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OAK INDUSTRIES OPERATING EARNINGS QUADRUPLED; SALES UP 55 PERCENT

 WALTHAM, Mass., Oct. 18 /PRNewswire/ -- Oak Industries Inc., (NYSE: OAK), today reported that operating income of $7.4 million for the quarter ended Sept. 30, 1993 quadrupled from $1.8 million for the same period in 1992. Sales for the quarter were $51.6 million, an increase of 55 percent over the third quarter of 1992. Income from continuing operations was $6.5 million, up 444 percent compared with 1992. Net income was $6.5 million, or 35 cents per share, a 272 percent increase over 1992's results of $1.7 million or 10 cents per share.
 The results for the September 1993 quarter include a net non- recurring gain of $1.0 million, or 5 cents per share. This relates to the receipt of a $3.9 million refund from the Internal Revenue Service for the settlement of a tax dispute, which the company has chosen to partially offset with a $2.9 million charge to accelerate existing programs for facility consolidations and overhead cost reductions. The September 1992 results included a non-recurring gain of $0.5 million for a payment received on the final purchase price of a business sold in 1990. "This quarter's results are reflective of our ongoing efforts to improve our performance. Our strategy is to profitably grow our existing businesses while also acquiring businesses that participate in markets that have strong underlying growth and margins," said William S. Antle III, president and chief executive officer.
 Antle continued, "We are pleased with our progress and believe we have built a strong foundation for the future. Over the past year, we have made three acquisitions that strengthen our strategic position in the communications market and which are having a very positive impact on our results. Our programs are continuing to yield the targeted results, and we are optimistic about the long-term prospects."
 Commenting further on the quarter Antle said, "As previously announced, we have chosen to partially use the tax refund received this quarter to fund an acceleration of our programs to reduce overhead and facility costs to further improve our operating performance. These programs are an integral part of our continuing drive to be the technical leader and low cost manufacturer in the markets we serve."
 In an unrelated matter, Oak announced it has increased its revolving credit agreement with The First National Bank of Boston from $15 million to $30 million. Borrowings under this agreement would be available for general corporate purposes and acquisitions. Antle stated, "This increase in our credit agreement recognizes the improvements in our operating performance and provides us with additional flexibility to grow the company through internal investments and acquisitions as our cash and available credit lines will now approximate $50 million. As a result of our strong cash flow, debt has been reduced by $18.5 million through the first nine months of this year.
 For the nine months ended Sept. 30, 1993, Oak reported operating income of $28.3 million, up 246 percent over 1992 levels. Sales for the first nine months of 1993 increased 57 percent to $169.0 million, from $107.4 million for the same period in 1992. Net income was $17.0 million, or 94 cents per share, a 68 percent increase over 1992's nine month results of $10.1 million, or 58 cents per share. Results for 1993 include a non-recurring net gain of $1.0 million relating to a tax refund that was partially offset by a charge for facility consolidations and overhead cost reductions. The 1992 results included a non-recurring gain of $0.5 million for a payment related to a business previously sold and a tax benefit of $3.5 million reflecting the adoption by the company of FAS 109 -- "Accounting for Income Taxes."
 Oak Industries Inc. is primarily a provider of components for the cable television and telecommunications industries as well as controls for the appliance, avionics, and test and instrumentation markets. The company is pursuing a strategy for growth through acquisitions, new- product introductions and ongoing productivity enhancements.
 OAK INDUSTRIES, INC.
 Consolidated Statements of Operations
 For the Three And Nine Months Ended Sept. 30, 1993 and 1992
 (Unaudited)
 (In thousands, except per share data)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1993 1992 1993 1992
 Net sales $51,578 $33,242 $169,024 $107,429
 Cost of sales (33,183) (25,989) (111,706) (82,201)
 Gross margin 18,395 7,253 57,318 25,228
 Operating expenses (8,120) (5,416) (26,138) (17,059)
 Non-recurring charge (2,900) --- (2,900) ---
 Operating income 7,375 1,837 28,280 8,169
 Corporate and other (1,461) (504) (3,484) (1,378)
 Interest expense, net (1,668) 49 (5,276) 11
 Income taxes (155) (196) (1,375) (706)
 Non-recurring tax gain 3,878 --- 3,878 ---
 Minority interest (1,519) --- (4,993) ---
 Income from continuing
 operations 6,450 1,186 17,030 6,096
 Income from discontinued
 operations --- 550 --- 550
 Effect of a change in
 accounting principle --- --- --- 3,500
 Net income $6,450 $1,736 $17,030 $10,146
 Net income per common
 share:
 Primary:
 Continuing operations 35 cents 7 cents 94 cents 35 cents
 Discontinued operations --- 3 cents --- 3 cents
 Effect of a change in
 accounting --- --- --- 20 cents
 Net income 35 cents 10 cents 94 cents 58 cents
 Fully Diluted:
 Continuing operations 35 cents 7 cents 94 cents 35 cents
 Discontinued operations --- 3 cents --- 3 cents
 Effect of a change in
 accounting --- --- --- 20 cents
 Net income 35 cents 10 cents 94 cents 58 cents
 Weighted average common
 shares outstanding:
 Primary 18,246 17,390 18,129 17,387
 Fully diluted 18,247 17,390 18,138 17,387
 -0- 10/18/93
 /CONTACT: William C. Weaver, chief financial officer of Oak Industries, 617-890-0400; Jean M. Devine, account executive of Sharon Merrill Associates, 617-262-1800, for Oak Industries/
 (OAK)


CO: Oak Industries, Inc. ST: Massachusetts IN: CPR SU: ERN

DJ-JL -- NE010 -- 3268 10/18/93 10:11 EDT
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Date:Oct 18, 1993
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