NORTH ATLANTIC INDUSTRIES REPORTS RECORD QUARTER AND ANNUAL RESULTS
HAUPPAUGE, N.Y., Feb. 12 /PRNewswire/ -- Robert A. Carlson, president and chief executive officer, North Atlantic Industries, Inc. (NASDAQ: NATL) today announced record fourth quarter and annual results for the year ended Dec. 31, 1991.
Net income for the fourth quarter of 1991 was $1,177,000 or $0.32 per share, compared with net income of $929,000 or $0.26 per share in the same period last year. Revenues for the quarter increased 32 percent to $15.9 million from a year earlier $12.1 million.
For the full year 1991, net income was $3,900,000 or $1.06 per share, compared with $3,089,000 or $0.87 per share for the prior year. Revenues increased 41 percent to $59.4 million from $42.1 million in 1990. Earnings before income taxes increased 54 percent to $5,584,000 from the prior year's $3,634,000. The earnings increase took place while engineering expense doubled from $1.7 million in 1990 to $3.4 million in 1991.
Carlson commented, "During 1991 the company concentrated on continuing cost reduction, increasing its markets, developing new products and integrating the acquired Systems Division. Product cost reductions and the investment in computerized manufacturing systems made in 1991 allowed the company to increase its margins on some older products and, at the same time, to release many new products from engineering into manufacturing. The use of the improved manufacturing system resulted in greater manufacturing efficiencies, improved delivery and lower inventory, all of which helped the company's overall performance in 1991."
North Atlantic Industries designs and manufactures computer, computer peripheral, communications and instrumentation products for the government, military and aerospace industry customers. The company is a leading supplier of TEMPEST printers, MIL-SPEC teleprinters and tape storage systems, as well as phase sensitive instruments.
NORTH ATLANTIC INDUSTRIES, INC.
Condensed Consolidated Statement of Earnings
(In thousands, except per share amounts)
Periods Ended Quarter Year
Dec. 31 1991 1990 1991 1990
Revenues $15,933 $12,089 $59,412 $42,057
Earns. bef. inc. taxes 1,685 1,092 5,584 3,634
Prov. for inc. taxes 508 163 1,684 545
Net earnings 1,177 929 3,900 3,089
Earnings per share $0.32 $0.26 $1.06 $0.87
Avg. equivalent shares
outstanding 3,685 3,568 3,688 3,568
/CONTACT: Robert A. Carlson, president and CEO of North Atlantic Industries, 516-582-6500, or Mark Cohen of Cameron Associates, 212-644-9560, for North Atlantic Industries/
(NATL) CO: North Atlantic Industries, Inc. ST: New York IN: CPR SU: ERN PS -- NY004 -- 9079 02/12/92 08:30 EST