Signal Technology Announces Second-Quarter 1999 Results
DANVERS, Mass.--(BUSINESS WIRE)--July 22, 1999--Signal Technology
Corporation (AMEX:STZ) today reported financial results for its second
quarter ended June 30, 1999. Sales totaled $20.9 million for the 1999
second quarter compared with $22.2 million for the 1998 second
quarter. Net earnings for the 1999 second quarter were $825,000 or
$0.10 per diluted share, versus a net loss of $7.8 million, or $1.07
per diluted share for the 1998 second quarter.
For the first six months of 1999, the Company achieved sales of
$41.4 million, versus $45.9 million for the first six months of 1998.
Net earnings for the 1999 period were $1.5 million or $0.18 per
diluted share, compared with a net loss of $7.6 million, or $1.03 per
diluted share in 1998.
"I'm pleased to report the company is on track with our goals for
continuous performance improvement," said George Lombard, Signal
Technology's board chairman and chief executive officer. "This marks
our fourth consecutive quarter of increased earnings. Further, new
orders have resulted in a $12.0 million (18%) increase to backlog
since December 1998. We believe the corporate-wide corrective actions
we've taken have set the company on a solid recovery course. We are
now able to turn our attention more fully to opportunities for
growth."
The Company's recent corrective actions included strengthening
performance assessment, establishing tighter financial controls,
streamlining operations for greater efficiency, strengthening the
Company's position in defense electronics, and evaluating
opportunities for further growth.
"We are very pleased to welcome Dan Gallagher as president of the
Olektron Operation in Beverly, MA," said Mr. Lombard. "Dan's career in
the electronics industry includes 30 years in both the defense and
commercial telecommunications markets. His proven record as a manager
in turnaround and growth situations made him an excellent choice for
this position." |
