VTX ELECTRONICS CORP. ANNOUNCES FISCAL 1992 RESULTS
VTX ELECTRONICS CORP. ANNOUNCES FISCAL 1992 RESULTS FARMINGDALE, N.Y., Oct. 9 /PRNewswire/ -- VTX Electronics Corp.
(AMEX: VTX) today announced its results for the quarter and fiscal year ended June 30, 1992.
Net sales for the fourth quarter were $10,839,000, compared with sales of $10,377,000 in the fourth quarter of fiscal 1991, an increase of 4.5 percent. The net loss for the 1992 fourth quarter was $707,000, or $0.14 a share, as compared with a loss of $2,520,000, or $1.03 per share, in the fourth quarter of fiscal 1991. Net sales for the year were $41,295,000, compared with sales of $46,728,000 for fiscal 1991. The company reported a loss before income tax benefit for fiscal 1992 of $1,983,000, as compared with a loss of $4,111,000 for fiscal 1991. Net loss for the year was $1,963,000, or $0.46 per share, as compared with a loss after tax benefits of $3,493,000, or $1.43 per share, for the year ended June 30, 1991. "We are encouraged by the significant reduction in the quarterly and annual loss," said Charles J. McMullin, chief executive officer. "At the start of the fourth quarter, however, the company did experience a measurable decline in its market, although sales rebounded in June and continue to grow to date." "The overall improvements in the company are the result of several key operational and sales initiatives undertaken in fiscal 1992 by the new management. The increase in sales brought about by these initiatives more than offset the associated costs. The company is now poised to further realize the benefits of these initiatives," McMullin said. VTX designs, distributes and assembles a wide variety of electronic wire, cable and related products used primarily in the data communications networking marketplace. Its principal subsidiary is Vertex Electronics, Inc. VTX ELECTRONICS CORP. AND SUBSIDIARIES Consolidated Statements of Operations Three months ended Year ended June 30 June 30 1992 1991 1992 1991 Net sales 10,839,000 10,377,000 41,295,000 46,728,000 Loss before income tax benefit (727,000) (2,788,000) (1,983,000) (4,111,000) Income tax benefit (20,000) (268,000) (20,000) (618,000) Net loss (707,000) (2,520,000) (1,963,000) (3,493,000) Weighted average shares outstanding 5,187,500 2,437,500 4,298,702 2,437,500 Loss per share (.14) (1.03) (.46) (1.43) -0- 10/9/92 /CONTACT: Steven B. Graham, CFO of VTX Electronics Corp., 516-293-9880/ (VTX) CO: VTX Electronics Corp. ST: New York IN: CPR SU: ERN
AH-KW -- NY062 -- 8467 10/09/92 15:51 EDT
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|Date:||Oct 9, 1992|
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