WILLIAMS CONTROLS ANNOUNCES SECOND QUARTER RESULTS
WILLIAMS CONTROLS ANNOUNCES SECOND QUARTER RESULTS PORTLAND, Ore., May 13 /PRNewswire/ -- Williams Controls Inc.
("Williams") (NASDAQ: WMCO) announced today its unaudited financial results for the second quarter ended March 31, 1992. The company reported net income of $159,000 for the three months ended March 31, 1992, compared to a loss of $28,000 for the like three months ended March 31, 1991, resulting in earnings of 1 cent per share in 1992 compared to a one-half cent loss per share in 1991. The company also announced that it had a net income of $214,000 for the six months ended March 31, 1992, compared to a net loss of $93,000 for the six months ended March 31, 1991, which is earnings of 2 cents per share in 1992 compared to a 1 cent loss per share in 1991. This increase is due primarily to increased sales.
Sales for the three months ended March 31, 1992, were $5,023,000 compared to $4,066,000 for the three months ended March 31, 1991. This reflects an increase of nearly 24 percent over 1991. Sales for the six months ended March 31, 1992, were $9,553,000 compared to $7,721,000 for the six months ended March 31, 1991. This is an increase of nearly 24 percent, and is attributable to increased demand for Williams' electronic pedal product line. The electronic pedal product line currently accounts for over 40 percent of the company's sales. In March 1992, the company issued recall notices to purchasers of certain electronic pedal product lines. In April 1992, the company began shipping modification kits to be installed to remedy the product defect. Thomas W. Itin, chairman of Williams, stated that a significant portion of the recall should be completed by fiscal year-end, Sept. 30, 1992. Williams Controls manufactures and sells a wide range of pneumatic, electronic 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- 5/13/92 /CONTACT: Thomas W. Itin or Joseph W. Hovorka of Williams Controls, 503-684-8600/ (WMCO) CO: Williams Controls Inc. ST: Oregon IN: SU: ERN
BB-MC -- DV009 -- 9639 05/13/92 11:47 EDT
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|Date:||May 13, 1992|
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