OPTICAL RADIATION CORP. ANNOUNCES RESULTS
OPTICAL RADIATION CORP. ANNOUNCES RESULTS AZUSA, Calif., Feb. 24 /PRNewswire/ -- Optical Radiation Corp.
(NASDAQ: ORCO) today reported increased sales and lower income for the second fiscal quarter ended Jan. 31, 1992.
Net income for the three month period amounted to $2,004,000, equal to $.30 per share, compared with $3,468,000, or $.53 per share, for the corresponding prior-year period, which included a non-recurring after- tax gain of $1,300,000, or $.20 per share, from a litigation settlement. Sales for the most recent second quarter rose 18 percent to $39,242,000 from $33,316,000 last year. For the first half of the current fiscal year, the company had net income of $2,105,000, equal to $.32 per share, which included a non- recurring after-tax charge in the first quarter of $1,800,000 relating to the downsizing of the company's Cinema Digital Sound project. Net income for the first half of the prior fiscal year totaled $6,405,000, or $.97 per share, which includes a non-recurring gain of $.17 per share from the same litigation settlement. Sales for the six-month period advanced to $77,740,000 from $68,306,000 last year. Richard D. Wood, president and chief executive officer, said income in the second quarter was impacted primarily by the company's ophthalmic surgical products division, which continued to experience pricing pressures for its intraocular lenses, as well as higher expenses principally associated with completing the voluntary recall of its Orcolon product last October. He noted that the consumer optical group posted strong gains in sales for the quarter, along with higher income that was restrained by startup of a new facility in Tampa and initiation of proprietary product manufacturing operations in Portland. Wood said the scientific/industrial group, which had slightly lower sales for the second quarter, registered a profitable turnaround from the prior year's loss, with elimination of the drain from the Cinema Digital Sound project. "As we proceed into the second half of the fiscal year, the company continues to face the challenges of the unsettled economic conditions affecting the markets we serve," said Wood. "Nevertheless, Optical Radiation's financial condition remains strong, our operations are running efficiently, and the projects and problems that diverted resources and management's time from our core businesses are now behind us." Optical Radiation designs and manufactures a wide range of precision optical components and systems for medical, industrial and scientific applications. OPTICAL RADIATION CORP. Comparative Income Statement Six Months Ended Jan. 31, 1992 (In thousands, except for share data) Three months ended Six Months Ended Jan. 31, Jan. 31, 1992 1991 1992 1991 Sales $39,242 $33,316 $77,740 $68,306 Net income 2,004 $3,468(a) $2,105(b) $6,405(c) Average shares 6,565 6,593 6,580 6,602 Earnings per share $0.30 $0.53 $0.32 $0.97 (a) Includes a non-recurring credit of $1,300,000 relating to a litigation settlement. (b) Includes a non-recurring charge of $1,800,000 relating to the downsizing of the company's Cinema Digital Sound project. (c) Includes a non-recurring credit of $1,100,000 relating to a litigation settlement. -0- 2/24/92 /CONTACT: Richard D. Wood of Optical Radiation, 818-969-3344; or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Optical Radiation/ (ORCO) CO: Optical Radiation Corp. ST: California IN: MTC SU: ERN
KJ-CH -- LA024 -- 2047 02/24/92 16:30 EST
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|Date:||Feb 24, 1992|
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