WILLIAMS CONTROLS ANNOUNCES RECORD SALES
WILLIAMS CONTROLS ANNOUNCES RECORD SALES PORTLAND, Ore., Jan. 29 /PRNewswire/ -- Williams Controls Inc.
("Williams") (NASDAQ: WMCO) announced today that its sales for first quarter ended Dec. 31, 1991 were $4,530,000, its highest sales total for a quarter in the company's history. In comparison, sales for the first quarter ended Dec. 31, 1991 were $3,665,000. This 1991 sales volume reflects an increase of approximately 25 percent over the comparable 1990 period. Income from operations was $55,000 for the quarter ended Dec. 31, 1991 compared to a loss of $65,000 for the quarter ended Dec. 31, 1990.
The company stated that the financial results for the fiscal year ended Sept. 30, 1991 resulted in a net loss from operations of $1,051,000 or 11 cents per common share on sales of $16,200,000. With the completion of a retrofit device in December 1991, the company has been able to estimate that the material and labor costs of the recall for certain earlier models of its electronic pedals which contain a design defect will be approximately $1,100,000, which, for the year ended Sept. 30, 1991 resulted in a charge of $700,000 to operations and an increase of $400,000 in cost in excess of net assets of business acquired. In addition to research and development costs, the company has incurred administrative costs pertaining to the design defect of approximately $350,000 for the year ended Sept. 30, 1991 and $73,000 for the year ended Sept. 30, 1990. Thomas W. Itin, chairman, stated "the demand for our products, particularly the electronic foot pedal product lines, remains strong with a current sales backlog of approximately $2,800,000." Itin went on to say, "the increase in electronic foot pedal sales is a result of increased use of electronic engines by truck manufacturers, which we expect to increase in the future as a result of recent changes in federal law regulating emissions standards which will be implemented by 1994." Williams Controls manufactures a wide range of pneumatic and hydraulic controls for the truck, bus, mining, construction and refuse collection markets. Its product lines include approximately 250 different pneumatic products as well as specialized electronic and hydraulic products which are sold nationwide and in foreign countries. -0- 1/29/92 /CONTACT: Thomas W. Itin or Joseph W. Hovorka both of Williams Controls, 503-684-8600/ (WMCO) CO: Williams Controls Inc. ST: Oregon IN: SU: ERN
BB -- DV012 -- 4868 01/29/92 15:52 EST
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|Date:||Jan 29, 1992|
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