I'm surprised this thread hasn't been more active despite the
good news and stock movement...
( BW)(GENRAD)(GEN) GenRad reports first quarter results; Revenue,
earnings, orders and backlog at highest levels in eleven years
Business Editors
CONCORD, Mass.--(BUSINESS WIRE)--April 16, 1997--
First quarter 1997 fully diluted per share earnings of $.23
excluding tax benefit of $.19 versus 1996 first quarter earnings of
$.20 excluding tax benefit of $.09
GenRad Inc. (NYSE:GEN) today reported its highest level of
quarterly earnings in eleven years on a 21 percent increase in
revenues over the first quarter of 1996.
Orders for the quarter were up 27 percent from the first quarter
of 1996 and up 33 percent from the fourth quarter of 1996. Backlog
at the end of the first quarter was up 36 percent from the end of
the fourth quarter of 1996.
Net income for the first quarter of 1997, including a tax
benefit of $5,388,000 or $.19 per share, was $11,717,000 or $.42 per
share on revenues of $52,500,000. Net income, exclusive of the tax
benefit, was $6,329,000 or $.23 per share.
Net income for the first quarter of 1996, including a tax
benefit of $2,480,000 or $.09 per share, was $6,949,000 or $.29 per
share on revenues of $43,554,000. Net income for the first quarter
of 1996, excluding the tax benefit, was $4,469,000 or $.20 per share.
All per share amounts are on a fully diluted basis. Financial
data for the first quarter of 1996 is restated to include the
accounts of Mitron for all periods presented.
Orders in the first quarter of 1997 were up 27 percent to
$61,266,000 from orders in the first quarter of 1996 which were
$48,270,000, and 33 percent over Q4 1996 orders which were
$46,181,000.
Backlog at the end of the first quarter of 1997 was up 36
percent to $33,428,000 from $24,662,000 in the fourth quarter of
1996.
Fully diluted shares in the first quarter of 1997 increased by
over 4 percent to 28,106,000 from the first quarter of 1996 when
fully diluted shares were 26,984,000.
GenRad's president and chief executive officer, James F. Lyons,
commented on the quarter, "GenRad's performance basics continue to
be strong. Quarterly revenue, earnings, orders and backlog were at
the highest levels in eleven years. This is consistent with our
stated annual EPS growth objective of 25 percent. Gross margins
increased to 55 percent for the quarter versus 52 percent for the
first quarter of 1996 primarily as a result of higher product
margins."
Lyons continued, "Orders were received from new and existing
customers. Lucent Technologies' Consumer Products Unit placed a
multi-million dollar order for GenRad's latest telephone testing
solution. GenRad also expanded its partnership with Seagate
Technology, receiving an order for 3 additional GR228X Production
Test Systems."
"GenRad's Advanced Diagnostic Solutions (ADS) division continued
to expand its presence in the vehicle manufacturing and dealership
markets with a $1.6 million contract from a luxury vehicle
manufacturer. The ADS division also broadened its relationship with
a major motorbike manufacturer in Germany through receipt of an order
to supply its Vehicle Configuration and Test System (VCATS) to the
customer's production facility," stated Lyons.
GenRad background
GenRad Inc., provides electronics OEMs and their customers with
hardware, software and services to optimize manufacturing and
aftermarket service productivity through increased yields and lower
life cycle costs. GenRad employs approximately 1,300 people
worldwide, of whom, 35 percent are applications, software and
hardware engineers.
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Statements made in this press release which are not historical,
including statements regarding product demonstration, product
capabilities and markets are forward looking statements and as such
are subject to a number of risks. Please see the company's 1996
Annual Report on Form 10K and other reports filed pursuant to the
Securities Exchange Act of 1934 for additional disclosure regarding
such risk factors.
-0-
*T
GENRAD INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
Q1 - Three Months Ended
March 29, 1997 March 30, 1996 % change
Orders $ 61,266,000 $ 48,270,000 27%
Total Sales $ 52,500,000 $ 43,554,000 21%
Net Income $ 11,717,000 $ 6,949,000 69%
Average Shares
Outstanding:
Primary 28,106,000 23,256,000 21%
Fully Diluted 28,106,000 26,984,000 4%
Net Income Per Share:
Primary $ 0.42 $ 0.30 40%
Fully Diluted $ 0.42 $ 0.29 45%
Net Income Excluding
Tax Benefit $ 6,329,000 $ 4,469,000 42%
Interest on Convertible
Debentures $ - $ 933,000
Net Income Adjusted to Calculated
Fully diluted earnings
per share $ 6,329,000 $ 5,402,000 17%
Per Share Data - Fully Diluted:
Net Income as Reported $ 0.42 $ 0.29 45%
Tax Benefit $ (0.19) $ (0.09)
Net Income Excluding
Tax Benefit $ 0.23 $ 0.20 15%
Note: The tax benefit is due to a reduction in the company's
deferred tax asset valuation allowance. |
