WALKER POWER REPORTS FISCAL FIRST QUARTER SALES GAIN OF 28 PERCENT
WARNER, N.H., Feb. 27 /PRNewswire/ -- Walker Power, Inc. (NASDAQ: WPIC), a New Hampshire-based designer, manufacturer and marketer of power conversion components and complete power systems, today announced the results for the quarter ended Dec. 29, 1991.
Walker Power's fiscal first quarter sales increased 28 percent to $2,664,436 compared to $2,074,631 a year ago. Net income for the quarter increased to $123,907 vs. a loss of $29,836 for the same period in 1990.
Earnings per share were $.05 on 2,526,636 weighted average shares and equivalents outstanding vs. a loss of $.01 per share on 2,669,761 weighted average shares and equivalents outstanding a year ago. On Jan. 22, 1992, the company issued 1,085,000 shares of common stock in an initial public offering and received net proceeds of approximately $5.8 million.
Michael Foster, president and CEO, said, "Our results reflect continued sales increases on our lamp ballast business and sales of specialized power systems to the thermal processing and high-rise elevator modernization markets. Walker Power's 53 percent gross profit increase reflects the success of our ongoing efforts to improve our product mix and the manufacturing process."
Walker Power designs, manufactures and markets power conversion components and complete power systems. The company's products are used in a variety of medical, commercial and industrial applications, including medical endoscopes, entertainment lighting, thermal processing equipment and highrise elevators.
WALKER POWER, INC.
Consolidated Statement of Income - Unaudited
Three months ended 12/29/91 12/30/90
Net sales $2,664,436 $2,074,631
Cost of sales 1,708,635 1,450,498
Gross profit 955,801 624,133
Operating expenses 704,553 610,935
Operating income 251,248 13,198
Income before taxes 206,507 (49,636)
Provision for taxes 82,600 (19,800)
Net income (loss) 123,907 (29,836)
Earnings per share $.05 ($.01)
Weighted avg. share and
equivalents outstng. 2,526,636 2,669,761
/CONTACT: Michael Foster of Walker Power, 603-456-3111, or Matthew J. Harrington of Edelman Public Relations, 212-704-8103, for Walker Power/
(WPIC) CO: Walker Power, Inc. ST: New Hampshire IN: SU: ERN AH-SM -- NY086 -- 3477 02/27/92 17:11 EST