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SPECIAL DEVICES INC. ANNOUNCES THIRD QUARTER 1993 EARNINGS

    NEWHALL, Calif., Sept. 15 /PRNewswire/ -- Special Devices Inc. (NASDAQ: SDII) announces the results of operations for its third quarter ended Aug. 1, 1993.
    Net sales for the three and nine months ended Aug. 1, 1993, were $9,449,000 and $24,564,000 as compared to $7,771,000 and $21,289,000 for the same periods in 1992.  Automotive Products division sales increased $2,754,000 to $6,525,000 for the three months ended Aug. 1, 1993, and increased $7,501,000 to $16,420,000 for the nine months ended Aug. 1, 1993.  This is due to higher shipment volume for the Automotive Products division during the 1993 periods as compared to the comparable 1992 periods.
    Aerospace division sales decreased $1,076,000 to $2,924,000 for the three months ended Aug. 1, 1993, and decreased $4,226,000 to $8,144,000 for the nine months ended Aug. 1, 1993.  The sales decrease for the nine-month period is due primarily to the decrease in orders placed during the third and fourth fiscal quarters of 1992 which significantly impacted the first quarter of fiscal 1993 as compared to 1992.  The lower sales for the third quarter ended Aug. 1, 1993, as compared to the 1992 quarter is generally due to the company's customers delaying program shipments due to the uncertainty surrounding defense spending levels.  Consequently, the company continues to expect Aerospace division sales to be lower in fiscal 1993 as compared to 1992.
    Net income for the three and nine months ended Aug. 1, 1993, was $376,000, or $0.07 per share, and $670,000, or $0.12 per share, as compared to net income of $498,000 or $0.09 per share and $976,000 or $0.17 per share, for the comparable 1992 periods.  The decrease in earnings per share is partially due to the increasing percentage of automotive products sales, which are currently at a lower gross margin than aerospace sales and a decrease in Aerospace division gross margins as compared to the comparable 1992 periods.  Pursuant to the company's agreements with its customers, the average sales price of Automotive Products division initiators will decrease in the fourth fiscal quarter coinciding with the beginning of car model year 1994 production. Automotive Products division gross margins will be dependent upon the company improving manufacturing efficiency during this period as well as receiving the increased volumes expected from TRW Inc. for model year 1994.
   The company is a leader in the design and manufacture of highly reliable pyrotechnic devices used by the aerospace industry, primarily in tactical missile systems, and by the automotive industry as initiators in airbag systems.
                          SPECIAL DEVICES INC.
                     Summary Financial Information
               (In thousands, except for per share data)
                              Three Months Ended      Nine Months Ended
                              Aug. 1    July 26,     Aug. 1,    July 26,
                               1993       1992        1993        1992
    Net Sales:
     Aerospace               $2,924      4,000       8,144      12,370
     Automotive              $6,525      3,771      16,420       8,919
      Total                  $9,449      7,771      24,564      21,289
    Gross Profit:
     Aerospace                 $729      1,457       1,816       3,651
     Automotive                $699         68       1,484         137
      Total                  $1,428      1,525       3,300       3,788
    Operating Income:
     Aerospace                 $451      1,119       1,006       2,648
     Automotive                $281       (296)        339      (1,024)
      Total                    $732        823       1,345       1,624
    Net Income                 $376        498         670         976
    Net Income per share       $.07        .09        0.12        0.17
    Weighted average common
     shares outstanding       5,759      5,759       5,759       5,759
    -0-             09/15/93
    CONTACT:  Robert W. Benson, VP-Finance and CFO, 805-259-0753 or 818-365-3171
    (SDII) CO:  SPECIAL DEVICES INC. IN:  ARO SU:  ERN ST:  CA


-- LA028 -- X265 09/15/93
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Publication:PR Newswire
Date:Sep 15, 1993
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