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VENTURIAN CORP. REPORTS SECOND QUARTER RESULTS

 MINNEAPOLIS, Aug. 6 /PRNewswire/ -- Venturian Corp. (NASDAQ-NMS: VENT) today reported a net loss of $600,000 or $.80 per share, on net sales of $10,716,000 for the second quarter ended June 30, 1993 compared to net earnings of $1,041,000, or $1.39 per share, on net sales of $10,252,000 for the 1992 second quarter.
 Net sales for the 1993 second quarter increased only marginally from the year-ago period. The quarter included $6.3 million in net sales contributed by PC Express, but sales of defense-related products at the company's Napco subsidiary declined substantially to $4.3 million from $10.2 million in the 1992 second quarter. Napco sales had been expected to be higher, but production delays on one contract shifted approximately $1.2 million in sales from the 1993 second quarter to the 1993 third quarter. Napco sales for the year-ago period were higher than normal due to shipments against an unusually large repowering contract.
 Gary B. Rappaport, Venturian's president, said that as in the first quarter, operating profits generated by PC Express were offset by operating losses resulting from the low level of sales for defense- related products and start-up costs for the company's Venturian Software subsidiary.
 For the six months ended June 30, 1993, Venturian Corp. reported a net loss of $1,364,000, or $1.82 per share, on net sales of $22,937,000 compared to net earnings of $329,000, or $.44 per share, on net sales of $15,008,000 for the comparable 1992 period. The results for the 1993 six month period include a one-time charge of $571,000, or $.76 per share, resulting from the implementation of FAS 106 relating to accounting for postretirement benefits other than pensions.
 Rappaport noted that PC Express sales for the six months totaled $13.3 million while earnings for the period totaled $608,000, before amortization of goodwill and non-competes related to the acquisition of the company. Venturian acquired PC Express in October 1992.
 Rappaport said that PC Express sales are up approximately 4 percent over the prior year in the first six months. He added that the sales rate in the third quarter remains strong and that future performance should benefit from improved production efficiency and efforts to upgrade service.
 Napco's order backlog at the end of the second quarter was $13,863,000, down from $14,928,000 at the beginning of the year. The company continues to reduce costs in its Napco subsidiary in response to the lower level of backlog. Rappaport added that a letter of intent for a major contract was signed in June and that negotiations continue for repowering programs totaling $6.7 million, but that all of these contracts represent 1994 business.
 Venturian Corp., through its wholly owned subsidiary PC Express, Inc., produces and services personal computers for the upper Midwest market, and through its Napco International subsidiary supplies a wide variety of defense-related products to governments around the world. The company's Venturian Software subsidiary sells MAGIC(TM) software and produces custom software applications.
 VENTURIAN CORP. AND SUBSIDIARIES CONSOLIDATED RESULTS
 (Unaudited)
 Three Months Ended
 6/30/93 6/30/92
 Net sales $10,716,000 $10,252,000
 Gross profit 2,464,000 3,071,000
 Operating profit (loss) (419,000) 1,068,000
 Other income (expense) (181,000) (17,000)
 Earnings (loss) before income
 taxes and cumulative effect
 of change in accounting
 principle (600,000) 1,051,000
 Income taxes -- 10,000
 Net earnings (loss) before
 cumulative effect of change
 in accounting principle (600,000) 1,041,000
 Cumulative effect of
 change in accounting for
 postretirement benefits -- --
 Net earnings (loss) $(600,000) $1,041,000
 Net earnings (loss) per
 share before effect of
 accounting change $(.80) $1.39
 Cumulative effect of
 accounting change -- --
 Net earnings (loss) per share $(.80) $1.39
 Avg. shares outstanding 747,789 747,789
 Six Months Ended
 6/30/93 6/30/92
 Net sales $22,937,000 $15,008,000
 Gross profit 5,135,000 4,232,000
 Operating profit (loss) (553,000) 405,000
 Other income (expense) (240,000) (66,000)
 Earnings (loss) before income
 taxes and cumulative effect
 of change in accounting
 principle (793,000) 339,000
 Income taxes -- 10,000
 Net earnings (loss) before
 cumulative effect of change
 in accounting principle (793,000) 329,000
 Cumulative effect of
 change in accounting for
 postretirement benefits (571,000) --
 Net earnings (loss) $(1,364,000) $329,000
 Net earnings (loss) per
 share before effect of
 accounting change $(1.06) $.44
 Cumulative effect of
 accounting change $(.76) --
 Net earnings (loss) per share $(1.82) $.44
 Avg. shares outstanding 747,789 747,789
 -0- 8/6/93
 /CONTACT: Gary B. Rappaport, president and CEO of Venturian Corp., 612-931-2420/
 (VENT)


CO: Venturian Corporation; PC Express ST: Minnesota IN: CPR SU: ERN

TJ -- MN009 -- 0320 08/06/93 12:46 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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