Monday July 13, 10:14 am Eastern Time
Microdyne sees $0.12-$0.13 Q3 basic EPS
ALEXANDRIA, Va., July 13 (Reuters) - Microdyne Corp. said Monday it expected to report third-quarter basic earnings per share of $0.12 to $0.13 on strong growth following a turnaround effort this year.
In the third quarter of last year, the company reported basic EPS of $0.10 per share.
First Call had no estimates for the company's third-quarter earnings for this fiscal year.
Michael Jalbert, Microdyne's president and chief executive, said the results of a turnaround effort this past year have beed due in part to the strong growth of Microdyne and the formation of a new subsidiary to expand its outsourcing business.
The company said it would continue to focus on building up its telecommunications and outsourcing subsidiaries in order to achieve future growth.
The company said that as part of that effort it hired John Oakes as president of the company's wholly owned subsidiary, Microdyne Outsourcing, Inc.
Oaks replaces Christopher Maginniss, who will continue on in the short term as a consultant to Microdyne.
Oakes was formerly president and chief executive of Teleserv Corp., a private provider of outsourced customer service to major U.S. corporations.
''The addition of a seasoned veteran like John Oakes gives us the ability to grow what has essentially been a large, successful project for one customer into a sustainable business in which we can become a major player,'' said Jalbert.
Jalbert said he believed that the company would continue to to build shareholder value by nurturing both its outsourcing and communications businesses. Oakes' reputation and skills will be an important asset in that effort, he said.
''Our plan going forward is to reduce Microdyne's reliance on one customer by aggressively stepping up our marketing efforts to a number of potential clients and by selective acquisitions that will expand both our customer base and the range of services offered.
''I'm confident that John Oakes has the talent and background to build our leadership position in the outsourcing market.''
Prior to joining Teleserve in 1991, Oakes was a director of The Bankhouse Exchange, which provided management and financial support to emerging technology companies.
Based in Alexandria, Virginia, Microdyne, through its outsourcing subsidiary, is a full-line provider of valued-added outsourced technical support and repair services.
Through its Microdyne Communication Technologies subsidiary, the company makes telemetry and remote monitoring equipment for various governmental, industrial and commercial applications.
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