News October 19, 07:16 Eastern Time
Jaco Electronics Reports Profitable Fiscal 2000 First Quarter Results
HAUPPAUGE, N.Y., Oct 19, 1999 (BUSINESS WIRE) -- Jaco Electronics,
Inc. (Nasdaq: JACO), a distributor of electronic components to original
equipment manufacturers, today reported results for its fiscal 2000
first quarter ended September 30, 1999.
Net sales for the first quarter of fiscal 2000 increased 26% to $42,017,
000 compared with $33,256,000 during the first quarter of fiscal 1999.
Net earnings for the fiscal 2000 first quarter were $214,000, or $0.06
per share, compared to a net loss of $242,000, or $0.06 per share,
during the same period last year. The weighted average number of
diluted shares outstanding for the first quarter of fiscal 2000 was 3,
709,450, compared with 3,830,397 during the same period last year.
Commenting on the results, Joel Girsky, Jaco's Chairman and Chief
Executive Officer, said, "We are pleased with Jaco's fiscal 2000 first
quarter results as they reflect our investments late in fiscal 1999 in
building our sales and marketing staffs, giving us the foundation from
which to benefit from an improved business environment. During the
first quarter Jaco experienced strong demand in all product segments.
Of note, our Flat Panel Display division continued growing as FPD's
replace conventional CRT displays in consumer and business
applications. Also, our ability to offer value-added services, through
our AIMS Group, generated sales growth as we worked closely with our
customers on inventory re-ordering, stocking and administrative
functions.
"We believe we are positioned to generate operating leverage from the
anticipated continued strengthening of the industry as we have in place
a broadly diverse line card, strong sales and field support staffs and
financial flexibility as reflected in our balance sheet."
Jaco is a distributor of electronic components and a provider of
contract manufacturing and value-added services throughout the United
States and Canada from two distribution centers located on the East and
West coasts and 14 sales offices located throughout the United States.
The Company distributes products such as semiconductors, capacitors,
resistors, electro-mechanical devices, flat panel displays and monitors
and power supplies, which are used in the manufacture and assembly of
electronic products. The Company also provides a variety of value-added
services including automated inventory management services, integrating
and assembling various custom components with flat panel displays
(FPD's) to customer specifications (box-build), kitting the component
requirements of customers, and furnishing contract manufacturing
services.
Except for the historical information in this press release, this press
release includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, the impact of competitive
products, product demand and market acceptance risks, fluctuations in
operating results, delays in development of highly-complex products and
other risks detailed from time to time in the Company's Securities and
Exchange Commission filings. Actual results may differ materially from
such information set forth herein.
JACO ELECTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
($ in thousands, except share and per share amounts)
Three months ended
September 30,
1999 1998
Net sales $ 42,017 $ 33,256
-------- --------
Gross profit 7,936 6,702
Selling, general & administrative
expenses 7,249 6,795
-------- --------
Operating profit (loss) 687 (93)
Interest expense 323 313
--------- --------
Earnings (Loss) before income taxes 364 (406)
Income tax provision (benefit) 150 (164)
--------- --------
Net earnings (loss) $ 214 $ (242)
======== =========
Net earnings (loss) per common share:
Basic and diluted $ 0.06 $ (0.06)
======= =========
Weighted average shares:
Basic 3,653,521 3,830,397
========= ========= Diluted 3,709,450 3,830,397
========= =========
Summary Balance Sheet
As of September 30, 1999 Key Financial Statistics
Receivables (net) $25,700,000 LT Debt to Capitalization 35%
Inventories 33,200,000 Per Share Price - 10/18/99 $3.50
Book Value Per Share $9.60
Long-Term Debt $18,600,000
A/C Payable and
Accrued Expenses 19,500,000
Shareholder's Equity $35,100,000
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
CONTACT: Jaco Electronics, Inc.
Jeffrey D. Gash
Vice President, Finance
516/273-5500
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni
212/835-8500 or jaco@jcir.com
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