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Price and Volume
(updated May 8, 1998)
52-Week Low $1.50
Recent Price $1.625
52-Week High $6.752
Beta 0.35
Daily Volume (3-month avg) 0
Share-Related Items
Market Capitalization $6.00M
Shares Outstanding 3.69M
Float 700.0K
Tuesday May 19, 1:02 pm Eastern Time
Company Press Release
Precision Standard Inc. Reports Sales and Earnings for the First Quarter 1998
DENVER--(BUSINESS WIRE)--May 19, 1998--Precision Standard Inc. (NASDAQ: PCSN - news) announced today that it earned $4.5 million, or $1.24 a share, for the three-month period ended March 31, 1998, on net sales of $34.5 million, vs. a loss of $2.5 million, or $0.79 a share, on net sales of $35 million for the comparable three-month period ended March 31, 1997.
The company said that the results for the quarter were positively impacted by the reductions in costs resulting from restructuring activities undertaken during 1997. The company generated $2 million in earnings from operations and an additional $3.2 million, after adjustments, including the Hayes Targets asset sale which was consummated in January 1998.
Company-wide, sales figures were essentially unchanged in 1998 as compared to the previous year. Additional sales generated by both commercial and government contracts offset decreased revenues due to the closure and bankruptcy of the company's Danish subsidiary and the expiration of the C-130 contract during 1997.
At the end of March 1998, the company's order backlog (including unfunded government orders) stood at $391.5 million, as compared to $421.5 million for the same period the previous year. $214 million is primarily associated with follow-on option years of its government contracts, as compared to $261 million for the same period the previous year.
Matthew L. Gold, the company's president and chief executive officer, commented: ''The company has now returned to profitability after having withstood a series of difficult and unforeseeable events during the past few years. While company-wide revenues for the first quarter of 1998 were essentially unchanged from 1997, management continues to work hard to boost revenues and further reduce costs and expenses which should further improve our profitability.''
Precision Standard, with executive offices in Denver and facilities in Alabama, California and Florida, performs maintenance and modification of aircraft for the U.S. government and foreign and domestic commercial customers. The company also provides aircraft parts and support and engineering services and full-service overhaul and repair for a wide range of engine nacelle-related needs. It also develops and manufactures aircraft cargo systems, rocket vehicles and control systems, and precision springs and components.
Statements contained in this release which are not historical facts may be forward-looking statements which involve numerous risks, including, but not limited to, the effect of economic conditions, the impact of competitive products and pricing, actions by management, estimates of backlog and the actual performance of work under contract.
Precision Standard Inc.
Results Through 3/31/98
First-Quarter Results 1998 1997
Sales $34,453,916 $35,017,730
Income Before Income Tax $ 4,562,682 $(2,461,382)
Income Tax Expense $ (25,000) $ (66,000)
Net Income $ 4,537,682 $(2,527,382)
Weighted Average Shares Outstanding 3,666,054 3,187,328
Earnings Per Common Share
Income Before Income Tax $ 1.24 $ (0.77)
Income Tax Expense $ -- $ (0.02)
Net Income $ 1.24 $ (0.79)
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Contact:
Precision Standard Inc., Denver
Darryl Mazow, 303/371-6525
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