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WELLS-GARDNER REPORTS HIGHER REVENUES AND EARNINGS FOR THIRD QUARTER 1992

 WELLS-GARDNER REPORTS HIGHER REVENUES AND EARNINGS
 FOR THIRD QUARTER 1992
 CHICAGO, Oct. 19 /PRNewswire/ -- Wells-Gardner (AMEX: WGA) today announced results for its third quarter and nine months ended Sept. 30, 1992.
 For the third quarter, sales increased 55 percent to $12,772,000 from $8,224,000 in the prior year's period. Net earnings were $422,000, or 11 cents a share, versus a loss of $196,000, or five cents a share, for the comparable 1991 quarter. Earnings from continuing operations were $297,000, or eight cents a share, before a tax loss carryforward of $125,000, or three cents a
share. This compares to a loss on continuing operations of $196,000, or five cents a share in the year earlier quarter. Last year's quarter had no tax loss carryforward but had a tax benefit of $70,000, or two cents a share.
 For the nine months, sales were up 32 percent, to $37,847,000 from $28,760,000 in the prior year's period. Net earnings were $1,465,000, or 38 cents a share, versus a loss of $156,000, or four cents a share, for the comparable 1991 period. Earnings from continuing operations were $937,000, or 24 cents a share, before a tax loss carryforward of $528,000, or 14 cents a share. This compares to a loss on continuing operations of $156,000, or four cents a share, in the year earlier period. Last year's nine months had no tax loss carryforward but had a tax benefit of $57,000, or two cents a share.
 The company had 3,927,104 weighted average common and common equivalent shares outstanding in the recent quarter and 3,899,781 for the nine months. There were 3,766,195 and 3,766,195 average common and common equivalent shares in the 1991 quarter and nine months, respectively.
 "We are particularly pleased with the continued improvement in earnings on operations. Pre-tax earnings for the quarter posted a positive swing of $749,000 from the year earlier quarter. Year-to-date pre-tax earnings improved $1,740,000 over 1991. These gains are a direct result of increased capacity utilization and the restructuring implemented during the second quarter this year," Frank J. Myers, Chairman and Chief Executive Officer noted.
 "The impressive sales growth for both the quarter and nine months reflects increased demand across all of our market segments served," Myers commented. "Sales to makers of video lottery terminals accounted for the largest percentage gain on a quarterly basis, and year-to-date now account for 16 percent of total sales. We are continuing to ship monitors destined for the recently activated Louisiana, Victoria (Australia) and Alberta and Saskatchewan (Canada) VLT markets.
 "Sales to the coin-operated game segment were also strong, with a 50 percent increase over the comparable 1991 quarter. We expect continued strong demand from this segment into the fourth quarter," Myers said.
 "Our automotive segment continues to show recovery, with third quarter sales up 16 percent and year to date shipments up nine percent over the comparable 1991 periods.
 "Exports were strong for the quarter, almost tripling over the comparable 1991 quarter and accounting for 27 percent of quarterly sales. For the nine months, exports doubled and accounted for 23 percent of sales," he added.
 "This growth in revenue has been achieved without impacting our financial strength. Our current ratio remains strong at 2.5 to 1.0; shareholders' equity increased to $13,652,000, or $3.50 per share, a nine percent increase over year-end 1991; and we have no long term debt," Myers concluded.
 Wells-Gardner Electronics Corporation is a video products company. It designs and manufactures video monitors for sale to the business and industrial markets. It has a customer base that is growing both domestically and internationally.
 Wells-Gardner Electronics Corporation
 Condensed Balance Sheet
 (Unaudited) (Audited)
 September 30, December 31,
 1992 1991
 Assets:
 Cash and Short Term Investments $ 563,000 $ 423,000
 Refundable Income Taxes 212,000 265,000
 Accounts Receivable 8,962,000 5,716,000
 Inventory 9,054,000 7,839,000
 Other Current Assets 151,000 309,000
 Total Current Assets 18,942,000 14,552,000
 Long Term Bond 25,000 25,000
 Net Properties and Equipment 2,349,000 1,970,000
 Total Assets $ 21,316,000 $ 16,547,000
 Liabilities and Shareholders' Equity:
 Current Liabilities $ 7,447,000 $ 4,188,000
 Deferred Taxes 217,000 217,000
 Shareholders' Equity 13,652,000 12,142,000
 Total Liabilities and
 Shareholders' Equity $ 21,316,000 $ 16,547,000
 Wells-Gardner Electronics Corporation
 Statement of Operations
 (Unaudited)
 Nine Months Ended September 30,
 1992 1991
 Net Sales $ 37,847,000 $ 28,760,000
 Cost of Sales 33,073,000 25,844,000
 Selling and Administrative
 Expenses 3,286,000 3,242,000
 Other Income, Net (39,000) (113,000)
 Total Cost 36,320,000 28,973,000
 Earnings (Loss) before
 Income Taxes 1,527,000 (213,000)
 Income Taxes (benefit) 590,000 (57,000)
 Net Earnings (Loss)
 from continuing
 operations 937,000 (156,000)
 Net Earnings form Extraordinary
 item-Tax Effect of Loss
 Carry forward 528,000 ---
 Net Earnings (Loss) $ 1,465,000 $ (156,000)
 Net Earnings (Loss) per
 share from Continuing
 Operations $ 0.24 $ (0.04)
 Net Earnings per share
 from Extraordinary
 item - Tax Effect of
 Loss Carryforward 0.14 ---
 Net Earnings (Loss)
 per share $ 0.38 $ (0.04)
 Weighted Average Common
 and Common Equivalent
 Shares Outstanding 3,899,781 3,766,195
 Wells-Gardner Electronics Corporation
 Statement of Operations
 (Unaudited)
 Third Quarter Ended September 30,
 1992 1991
 Net Sales $ 12,772,000 $ 8,224,000
 Cost of Sales 11,228,000 7,529,000
 Selling and Administrative
 Expenses 1,083,000 1,003,000
 Other Income, Net (22,000) (42,000)
 Total Cost 12,289,000 8,490,000
 Earnings (Loss) before
 Income Taxes 483,000 (266,000)
 Income Taxes (benefit) 186,000 (70,000)
 Net Earnings (Loss)
 from continuing
 operations 297,000 (196,000)
 Net Earnings form Extraordinary
 item-Tax Effect of Loss
 Carry forward 125,000 ---
 Net Earnings (Loss) $ 422,000 $ (196,000)
 Net Earnings (Loss) per
 share from Continuing
 Operations $ 0.08 $ (0.05)
 Net Earnings per share
 from Extraordinary
 item - Tax Effect of
 Loss Carryforward 0.03 ---
 Net Earnings (Loss)
 per share $ 0.11 $ (0.05)
 Weighted Average Common
 and Common Equivalent
 Shares Outstanding 3,927,104 3,766,195
 -0- 10/19/92
 /CONTACT: Rick Conquest, Chief Financial Officer, Wells-Gardner Electronics, 312-252-8220; or Gale Strenger, 708-564-5610, Bruce Marcus, 212-580-0703, Largent Parks, 214-387-4520, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for Wells-Gardner Electronics/
 (WGA) CO: Wells-Gardner Electronics Corporation ST: Illinois IN: CPR SU: ERN


ML -- DE004 -- 1383 10/19/92 09:03 EDT
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Date:Oct 19, 1992
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