Printer Friendly

QUESTECH REPORTS 1993 SECOND QUARTER RESULTS

 FALLS CHURCH, Va., Aug. 18 /PRNewswire/ -- QuesTech, Inc., (NASDAQ: QTEC) posted a 10.8 percent increase in revenues for the quarter and an 8.8 percent increase in revenues for the six months ended June 30, 1993, when compared with the same periods last year. This resulted in a 20 percent increase in earnings for the quarter and 16 percent for the first half of the year compared to these periods last year.
 The results of operations do not reflect the benefit from a recent contract award from the Department of the Army, with a potential value of up to $85 million over the next 45 months.
 Vincent L. Salvatori, chairman of the board and chief executive officer, stated: "Our sustained revenue growth has been made possible by our excellent track record with our existing customer base. We are concerned that funding discontinuities may occur at the beginning of the government's fiscal year. Nevertheless, we plan an aggressive marketing campaign later this year, which, if successful, will bring us to a higher revenue threshold in the forthcoming year. We believe that our lean cost infrastructure will allow us to prepare competitively priced bids that are most beneficial to our target customers."
 QUESTECH INC.
 Summary -- Results of Operations
 (In thousands of dollars except earnings per share)
 SECOND QUARTER
 1993 1992
 Revenues $12,168 $10,978
 Operating expenses 11,953 10,747
 Income from Continuing
 Operations Before
 Interest and Income
 Taxes 215 231
 Earnings Before Income
 Taxes 182 153
 Net Earnings 97 81
 Earnings per Share $ 0.06 $ 0.05
 QUESTECH INC.
 Summary -- Results of Operations
 (In thousands of dollars except earnings per share)
 SIX MONTHS
 1993 1992
 Revenues $23,496 $21,594
 Operating Expenses 23,080 21,138
 Income from Continuing
 Operations Before
 Interest and Income
 Taxes 416 456
 Earnings Before Income
 Taxes 340 292
 Net Earnings 180 155
 Earnings per Share $ 0.11 $ 0.10
 Questech, Inc., and Subsidiaries
 CONDENSED CONSOLIDATED BALANCE SHEETS
 LIABILITIES AND STOCKHOLDERS' EQUITY
 June 30, Dec. 31
 1993 1992
 (Unaudited) (Note)
 CURRENT LIABILITIES
 Line of Credit $ -- $ 746,900
 Current maturities of long-term
 obligations payable 135,700 197,400
 Accounts payable 1,167,200 1,550,300
 Accrued liabilities 3,992,200 4,932,900
 Income taxes -- Currently payable 173,300 260,100
 Total current liabilities $ 5,468,400 $ 7,687,600
 LONG-TERM OBLIGATIONS 31,600 78,100
 INDEBTEDNESS TO RELATED PARTIES 1,058,300 1,111,400
 DEFERRED RENT CREDIT 851,500 954,400
 Total Liabilities $ 7,409,800 $ 9,831,500
 STOCKHOLDERS' EQUITY
 Common stock -- authorized 3 million
 shares of 5 cents par value, issued
 1,578,000 shares, outstanding
 1,568,000 shares at June 30, 1993,
 and Dec. 31, 1992 78,900 78,900
 Additional paid in capital 2,722,700 2,722,700
 Retained earnings 2,461,400 2,281,400
 Less Treasury Stock at cost (30,000) (30,000)
 Cumulative translation adjustment 6,800 11,900
 Total Stockholders' Equity $ 5,239,800 $ 5,064,900
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $12,649,600 $14,896,400
 NOTE: The balance sheet at Dec. 31, 1992, has been derived from the audited financial statements at that date.
 The accompanying notes are an integral part of these statements.
 QuesTech, Inc., and Subsidiaries
 CONDENSED CONSOLIDATED BALANCE SHEETS
 ASSETS
 June 30, Dec. 31,
 1993 1992
 (Unaudited) (Note)
 CURRENT ASSETS
 Cash and cash equivalents $ 192,100 $ 100,200
 Accounts receivable 7,821,200 10,078,900
 Inventories 61,700 57,600
 Prepaid expenses and other 146,900 167,400
 Deferred income taxes 506,000 506,000
 Total current assets $ 8,727,900 $10,910,100
 EQUIPMENT AND LEASEHOLD IMPROVEMENTS
 -- at cost less accumulated
 depreciation and amortization of
 $9,754,300 and $9,486,600,
 respectively 994,500 1,052,200
 GOODWILL, less accumulated amortization
 of $1,030,600 and $953,300,
 respectively 1,906,000 1,983,300
 DEFERRED INCOME TAXES, net of
 valuation allowance of $148,000 463,900 379,300
 OTHER ASSETS 557,300 571,500
 TOTAL ASSETS $12,649,600 $14,896,400
 NOTE: The balance sheet at Dec. 31, 1992, has been derived from the audited financial statements at that date.
 The accompanying notes are an integral part of these statements.
 -0- 8/18/93
 /CONTACT: Vincent L. Salvatori, chairman and CEO, 703-760-1005, or Joseph P. O'Connell Jr., vice president & CFO, 703-760-1010, both of QuesTech/
 (QTEC)


CO: QuesTech, Inc. ST: Virginia IN: CPR SU: ERN

IH-KD -- DC010 -- 3879 08/18/93 11:31 EDT
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:Aug 18, 1993
Words:741
Previous Article:GEICO CORPORATION ANNOUNCES DIVIDEND
Next Article:MCI AND BT EXECUTIVES NAMED TO KEY POSTS FOR BT/MCI JOINT VENTURE

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