STATEMENT BY PACIFIC SCIENTIFIC CO.
NEWPORT BEACH, Calif., May 4 /PRNewswire/ -- Pacific Scientific Co. (NYSE: PSX) said today that it is not aware of any development within its business which would account for the recent decline in the price of its common stock. Chairman, President and Chief Executive Officer Edgar S. Brower commented, "We are anticipating strong sales for the second quarter ending in June; April orders tended to confirm this positive trend. The company has a strong balance sheet, very good cash flow and a book value of $14. We are very positive concerning the outlook for the company's business for the balance of the fiscal year." On a trailing 12-month basis as of the end of March, Pacific Scientific reported earnings of $6.5 million or $1.21 per share on revenue of $172.8 million; $0.20 of the EPS was the one-time result of an accounting change to record previously unrecognized tax benefits. The company designs, manufactures and markets electrical equipment and aircraft safety equipment. The principal markets served include factory and office automation, commercial and military aircraft, electric utilities, semiconductor manufacturers and pharmaceutical companies. -0- 5/4/93 /CONTACT: Joseph Allen of South Coast Communications Group, 714-731-4341, for Pacific Scientific/ (PSX)
CO: Pacific Scientific Co. ST: California IN: CPR AIR SU:
MS -- LA033 -- 4373 05/04/93 13:40 EDT
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|Date:||May 4, 1993|
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