Good cause for a solid and stable rise to offset volatility brought on by the P&D'ers of late:
(BSNS WIRE) Pen Interconnect Announces Third Quarter Profits and Revenue
Pen Interconnect Announces Third Quarter Profits and Revenues of $5 Million;
Revenues Up $2.2 Million, or 78%, Over Prior Quarter
Business Editors
IRVINE, Calif.--(BUSINESS WIRE)--Aug. 19, 1999--PEN INTERCONNECT,
INC. (OTC BB:PENC) announced today third quarter results with revenues
of $5,098,525 compared to $2,828,000 for the previous quarter and
$4,510,112 for the third quarter of 1998. Pretax profits were $46,567
as compared to a $2.5 million loss in the previous quarter and a
profit of $32,672 for the third quarter of 1998.
Steve Fryer, Pen's President and CEO said, "We are growing in
line with our forecasts and are very pleased with these results and
the trends, both short and long term. After the divestiture of two
non-core divisions in early 1999 and their associated losses, we have
focused on our contract manufacturing and power supply divisions that
are now showing internal growth in excess of 50% on a quarterly
basis." Fryer added, "This is the first time in four consecutive
quarters that the Company is reporting profitable operations, and with
our $15.8 million backlog we feel that continued profits are
sustainable. Business is very strong and backlog continues to expand.
Fourth quarter revenues and profits look even stronger than the third
quarter as we gear up to meet the increasing market demand. Pen is
on-target to show annual revenues in excess of $19 million as compared
to $12.2 million of continuing operations in 1998, an increase of
55%."
About Pen Interconnect
Pen Interconnect, Inc. provides the total manufacturing solution
including circuit design, board design from schematics, mechanical and
product design, prototype assembly, volume board assembly, system
services and end-user distribution. Pen Interconnect, Inc. has support
manufacturing facilities in California, Utah and China. For
information on the Company's product data, visit their web site at
pen-interconnect.com or go to
inv-relations@pen-interconnect.com.
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PEN INTERCONNECT, INC.
Condensed Statement of Earnings
As of June 30, 1999
Three Months Ended Nine Month Ended
1998 1999 1998 1999
Net Sales $ 4,510,112 $ 5,098,525 $12,113,556 $12,684,444
Net Earnings
(loss) $ 32,672 46,567 (234,195) (3,758,672)
Net Earnings
(loss)/per
common share $ 0.01 0.01 (0.06) (0.59)
After dividends
to preferred
shareholders $ 0.01 (0.09) (0.06) (0.69) |
