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SELAS CORPORATION REPORTS PROFIT FOR SECOND QUARTER 1993

 DRESHER, Pa., July 29 /PRNewswire/ -- Selas Corporation of America (AMEX: SLS) today reported consolidated net income of $358,000 or $.11 per share on net sales of $10,522,000 for the quarter ended June 30, 1993, as compared with a consolidated net loss of $299,000 or $.09 per share on net sales of $7,085,000 for the similar period in 1992.
 For the six months ended June 30, 1993, Selas reported a net income of $17,000 or $.01 per share on net sales of $17,526,000 as compared with a net


loss of $4,037,000 or $1.28 per share on net sales of $13,418,000 for the similar period in 1992. The six months ended June 30, 1992, have been restated to reflect the impact of adoption of Statements of Financial Accounting Standards Nos. 106 and 109 on Jan. 1, 1992.
 Stephen F. Ryan, president and chief executive officer of Selas, said that during the second quarter of 1993, the company began to realize increased income from its strong backlog.
 "This backlog will continue to produce improved revenue and income for the balance of this year and into 1994," Ryan said.
 Selas Corporation of America is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 Comparative Operating Results
 (Unaudited)
 Three months ended June 30 1993 1992
 Net sales $10,522,000 $7,085,000
 Income (loss) before income taxes
 and cumulative effect of changes
 in accounting principles 561,000 (328,000)
 Provision for income taxes (benefit) 203,000 (29,000)
 Income (loss) before
 cumulative effect of changes
 in accounting principles 358,000 (299,000)
 Cumulative effect at Jan. 1, 1992, of
 changes in accounting principles --- ---
 Net income (loss) 358,000 (299,000)
 Income (loss) per common and common
 equivalent share:
 Income (loss) before
 cumulative effect of changes
 in accounting principles $.11 ($.09)
 Cumulative effect at Jan. 1, 1992, of
 changes in accounting principles --- ---
 Net income (loss) .11 (.09)
 Weighted average common shares
 outstanding 3,159,000 3,159,000
 Six months ended June 30 1993 1992
 Net sales $17,526,000 $13,418,000
 Income (loss) before income taxes
 and cumulative effect of changes
 in accounting principles 198,000 (492,000)
 Provision for income taxes (benefit) 181,000 (21,000)
 Income (loss) before
 cumulative effect of changes
 in accounting principles 17,000 (471,000)
 Cumulative effect at Jan. 1, 1992, of
 changes in accounting principles --- (3,566,000)
 Net income (loss) 17,000 (4,037,000)
 Income (loss) per common and common
 equivalent share:
 Income (loss) before
 cumulative effect of changes
 in accounting principles $.01 ($.15)
 Cumulative effect at Jan. 1, 1992, of
 changes in accounting principles --- (1.13)
 Net income (loss) .01 (1.28)
 Weighted average common shares
 outstanding 3,159,000 3,159,000
 Note: Effective Jan. 1, 1992, the company adopted Statements of Financial Accounting Standards No. 106 and 109 and reported the impact of the cumulative effect of these changes in accounting methods as if they had been recorded in the first quarter of 1992. The six months ended June 30, 1992, have been restated to reflect these changes.
 /delval/
 -0- 7/29/93
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS)


CO: Selas Corporation of America ST: Pennsylvania IN: SU: ERN

MK-MP -- PH004 -- 7160 07/29/93 09:40 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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