good qtr
Signal Technology Announces Third-Quarter 1999 Results
DANVERS, Mass.--(BUSINESS WIRE)--Oct. 21, 1999--Signal Technology
Corp. (AMEX:STZ) Thursday reported results for its third quarter and
nine-month period ended Sept. 30, 1999.
For the quarter, sales totaled $20.8 million, compared with
$22.8 million for the third quarter of 1998. Net income for the 1999
quarter was $1,428,000, or $0.18 per diluted share, vs. net income of
$85,000, or $0.01 per diluted share, for the corresponding period last
year.
The third-quarter results include a pre-tax charge of $1,250,000,
which was taken as a result of the company having reached an
agreement-in-principle to settle the pending securities class action.
The agreement-in-principle is subject to a number of customary
contingencies, including Court approval of the settlement. Net income
also reflects a $1,292,000 federal income tax benefit from a net
operating loss (NOL) carryforward.
For the nine months, the company achieved sales of $62.2 million,
vs. $68.6 million for the first nine months of 1998. Net income (loss)
for the 1999 nine-month period was $2.9 million, or $0.36 per diluted
share, compared with a net loss of $7.5 million, or a loss of $1.02
per diluted share, for the corresponding period in 1998.
Commented George Lombard, Signal Technology chairman and chief
executive officer: "The company's third-quarter financial results
extend the company's performance to five consecutive quarters of
improved earnings. Operational stability is showing steady improvement
across divisions.
"Our spending for research and development is on plan, with a
total of $1.4 million incurred year-to-date, and our current backlog
has increased by approximately $10.0 million above our 1998 year-end
position." |
