Printer Friendly

SPRAGUE TECHNOLOGIES REPORTS RESULTS FOR THE FIRST QUARTER

 SPRAGUE TECHNOLOGIES REPORTS RESULTS FOR THE FIRST QUARTER
 STAMFORD, Conn., May 15 /PRNewswire/ -- Sprague Technologies, Inc. (NYSE: SPG), today reported a net loss for the first quarter of 1992 of $1.1 million, or $0.06 per share, compared to net income of $0.2 million, or $0.01 per share, for the first quarter of 1991. Operating income for the quarter was at breakeven versus $1.3 million for the same period in 1991.
 The company reported that revenues for the first quarter of 1992 do not include revenues from the company's remaining electronic component operations which are classified as businesses held for sale. Investment income reported for the first quarter of 1992 primarily reflects earnings from the investment of the proceeds from the sale of the company's tantalum capacitor and U.S. thick film businesses in mid- February. Interest costs, which included a call premium and interest on the company's 14 percent subordinated debentures and other outstanding debt for most of the quarter, were responsible for the loss. During March 1992, all outstanding borrowings were repaid and the company has a cash position of approximately $100 million.
 SPRAGUE TECHNOLOGIES, INC.
 Financial Highlights
 (In millions except per share amounts)
 Three months ended March 31 1992 1991
 Revenues $ -- $78.5
 Investment income 0.8 0.4
 Operating income 0.0 1.3
 Interest and debt expense 1.2 0.9
 Income (loss) before income taxes (1.1) 0.2
 Net (loss) income $ (1.1) $ 0.2
 Net (loss) income per share $(0.06) $0.01
 Average shares outstanding 18.0 18.0
 -0- 5/15/92
 /CONTACT: R. Kevin Matz, assistant treasurer of Sprague, 203-964-8628/
 (SPG) CO: Sprague Technologies, Inc. ST: Connecticut IN: SU: ERN


GK-DB -- NY026 -- 0695 05/15/92 11:17 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:May 15, 1992
Words:294
Previous Article:TEXTILE LEADER CITES NEED TO SUPPORT EDUCATION IN SOUTH CAROLINA
Next Article:REDLAW INDUSTRIES REPORTS RESULTS
Topics:


Related Articles
SPRAGUE TECHNOLOGIES REPORTS RESULTS
VISHAY ANNOUNCES CONTINUING RECESSION WILL CAUSE DECLINE IN 1991 FOURTH-QUARTER RESULTS
VISHAY INTERTECHNOLOGY ANNOUNCES FISCAL 1991 RESULTS
VISHAY INTERTECHNOLOGY ANNOUNCES FISCAL 1991 RESULTS
SPRAGUE SELLS BUSINESS TO VISHAY FOR $120 MILLION
SPRAGUE TECHNOLOGIES MAILS NOTICES OF REDEMPTION
SPRAGUE TECHNOLOGIES ANNOUNCES RESIGNATION OF DONALD CHRISTIANSEN, VICE PRESIDENT-FINANCE, CFO
VISHAY INTERTECHNOLOGY ANNOUNCES SPRAGUE TECHNOLOGIES ACQUISITION CONTRIBUTES TO $.46 PER SHARE FIRST QUARTER EARNINGS
VISHAY ANNOUNCES A RECORD $.51 PER SHARE AND A 26 PERCENT INCREASE IN NET EARNINGS FOR THE SECOND QUARTER
Sprague eliminates Marshfield.

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