Printer Friendly

STANFORD TELECOM POST SECOND QUARTER FISCAL YEAR 1992 RESULTS

 STANFORD TELECOM POST SECOND QUARTER FISCAL YEAR 1992 RESULTS
 SANTA CLARA, Calif., Oct. 26 /PRNewswire/ -- Stanford Telecommunications Inc. (NASDAQ-NMS: STII) announced that it returned to profitable operations during the second quarter of its fiscal year after posting a loss during the first quarter of fiscal year 1993. Second quarter fiscal year 1993 (14 weeks ended Sept. 30, 1992) revenues of $24.2 million increased by 8 percent over revenues posted for the second quarter (13 week ended Sept. 30, 1991) of the previous fiscal year. Net income of $484,000 and earnings per share of 10 cents for the Sept. 30, 1992 quarter compares to net income and earnings per share of $884,000 and 18 cents posted for the comparable period last fiscal year.
 Revenues of $45.0 million for the first two quarters of fiscal year 1993 were down 8 percent from the $49.1 million posted during the first two quarters of fiscal year 1992. Net income of $51,000 and 1 cent per share for the first half of fiscal year 1993 compares to net income and earnings per share of $1.8 million and 36 cents achieved during the first two quarters of the previous fiscal year.
 During the second quarter of fiscal year 1993, the company was notified that it was the successful bidder on a number of major new business opportunities. The U.S. Army selected Stanford Telecom as the winner of the DOCS Operations & Maintenance Program, potentially worth $37.8 million. The General Services Administration announced that the company had been awarded a contract with a potential value of $8.1 million to support the Federal Aviation Administration, and Lockheed Missiles and Space Company announced that its team, which includes Stanford Telecom, had been selected by the U.S. Army as a MILSTAR SCAMP development contractor. These major jobs are expected to be incrementally funded during the life of the contracts. Funded bookings received during the second quarter of fiscal year 1993 totaled $20.6 million. Funded backlog stood at $49.8 million at the end of the first half of fiscal year 1993, essentially unchanged from the backlog figures reported at the end of September 1991. The company's booking and backlog figures include only the presently funded portion of its contract efforts. The company currently has well over $250 million in active bids outstanding.
 In announcing the results of the second quarter and first two quarters of fiscal year 1993, Dr. James J. Spilker Jr., president and chairman, said, "The company successfully completed a significant reorganization during the first half of fiscal year 1993. Changes within the organization were necessary to address changing market conditions and to strengthen the company's internal management in light of recent cost difficulties encountered in the execution of certain contracts. All of our groups are now well positioned to address new business opportunities and I look forward to improved performance throughout the remainder of the fiscal year. We are also very pleased with the progress on commercial wireless communication products within our ASIC and Custom Products Division."
 CONDENSED SUMMARY OF INCOME
 (In thousands except per share data)
 2ND QTR ENDED 1ST TWO QTRS ENDED
 SEPT. 30 SEPT. 30
 FY93 FY92 FY93 FY92
Revenues $24,224 $22,423 $45,010 $49,118


Income from
 Operations 884 1,633 254 3,332
Other Expense (89) (159) (171) (343)
Income Before Taxes 795 1,474 83 2,990
Net Income 484 884 51 1,794
Earnings per Share $ .10 $ .18 $ .01 $ .36


Weighted Average
 Shares 4,857 4,954 4,867 4,952
 SELECTED FINANCIAL DATA
 (In thousands except per share data)
 AT SEPT. 30, AT MARCH 31,
 1992 1992
Current Assets $41,565 $42,791
Current Liabilities 16,252 16,716
Working Capital 25,313 26,075
Total Assets 53,425 54,088
Long-Term Debt 79 246
Shareholders' Equity 36,348 36,500
Book Value per Share $ 7.53 $ 7.50
 -0- 10/26/92
 /CONTACT: Gary Wolf, vice president and chief financial officer of Stanford Telecom, 408-980-5628/
 (STII) CO: Stanford Telecommunications Inc. ST: California IN: TLS SU: ERN


GT -- SJ005 -- 4750 10/26/92 11:52 EST
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:Oct 26, 1992
Words:690
Previous Article:SEAGULL ENERGY CORPORATION ANNOUNCES FINANCIAL RESULTS
Next Article:NUTRITION MANAGEMENT SERVICES COMPANY REPORTS YEAR END DATA; REVENUE JUMPS 32.7 PERCENT
Topics:


Related Articles
STANFORD TELECOM ANNOUNCES 4TH QUARTER AND FISCAL 92 RESULTS
BOSTON TECHNOLOGY ANNOUNCES SECOND QUARTER RESULTS; COMPANY POSTS PROFIT OF 3 CENTS PER SHARE
STANFORD TELECOM REPORTS THIRD QUARTER FISCAL YEAR 1993 RESULTS
STANFORD TELECOM ANNOUNCES FIRST QUARTER FISCAL YEAR 1994 RESULTS
STANFORD TELECOMMUNICATIONS, INC., ANNOUNCES THIRD QUARTER EARNINGS AND ADDITIONAL COSTS TO BE INCURRED ON ITS INTELSAT PROGRAM
STANFORD TELECOM ANNOUNCES 205% INCREASE IN ANNUAL NET INCOME
STANFORD TELECOM REPORTS INCOME AND REVENUE GROWTH FOR ITS FIRST QUARTER FISCAL 1995
STANFORD TELECOM ANNOUNCES RECORD HIGH SECOND QUARTER AND SIX MONTH RESULTS
STANFORD TELECOM ANNOUNCES RECORD HIGH THIRD QUARTER AND NINE MONTH RESULTS
STANFORD TELECOM ANNOUNCES RECORD QUARTERLY AND YEAR END RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters