Aeroflex Incorporated Reports Record Fourth Quarter and Full Year Operating Results
Year's Sales Increased 32%; Net Income Increased 58%
PLAINVIEW, NY--(BUSINESS WIRE)--Aug. 11, 1999-- Aeroflex Incorporated (NYSE:ARX - news) today announced operating results for its fourth quarter and year ended June 30, 1999.
Net sales for the fourth quarter ended June 30, 1999 were $48,674,000 compared with $34,430,000 for the same period of last year representing an increase of 41%. The Company reported that net income for the current quarter increased 28% to $4,501,000 ($.23 per diluted share) compared to $3,511,000 ($.19 per diluted share) in 1998.
For the year ended June 30, 1999, net sales were a record $157,104,000 compared with $118,861,000 last year, representing an increase of 32%. Net income was $13,257,000 ($.69 per diluted share), excluding a one-time acquisition charge (See Note a), for the year ended June 30, 1999, an increase of 58% over last year's net income of $8,406,000 ($.51 per diluted share).
``Sales, net income, earnings per share and backlog all reached record highs for the fourth quarter and full year ended June 30, 1999,' said Michael Gorin, President. ``As of June 30, 1999, backlog was approximately $94 million. We are obviously very pleased with our operating results and we remain confident that fiscal 2000 will continue to show further gains.'
Mr. Gorin also commented, ``The integration of UTMC Microelectronic Systems into our microelectronic business segment continues to proceed smoothly and we remain optimistic about the prospects for this recently acquired subsidiary.'
Aeroflex Incorporated, through its subsidiaries, utilizes advanced technologies to provide state-of-the-art microelectronic module, integrated circuit, interconnect and testing solutions used in communication applications for commercial and defense markets. It also designs and manufactures motion control systems and shock and vibration isolation systems used for commercial, industrial and defense applications.
Except for historical information contained in this news release, the matters discussed are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the ability of the Company to integrate the operations of UTMC Microelectronic Systems, Inc. and the risk factors reported from time to time in the Company's SEC reports. |
