Second-quarter revenue grew 132% to $12,683,000 from $5,476,000 for the same period last year.
Westwood Reports Earnings and Forecasted Operating Results
Tuesday October 30, 7:02 am Eastern Time
Press Release
SOURCE: Westwood Corporation
TULSA, Okla.--(BUSINESS WIRE)--Oct. 30, 2001--Westwood Corporation (OTCBB: WNMP - news) announced today its operating results for its fiscal 2002 second quarter and six months ended September 30, 2001.
Second-quarter revenue grew 132% to $12,683,000 from $5,476,000 for the same period last year. The company recorded EBITDA of $604,000 and net income of $218,000 for the quarter ended September 30, 2001, which compares to a negative EBITDA of $(255,000) and a net loss of $(649,000) for the same period last year. Revenues for the six months ended September 30, 2001, grew 106% to $23,929,000 from $12,329,000 for the same period last year. The company recorded EBITDA of $1,019,000 and net income of $223,000 for the six months ended September 30, 2001, which compares to EBITDA of $2,000 and a net loss of $(638,000) for the same period last year. Earnings per share for the second quarter and six months ended September 30, 2001, were $0.03 and $0.03 respectively, which compares to losses for the second quarter and six months ended September 30, 2000, of $(0.09) and $(0.09) respectively.
The company attributes the growth in revenue and operating results to a full period's production under a long-term TQG contract at the company's MCII Electric subsidiary, compared to one month for the same period last year; increased spare part, panel board and field service revenue at the company's TANO and NMP subsidiaries; and increased production on two major electrical switchgear contracts for the U.S. Navy at NMP.
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Regards,
Bill |
