UNIVERSAL VOLTRONICS ANNOUNCES YEAR-END RESULTS
UNIVERSAL VOLTRONICS ANNOUNCES YEAR-END RESULTS MT. KISCO, N.Y., Feb. 24, 1992 -- Universal Voltronics Corp.
(AMEX: UVL) today reported revenues of $6,502,000 for the fiscal year ended December 28, 1991, compared with $7,698,000 for the year ended Dec. 29, 1990. Net loss was $316,000 for the year ended Dec. 28, 1991, compared with a net loss of $550,000 for the same period last year.
"Although our revenues in 1991 declined, we did finish the year with a backlog of $7.3 million -- our highest backlog level in 10 years," said Barry Ressler, president and chief executive officer of Universal Voltronics. "This backlog, which consists primarily of federally funded contract work, will help offset the decline in commercial revenues from our customers affected by the economic recession." Universal Voltronics designs and manufactures high-voltage power conversion systems for scientific and energy research, industrial, medical, and defense applications. Universal Voltronics is a subsidiary of Thermedics Inc. (AMEX: TMD) and Thermo Electron Corporation (NYSE: TMO). UNIVERSAL VOLTRONICS CORP. Financial Highlights Three Months Ended Twelve Months Ended 12/28/91 12/29/90 12/28/91 12/29/90 Revenues $1,814,000 $1,933,000 $6,502,000 $7,698,000 Income (loss) before income taxes and extraordinary credit (50,000) 54,000 (380,000) (459,000) Income (loss) before extraordinary credit 23,000 23,000 (316,000) (593,000) Net income (loss) 15,000 40,000 (316,000) (550,000) Earnings (loss) per share before extraordinary credit --- --- (4 cents) (10 cents) Earnings (loss) per share --- 1 cent (4 cents) (9 cents) Weighted average shares 7,859,000 7,856,000 7,859,000 6,220,000 -0- 2/24/92 /CONTACT: Natalie Carp of Universal Voltronics, 212-935-2510/ (UVL TMD TMO) CO: Universal Voltronics Corp.; Thermo Electron Corp. ST: New York, Massachusetts IN: OIL SU: ERN
SH -- NE013 -- 1791 02/24/92 10:23 EST
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|Date:||Feb 24, 1992|
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