WILLIAMS CONTROLS ANNOUNCES THIRD QUARTER RESULTS
WILLIAMS CONTROLS ANNOUNCES THIRD QUARTER RESULTS PORTLAND, Ore., July 24 /PRNewswire/ -- Williams Controls Inc.
("Williams") (NASDAQ: WMCO) announced today its unaudited financial results for the third quarter ended June 30, 1992. The company reported net income of $170,000 for the three months ended June 30, 1992, compared to a loss of $19,000 for the three months ended June 30, 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 $384,000 for the nine months ended June 30, 1992, compared to a net loss of $112,000 for the nine months ended June 30, 1991, resulting in earnings of 3 cents per share in 1992 compared to a 1 cent loss per share in 1991.
Sales for the three months ended June 30, 1992 were $4,941,000 compared to $4,148,000 for the three months ended June 30, 1991, an increase of 19 percent over 1991. Sales for the nine months ended June 30, 1992 were $14,494,000 compared to $11,869,000 for the nine months ended June 30, 1991. This is an increase of 22 percent and is attributable to increased demand for Williams' electronic pedal product line. Thomas W. Itin, chairman, stated that the electronic pedal product line currently accounts for over 40 percent of the company's sales. Joseph W. Hovorka, president, stated that the company entered into an agreement on May 29, 1992 with its bank to amend the company's current lending arrangement which enables the company to be in compliance with all loan covenants. The company had been classifying the term loans with the bank as a current liability due to various loan covenant violations. The amendment to the loan agreements enables the company to classify the term loans as long-term debt. Also as previously announced, the company is proceeding with the recall of certain of its electronic pedal product line in cooperation with the National Highway Traffic Safety Administration. The company accrued for the estimated cost of the recall at Sept. 30, 1991 which is recorded as a current liability in the financial statements. The company does not expect the recall to impact current operations and anticipates that a significant portion of the recall will be completed by the end of the calendar year. Williams Controls manufactures a wide range of electronic controls, pneumatic and hydraulic controls, and exhaust brakes which are used primarily in the heavy vehicle industry worldwide. -0- 7/24/92 /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 -- DV005 -- 3044 07/24/92 13:01 EDT
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|Date:||Jul 24, 1992|
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