TRANSTECHNOLOGY ANNOUNCES FIRST QUARTER EARNINGS
TRANSTECHNOLOGY ANNOUNCES FIRST QUARTER EARNINGS UNION, N.J., July 31 /PRNewswire/ -- TransTechnology Corp.
(NYSE: TT) announced today that earnings for its first fiscal quarter were 67 percent higher than for the same period last year, after restatement for divestitures made last year. Net earnings for the quarter ending June 28, 1992, were $1,415,000 or $.28 per share. For the same period a year ago, earnings on a restated basis were $969,000 or $.19 a share for continuing operations, and a loss of $122,000 or $.02 per share from discontinued operations, for net restated earnings of $847,000 or $.17 per share.
Revenues for the quarter were $25,056,000, up 17 percent from the prior fiscal year's same quarter of $21,427,000. Revenue gains of $3,794,000 or 34 percent, were achieved in the Aerospace group due principally to the turnaround of Breeze-Eastern, while revenues from the Industrial group were essentially flat. Operating income from the Aerospace group was also up substantially due to increased volume and lower expenses, while the industrial group was off slightly. Michael J. Berthelot, vice chairman and chief executive officer of the company, said, "We are pleased that our core businesses have continued to strengthen, and that we have realized the effects of overhead reductions and improved manufacturing systems. We are excited about the prospects for the company, and anticipate that these divisions will gather more strength through operating and cost efficiencies and improving markets." The company also announced that it had completed its acquisition of the cargo hook product line of Kinedyne Corp. Production will be folded into the company's existing Breeze-Eastern facility in Union, and is expected to add at least $1,000,000 in annual revenues, with first shipments of product scheduled for October 1992. The company noted that the existing letter of intent, relative to the sale of the company's weather instruments division, had been terminated by the company due to the prospective buyer's failure to obtain adequate financing within the time specified in the letter. The company stated, however, that alternative buyers had been contacted and the company still intends to divest this division as quickly as possible. The financial results of the weather instruments division were classified as discontinued operations in the last fiscal year, and accordingly, are not reflected in current period results. TRANSTECHNOLOGY CORPORATION (In thousands of dollars, except share data) Quarter Ended June 30 1992 1991 Revenues from continuing operations $25,056 $21,427 Income from continuing operations before income taxes 2,144 1,553 Provision for income taxes 729 584 Income from continuing operations 1,415 969 Loss from discontinued operations (a) --- (122) Net income $1,415 $847 Earnings (loss) per share: Income from continuing operations $0.28 $0.19 Loss from discontinued operations --- (0.02) Net income $0.28 $0.17 Number of shares used in computation of per share information 5,084,000 5,080,000 (a) Loss from discontinued operations is net of tax benefits of $83,000 for the quarter ended June 30, 1991. TransTechnology Corp. is a diversified manufacturer of industrial and aerospace products. -0- 7/31/92 /CONTACT: Michael J. Berthelot, Vice Chairman Investor Relations of TransTechnology, 908-964-5666/ (TT) CO: TransTechnology Corporation ST: New Jersey IN: ARO SU: ERN
CH -- LA009 -- 5472 07/31/92 09:48 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 31, 1992|
|Previous Article:||COMSHARE REPORTS YEAR-END RESULTS|
|Next Article:||NATIONSBANK LAUNCHES ADVERTISING CAMPAIGN TO PROMOTE $10 BILLION COMMUNITY DEVELOPMENT LOAN PROGRAM|