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SELAS PROFITS INCREASE IN THIRD QUARTER 1993

 DRESHER, Pa., Oct. 25 /PRNewswire/ -- Selas Corporation of America (AMEX: SLS) reported consolidated net income of $408,000 or $0.13 per share on net sales of $13,791,000 for the quarter ended Sept. 30, 1993, as compared with a consolidated net loss of $776,000 or $0.25 per share on net sales of $6,577,000 for the similar period in 1992.
 For the six months ended Sept. 30, 1993, Selas reported a net income of $426,000 or $0.13 per share on net sales of $31,317,000 as compared with a net loss of $4,814,000 or $1.52 per share on net sales of $19,994,000 for the similar period in 1992. The nine months ended Sept. 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.
 "We see continued improvement in all sectors of our company during the fourth quarter, plus additional revenues and income from our newly acquired subsidiary, Resistance Technology, Inc.," said Stephen F. Ryan, president and chief executive officer. Selas announced the completion of the RTI acquisition on Oct. 21.
 Selas Corporation of America is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 Comparative Operating Results
 (Unaudited)
 Three months ended Sept. 30, 1993 1992
 Net sales $13,791,000 $6,577,000
 Income (loss) before income taxes
 and cumulative effect of changes
 in accounting principles 738,000 (966,000)
 Provision for income
 taxes (benefit) 330,000 (190,000)
 Income (loss) before cumulative
 effect of changes in accounting
 principles 408,000 (776,000)
 Cumulative effect at Jan. 1, 1992,
 of changes in accounting
 principles --- ---
 Net income (loss) 408,000 (776,000)
 Income (loss) per common and common
 equivalent share:
 Income (loss) before cumulative
 effect of changes in accounting
 principles $.13 $(.25)
 Cumulative effect of changes in
 accounting principles --- ---
 Net income (loss) .13 (.25)
 Weighted average common shares
 outstanding 3,162,000 3,159,000
 Nine months ended Sept. 30, 1993 1992
 Net sales $31,317,000 $19,994,000
 Income (loss) before income taxes
 and cumulative effect of changes
 in accounting principles 936,000 (1,458,000)
 Provision for income
 taxes (benefit) 510,000 (210,000)
 Income (loss) before cumulative
 effect of changes in accounting
 principles 426,000 (1,248,000)
 Cumulative effect at Jan. 1, 1992,
 of changes in accounting
 principles --- (3,566,000)
 Net income (loss) 426,000 (4,814,000)
 Income (loss) per common and common
 equivalent share:
 Income (loss) before cumulative
 effect of changes in accounting
 principles $.13 $(.40)
 Cumulative effect of changes in
 accounting principles --- (1.13)
 Net income (loss) .13 (1.52)
 Weighted average common shares
 outstanding 3,160,000 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 nine months ended Sept. 30, 1992, have been restated to reflect these changes.
 /delval/
 -0- 10/25/93
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS)


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

MJ-JM -- PH008 -- 6261 10/25/93 11:19 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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