NUCLEAR METALS ANNOUNCES FISCAL 1991 RESULTS
NUCLEAR METALS ANNOUNCES FISCAL 1991 RESULTS CONCORD, Mass., Nov. 21 /PRNewswire/ -- Nuclear Metals Inc.
(NASDAQ: NUCM), the Concord-based manufacturer of specialized metal products, today announced its financial results for the fourth quarter and full year ended Sept. 30, 1991.
Net income for the fourth quarter was $244,000 or 10 cents per share on sales of $10,493,000 as compared to $57,000 or 3 cents per share on sales of $13,534,000 for the fourth quarter of fiscal 1990. Net income for the fiscal year 1991 was $1,420,000 on average shares outstanding of 2,368,954 as compared with $733,000 on average shares outstanding of 2,466,532 for the prior year. This represents a doubling of earnings to 60 cents per share compared with the year earlier of 30 cents per share. Sales for the 12-month period were $48,250,000 as compared with $47,662,000 for the same period a year ago. Backlog as of Sept. 30, 1991 was $10,398,000 as compared with $14,758,000 for year ended fiscal 1990. Recent orders for 105 and 120 MM DU penetrators principally from Olin Corporation have increased the backlog as of today to over $33 million. The 1991 law establishing the requirement for the Department of Defense to procure 36 million pounds of DU metal over a 10-year period beginning in fiscal year 1991 was this week repealed by Congress as part of the Fiscal 1992 Defense Appropriation Act. As a result of projected business conditions resulting from declining defense budgets, NMI will reduce its workforce in Massachusetts and South Carolina by over 100 personnel in the next two months. NMI, nevertheless, expects the full fiscal year 1992 to profitable. NUCLEAR METALS Financial Results Fourth Quarter Ended 12 Months Ended 9/30/91 9/30/90 9/30/91 9/30/90 Sales $10,493,000 $13,534,000 $48,250,000 $47,662,000 Net income 244,000 57,000 1,420,000 733,000 Earnings per share 10 cents 3 cents 60 cents 30 cents Average number of shares 2,344,471 2,390,114 2,368,954 2,466,532 Backlog $10,398,000 $14,758,000 -0- 11/21/91 /CONTACT: Daral D. Ferguson, vice president-finance of Nuclear Metals, 508-263-3119/ (NUCM) CO: Nuclear Metals ST: Massachusetts IN: MNC SU: ERN DH-DD -- NE014 -- 6085 11/21/91 16:54 EST
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|Date:||Nov 21, 1991|
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