Praegitzer Industries, Inc. Reports Record Quarterly and Annual
Revenues
DALLAS, Ore., July 22 /PRNewswire/ -- Praegitzer Industries, Inc. (Nasdaq: PGTZ) today announced record revenue for its fourth quarter and fiscal year ended June 30, 1997. Net revenue for fiscal year 1997 was $147.9 million a 55.6% increase over 1996 revenue of $95.1 million.
Including one time non-cash charges related to purchased research and development, and impairment of goodwill, the Company reported a net loss for the period of $8.3 million, or $0.68 per share on 12.2 million shares. Excluding one-time charges, the Company realized net income of $3.3 million or $0.27 per share, as compared to pro forma net income of $7.3 million, or $0.80 per share based on 9.4 million shares outstanding as reported for the same period of last year. The Company attributed the reduction in net income from continuing operations for the period to higher than anticipated expenses associated with the startup costs of the new innerlayer expansion at the Company's Dallas facility and the expansion at the White City facility. Also contributing to reduced earnings were higher than anticipated sales, general and administrative costs to fully integrate the Company's acquisition of Trend Circuits and expenses related to a restructuring of the nationwide and international sales organization which occurred during the year.
For the fourth quarter ended June 30, 1997, revenue grew to $45.4 million, up from $28.8 million in the same period of 1996. Net income for the period was $1.7 million, slightly below fourth quarter 1996 pro forma net income of $2.5 million. Earnings per share in the fourth quarter were $0.14 per share on 12.4 million shares, down from pro forma earnings per share of $0.22 on 11.4 million shares
in the fourth quarter of 1996. Continuing expenses associated with the expansion and improvement of the inner layer operation in the Dallas facility were the main cause of the lower earnings.
Commenting on results for the period Praegitzer Chief Executive Officer, Robert Praegitzer stated, "The evidence of success in our operating strategy is beginning to show itself in our sales growth. As more of our current and potential customers seek a turn-key solution in meeting their printed circuit board needs, we are there to offer them our one-stop-shop solution." Praegitzer continued, "We have invested tremendously in our processes and technologies during the course of the year and as a result our bottom line suffered. However, we are now over the hurdle and we anticipate bringing more dollars to the bottom line in subsequent periods as a direct result of the increased investments in people, processes and technology that were made over the course of the year."
Praegitzer Industries, Inc., founded in 1981, is a leading design and fabrication service provider of advanced printed circuit boards. Praegitzer has four fabrication facilities and 12 design centers serving customers in the business systems, computing, instrumentation, medical and
telecommunications industries. Praegitzer prides itself on continually improving the quality of its products and services. It is a publicly traded company (Nasdaq: PGTZ) and employs more than 1,600 people. For more information on Praegitzer Industries, Inc., access pii.com via a
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