OUCH!
Genrad Inc 1Q Net Oper Net 5c/Diluted Share Vs 23c
Genrad Inc. - Westford, Mass.
1st Quar April 4:
1998 1997
Sales $49,074,000 $52,500,000
Net income a 8,909,000 b 11,717,000
Avg shrs (basic) 27,395,000 26,221,000
Avg shrs (diluted) 29,621,000 28,106,000
Shr earns (basic)
Net income a .33 b .45
Shr earns (diluted)
Net income a .30 b .42
a. Include tax benefit of $7.5 million, or 25 cents a diluted share. Operating
net was $1.4 million, or 5 cents a diluted share.
b. Include tax benefit of $5.4 million, or 19 cents a diluted share. Operating
net was $6.3 million, or 23 cents a diluted share.
Genrad expressed disappointment at its results but said it is positioned for
growth in 1999 and beyond.
The company attributed its lower revenues to fewer shipments of ADS
diagnostic hardware and EMS broker equipment. The company cited the
lower revenues, a shift toward lower- margin products, lower productivity
in its EMS services business and higher operating expenses as reasons for
its decreased net.
Genrad provides hardware, software, inspection systems and services to
electronics original-equipment manufacturers. |
