Printer Friendly

PACIFIC SCIENTIFIC REPORTS THIRD QUARTER EARNINGS

 PACIFIC SCIENTIFIC REPORTS THIRD QUARTER EARNINGS
 NEWPORT BEACH, Calif., Oct. 19 /PRNewswire/ -- Pacific Scientific


Co. (NYSE: PSX) today reported sales of $42.1 million with net income of $1.5 million, or $0.27 per share, for the third quarter ended Sept. 25, 1992. In making the announcement, Chairman, President and Chief Executive Officer Edgar S. Brower said, "Excluding the sales and one-time gain from a division that we sold in September 1991, the current quarter's results represent a modest 4 percent gain in sales, but a substantial 575 percent gain in net income." He said that, excluding the impact of the divested operation, the previous year's third quarter sales were $40.5 million with net income of $291,000, or $0.04 per share.
 On a comparable basis, Brower said that sales of $126.4 million for the nine months ended Sept. 25, 1992, were up 2 percent from the previous year, and net income was up by 204 percent to $3.8 million, or $0.70 per share.
 "Orders grew faster than sales, enhancing the potential for future growth. Total orders grew 13 percent for the nine-month period, buoyed by a 22 percent increase in orders for electrical equipment vs. a 3 percent decline in orders for aircraft safety equipment," Brower said. He noted that backlog was up to $84.4 million from the previous year's $79.4 million.
 During the third quarter, sales of electrical equipment were up 8 percent over the prior year, due largely to the increased market penetration of the company's newly introduced products, its competitive pricing and on-time rapid-cycle deliveries. Sales of the company's aircraft safety equipment were off 4 percent, with a slight improvement in commercial sales offset by a decline in military sales.
 Brower said that all the company's electrical equipment operations were profitable with the exception of Fisher Pierce, which makes lighting controls and devices used by electric utilities. He said that Fisher Pierce, although currently at a break-even operating level, is anticipated to be a profit contributor in 1993, following the completion of its new automated production facilities during the fourth quarter of 1992. Fisher Pierce sales constitute approximately 15 percent of the company's sales and Brower said that the profit contribution should represent a substantial gain in earnings next year.
 The company's particle monitoring instruments and its electrical motors and controls are reporting good growth with new products and promising new market segments.
 Brower said that successful qualification testing of the company's military inertia reels is progressing with all tests scheduled to be completed soon. He noted: "We anticipate that all remaining tests will be completed successfully and that we will be reinstated on the Qualified Products Lists, thus allowing shipment of these products to resume." He added that sales of the company's fire detection and fire suppression systems for land vehicles such as tanks and personnel carriers have been strong, as evidenced by a sizable new contract with an international customer.
 The company designs, manufactures and markets electrical equipment and aircraft safety equipment. The principal markets served include factory and office automation, commercial and military aircraft, electrical utilities, semiconductor manufacturers and pharmaceutical companies.
 PACIFIC SCIENTIFIC CO. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Quarter ended Nine months ended
 Sept. 25, Sept. 27, Sept. 25, Sept. 27,
 1992 1991 1992 1991
 Sales:
 Electrical
 equipment $28,512,000 $26,445,000 $84,187,000 $79,822,000
 Aircraft safety
 equipment 13,550,000 16,526,000 42,220,000 51,798,000
 Total Sales 42,062,000 42,971,000 126,407,000 131,620,000
 Cost of sales 29,189,000 30,936,000 87,192,000 93,721,000
 Gross profit 12,873,000 12,035,000 39,215,000 37,899,000
 Selling and
 administration 8,783,000 8,941,000 27,000,000 27,029,000
 Research and
 development 1,820,000 1,974,000 5,720,000 6,529,000
 Sale of division
 (gain) --- (8,875,000) --- (8,875,000)
 Operating
 income 2,270,000 9,995,000 6,495,000 13,216,000
 Interest and
 other (net) (29,000) (631,000) (669,000) (1,914,000)
 Income before
 income taxes 2,241,000 9,364,000 5,826,000 11,302,000
 Income taxes 784,000 3,571,000 2,039,000 4,327,000
 Net income $1,457,000 $5,793,000 $3,787,000 $6,975,000
 Earnings per
 common and
 common equivalent
 share $0.27 $1.07 $0.70 $1.26
 Average common and
 common equivalent
 shares
 outstanding 5,346,000 5,335,000 5,340,000 5,334,000
 Notes to Consolidated Financial Statements
 1) The Sept. 27, 1991, data includes sales and net income of $2,422,000 and $147,000 for the quarter and $7,551,000 and $291,000 for the nine months from the divestiture of the Belfab division in September 1991.
 2) Earnings per share data are computed net of preferred stock dividends for the quarter ended Sept. 27, 1991, of $76,000. Preferred stock dividends for the nine-month period of 1992 and 1991 are $43,000 and $231,000, respectively.
 -0- 10/16/92
 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714/
 (PSX) CO: Pacific Scientific Co. ST: California IN: ARO SU: ERN


JB-KJ -- LA008 -- 1391 10/19/92 09:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1992
Words:889
Previous Article:POPE RESOURCES REPORTS THIRD-QUARTER INCOME OF $315,000
Next Article:ECKERD OFFERS NEWEST ENTRY IN SPECIALTY TOOTHPASTE COMPETITION -- NEW PERIGEL ORAL CARE SYSTEM
Topics:


Related Articles
PACIFIC SCIENTIFIC REPORTS STRONG FOURTH QUARTER AND YEAR
PACIFIC SCIENTIFIC REPORTS FIRST QUARTER EARNINGS
PACIFIC SCIENTIFIC REPORTS THIRD QUARTER AND NINE-MONTH RESULTS; EARNINGS UP 49 PERCENT FOR QUARTER, 30 PERCENT FOR NINE MONTHS
PACIFIC SCIENTIFIC NET JUMPS 29% IN SECOND 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 SECOND QUARTER RESULTS
Pacific Scientific Company Reports Third Quarter Results
Pacific Scientific Company Reports 28% Improvement in Second Quarter Earnings

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