HUDSON, Mass., July 23 /PRNewswire/ -- ACT Manufacturing, Inc.
(Nasdaq: ACTM) today announced results for the second quarter of 1997.
For the three months ended June 30, 1997, revenue increased 39 percent to
$72,364,000 compared with $52,155,000 for the same period in 1996. Net income
for the quarter was $3,631,000, an increase of 61 percent over net income of
$2,253,000 for the second quarter of 1996. The Company realized net earnings
of $0.39 per share for the second quarter of 1997 compared with net earnings
per share of $0.25 for the same period in 1996.
For the six months ended June 30, 1997, revenue increased 54 percent to
$142,613,000 compared with $92,671,000 for the same period in 1996. Net
income for the six months ended June 30, 1997 was $6,993,000, an increase of
80 percent over net income of $3,875,000 for the 1996 six month period. The
Company realized net earnings of $0.75 per share for the six months ended
June 30, 1997, compared with net earnings per share of $0.43 in the same
period last year.
During the second quarter of 1997, the Company acquired the contract
manufacturing businesses of Electronic Systems International in Georgia, and
SignMax, Ltd. in Dublin, Ireland. The effects of the acquired businesses on
the results of operations were insignificant.
John A. Pino, President and Chief Executive Officer, said, "We continue to
be very pleased with the results of the Company's operations. We continued to
diversify the business with our geographic expansions as well as to improve
overall Company profitability. The acquisitions made in the second quarter
significantly strengthen the Company's position in the southern United States
and European markets."
ACT Manufacturing, Inc., a leading contract manufacturer headquartered in
Hudson, Massachusetts, supplies emerging and major original equipment
manufacturers in the commercial electronics, communications and medical
industries with printed circuit board assemblies, cable and harness
assemblies, electro-mechanical sub-assemblies and total system assembly and
integration.
Certain statements made herein are forward-looking in nature and are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. In particular, statements regarding the Company's
business model, anticipated market growth, acquisition strategy, and the
operating plans and objectives of management should be considered forward
looking and subject to certain risks and uncertainties. In addition to the
inherent risks associated with a competitive market, the Company's 1996 Form
10-K and first quarter 1997 Form 10-Q detail some important risk factors that
could cause the Company's actual results to differ materially from any
forward-looking statements made herein.
For more information on ACT Manufacturing, via fax at no charge, please
dial 1-800-PRO-INFO and enter ticker ACTM.
ACT MANUFACTURING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data)
Unaudited
Three Months Ended June 30,
1997 1996
Net sales $ 72,364 $ 52,155
Cost of goods sold 62,868 45,627
Gross profit 9,496 6,528
Selling, general and administrative expenses 2,922 2,396
Operating income 6,574 4,132
Interest and other expense, net 522 377
Income before provision for income taxes 6,052 3,755
Provision for income taxes 2,421 1,502
Net income $ 3,631 $ 2,253
Net income per common share $ 0.39 $ 0.25
Weighted average shares outstanding 9,349,251 9,010,984
Unaudited
Six Months Ended June 30,
1997 1996
Net sales $ 142,613 $ 92,671
Cost of goods sold 124,076 81,375
Gross profit 18,537 11,296
Selling, general and administrative expenses 5,813 4,466
Operating income 12,724 6,830
Interest and other expense, net 1,070 372
Income before provision for income taxes 11,654 6,458
Provision for income taxes 4,661 2,583
Net income $ 6,993 $ 3,875
Net income per common share $ 0.75 $ 0.43
Weighted average shares outstanding 9,317,872 8,967,163
ACT MANUFACTURING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Unaudited
ASSETS June 30,1997 December 31, 1996
CURRENT ASSETS:
Cash and cash equivalents $ 5,231 $ 5,054
Accounts receivable, net 49,732 41,475
Inventory 49,303 53,994
Deferred taxes 1,409 1,487
Prepaid expenses and other assets 883 489
Total current assets 106,558 102,499
PROPERTY AND EQUIPMENT - net 7,543 4,635
OTHER ASSETS 6,601 461
TOTAL $ 120,702 $ 107,595
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes payable - banks $ 1,937 $ --
Current portion of long-term debt 438 38
Accounts payable 30,099 26,154
Accrued expenses 4,793 5,216
Total current liabilities 37,267 31,408
LONG-TERM DEBT - net of
current portion 23,646 29,055
STOCKHOLDERS' EQUITY
Common stock 90 88
Additional paid-in capital 38,862 33,201
Retained earnings 20,837 13,843
Total stockholders' equity $ 59,789 $ 47,132
TOTAL $ 120,702 $ 107,595
SOURCE ACT Manufacturing, Inc. |
