdas, 714-895-0060; or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for Brajdas/

CO: Brajdas Corp.; RicheyImpact Electronics Inc. ST: California IN: CPR SU: ERN

MF-LM -- LA015 -- 8193 08/02/93 09:03 EDT
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Publication:PR Newswire
Date:Aug 2, 1993

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