The following shows MRM's results from first quarter 1997. Sales of $4,272,000 were up 34% over first quarter '96 ($3,187,000). Net income increased 10% to $278,000 while net income per share increased 20% from 15 cents to 18 cents. The number of weighted average shares outstanding decreased by 87,000 from first quarter '96 primarily from stock repurchases. Backlog at end of first quarter '97 was $9,4000,000, up 15% from end of 1996 and up 45% from first quarter 1996. The following results are unaudited.
............................ 1997 ............... 1996
Net sales ............. $4,275,000 ........ $3,187,000
Income before taxes ...438,000 ........... 381,000
Provision for taxes ....160,000 ........... 129,000
Net income ............. 278,000 ........... 252,000
Net income/share ......... 0.18 ............. 0.15
Ave. # common shares
outstanding ......... 1,547,000 ........... 1,634,000
I'd like to quote from the chairman's recent letter to stockholders. Mr. Huber wrote, "For years, I have been troubled by the comment, 'No one working at Merrimac looks happy.' Since Mason Carter took the reins the most visible change is that nearly all employees are smiling. His leadership style is all-inclusive and the organization is responding well."
For the record, I will note that I am long MRM (recently bought at 10 1/2). |
