Printer Friendly

PACIFIC SCIENTIFIC REPORTS STRONG FOURTH QUARTER AND YEAR

 Comparable Earnings Up 185 Percent on 4 Percent Sales Growth
 for Year; Fourth Quarter Earnings Up 51 Percent
 NEWPORT BEACH, Calif., Feb. 11 /PRNewswire/ -- Pacific Scientific Co. (NYSE: PSX) today reported net income of $5.4 million or, $1.00 per share, on sales of $172.7 million for its fiscal year ended Dec. 25, 1992. Fourth quarter sales were $46.2 million, with net income of $1.6 million, or 30 cents per share.
 On a comparable basis, 1992 earnings from continuing operations rose by more than 185 percent on a sales gain of 4 percent. For 1991, the company reported sales of $173.0 million, including sales of $7.6 million from a divested operation; earnings were $8.0 million, or $1.46 per share, including a non-recurring gain from the divestiture of approximately $1.16 per share after taxes. Fourth quarter sales were up 12 percent and net income was up 51 percent.
 Edgar S. Brower, chairman, president and chief executive officer, commented, "We made good progress during 1992, a year of difficult economic conditions. For the fourth quarter, we reported the second- highest quarterly sales in the company's history, and a good profit on increasing margins. On a comparable basis, yearly orders increased by 9 percent overall, while orders for electrical equipment, our largest segment, increased by 16 percent and aircraft safety equipment orders declined by 3 percent. Gross margins improved to 31 percent from last year's 29 percent, as productivity continued to climb. We attribute these improvements to improved worker productivity, world-class manufacturing techniques and a "right-sizing" of operations. We invested $8.2 million in new product development in 1992, resulting in a continued flow of new- product introductions that will, we believe, strengthen our market shares and broaden our markets."
 Brower said that revenue per employee for 1992 was $127,000, an all-time high. He said that a primary goal in 1993 is continued productivity increases.
 He said that sales of the company's motors and controls increased by 16 percent during 1992. The Fisher Pierce Division, which had been a significant drain on profits for two years, continued its progress toward profitability during the year.
 The company's balance sheet remains strong with a current ratio of 2.5:1, annual inventory turns of approximately 4.8, and an accounts receivable outstanding average of 53 days.
 In commenting on the company's outlook for 1993, Brower added, "We expect to continue to show progress, especially in electrical equipment, which now comprises two-thirds of our sales. We anticipate strong performance from motors and controls and profit from Fisher Pierce. The new applications of our particle detection devices in semiconductor manufacturing, pharmaceuticals and ecological measurement point the way to good growth in instrumentation. In aircraft safety, we are expecting sales in 1993 to stay at current levels, based on existing orders and forecasts. Testing and discussions with the U.S. Air Force, concerning recertification of our Inertia reel for military crew restraints continue to be prolonged. Although we have not yet been successful in obtaining recertification, we believe the reel functions properly."
 The company designs, manufactures and markets technology-based proprietary products. The principal markets served include factory and office automation, aircraft, electrical utilities, semiconductor manufacturers and pharmaceutical companies.
 PACIFIC SCIENTIFIC CO. AND SUBSIDIARIES
 Consolidated Statement of Operations
 (Unaudited)
 Quarter Ended 12 Months Ended
 Dec. 25, Dec. 27, Dec. 25, Dec. 27,
 1992 1991 1992 1991
 Net sales $46,243,000 $41,350,000 $172,650,000 $172,970,000
 Income before
 income taxes $2,261,000 $758,000 $8,087,000 $12,060,000
 Income tax
 (benefit)
 provision 651,000 (310,000) 2,690,000 4,017,000
 Net income 1,610,000 1,068,000 5,397,000 8,043,000
 Preferred stock
 dividends --- 28,000 43,000 260,000
 Earnings
 available for
 common stock $1,610,000 $1,040,000 $5,354,000 $7,783,000
 Earnings per
 common and
 common
 equivalent
 share $0.30 $0.20 $1.00 $1.46
 Average common and
 common equivalent
 shares
 outstanding 5,360,000 5,335,000 5,345,000 5,334,000
 -0- 2/11/93
 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714/
 (PSX)


CO: Pacific Scientific Co. ST: California IN: CPR MTC SU: ERN

MS-JB -- LA006 -- 5503 02/11/93 08:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 11, 1993
Words:717
Previous Article:BAUER'S BANKRATER(R) OFFERS A TWO-FER
Next Article:RIGHT START INC. LAUNCHES THE WEEBOK(R) CATALOG
Topics:


Related Articles
PACIFIC SCIENTIFIC REPORTS THIRD QUARTER EARNINGS
PACIFIC SCIENTIFIC REPORTS FIRST QUARTER EARNINGS
STATEMENT BY PACIFIC SCIENTIFIC CO.
PACIFIC SCIENTIFIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS; EARNINGS UP 49 PERCENT FOR QUARTER, 30 PERCENT FOR NINE MONTHS
PACIFIC SCIENTIFIC REPORTS SECOND QUARTER AND SIX-MONTH RESULTS
PACIFIC SCIENTIFIC'S NET JUMPS 52% IN FIRST QUARTER
PACIFIC SCIENTIFIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS
PACIFIC SCIENTIFIC COMPANY REPORTS RECORD YEAR
PACIFIC SCIENTIFIC COMPANY REPORTS FIRST QUARTER RESULTS
Pacific Scientific Company Reports Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters