Performance Technologies Reports Record Revenue and a 99% Increase in Second Quarter Earnings
ROCHESTER, N.Y.--(BUSINESS WIRE)--July 26, 1999--Performance Technologies, Incorporated (NASDAQ NM: PTIX - news) today announced record revenue and a 99% increase in net income for the second quarter 1999, compared to a year earlier.
Revenue increased 47% to $8.9 million for the second quarter 1999, compared to $6.1 million for the same period in 1998. Diluted earnings per share doubled to $.22 per share, from $.11 per share for the second quarter 1998. Net income grew to $1.7 million, from $861,000 for the second quarter 1998. For the first six months of 1999, revenue increased 27% to $17.0 million, compared to $13.5 million for the same period in 1998. Diluted earnings per share grew 47% to $.44, from $.30 for the first six months in 1998. Net income increased 45% to $3.3 million, compared to $2.3 million for the same period in 1998.
''Certainly one of management's objectives for 1999 is to accelerate the Company's revenue growth,'' said Donald Turrell, President and Chief Executive Officer. ''At mid-year, we have met our internal revenue targets and are optimistic that revenue will continue to grow in the second half of 1999. Demand for the Company's WAN and LAN products is strong and our scheduled backlog continues to rise.''
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