Printer Friendly

WEDCO TECHNOLOGY, INC. REPORTS STRONG SECOND QUARTER/SIX MONTHS GAINS

 BLOOMSBURY, N.J., Nov. 11 /PRNewswire/ -- Wedco Technology, Inc. (NASDAQ-NMS: WEDC), a provider of custom processing services and manufacturer of related machinery for the plastics industry, today reported gains in revenues and earnings for the second quarter and six months ended Sept. 30, 1993.
 Net income for the second quarter climbed 49 percent to $690,000 from $464,000 for the same period last year, resulting in earnings per share rising to 22 cents from 15 cents, a 47 percent increase. Sales for the current year's quarter were $9,525,000 vs. $8,732,000 for the like period of the prior year, a 9 percent gain.
 Six months net income reached $1,610,000 from the $1,133,000 for the initial six months last year, a 42 percent gain. Earnings per share increased 41 percent to 52 cents from 37 cents. Sales for the half year climbed 10.5 percent to $18,711,000 from $16,927,000 for the fiscal 1993 period.
 "The company's joint ventures in France and Canada produced equity income of $556,000 during the first half of this year compared to $399,000 during the first six months last year, a gain of 39 percent," William E. Willoughby, chairman and president said.
 "A 46 percent increase in second quarter operating income is evidence of the benefits we are beginning to realize from the substantial investments during the past five years in plants and equipment. This gain, together with strong equity income from our joint ventures, produced the encouraging second quarter earnings," Willoughby said.
 "We are optimistic about our long-term prospects based on our ability to maintain our strong market position during difficult economic times and early indications of an improving business climate," he concluded.
 WEDCO TECHNOLOGY, INC.
 Financial Highlights (unaudited)
 Periods ended Sept. 30 Three months Six months
 1993 1992 1993 1992
 Net revenues $9,525,000 $8,732,000 $18,711,000 $16,927,000
 Operating income 1,156,000 791,000 2,393,000 1,996,000
 Equity income from
 joint ventures 233,000 163,000 556,000 399,000
 Income before income
 taxes 1,039,000 561,000 2,262,000 1,670,000
 Net income 690,000 464,000 1,610,000 1,133,000
 Net income per common
 share $.22 $.15 $.52 $.37
 Average common and
 common equivalent
 shares outstanding 3,084,339 3,091,880 3,088,519 3,090,270
 /delval/
 -0- 11/11/93
 /CONTACT: Robert F. Bush, controller of Wedco Technology, 908-479-4181/
 (WEDC)


CO: Wedco Technology, Inc. ST: New Jersey IN: MAC SU: ERN

MP-MJ -- PH016 -- 3238 11/11/93 12:41 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1993
Words:439
Previous Article:ALCO STANDARD ACQUIRES CALIFORNIA COPY INCORPORATED
Next Article:ADAMS EXPRESS COMPANY BOARD DECLARES CAPITAL GAIN DISTRIBUTION AND INVESTMENT INCOME DIVIDEND
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters