"We are seeing strengthening in several of our microelectronic product areas which leads us to believe that the softness we discussed in our first quarter earnings release is behind us and that both our third and fourth quarters should show sequential improvements in both sales and operating income," said Michael Gorin, President
J›rgen,
ARX on the upswing - currently trading @ $15 7/16 up 18.75%.
Henrik
============================================================
FULL TEXT: 02/02 17:17 Aeroflex Incorporated Reports Second Quarter Earnings Per Share of $.07 <ARX.N>
Aeroflex Incorporated Reports Second Quarter Earnings Per Share of $.07 and Record Backlog of $99.5 Million
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Feb. 2, 2000--Aeroflex Incorporated (NYSE Symbol:
ARX), today announced operating results for the second quarter and six months ended
December 31, 1999.
Net sales for the second quarter ended December 31, 1999 were $41,531,000 compared with
$36,197,000 for the same period of last year. The Company reported net income for the current
quarter of $1,341,000 ($.07 per diluted share), versus net income of $2,810,000 ($.15 per
diluted share) last year.
For the six months ended December 31, 1999, net sales were $83,603,000 compared with
$67,826,000 last year. The Company reported net income of $4,271,000 ($.22 per diluted
share) in the current six month period versus $5,068,000 ($.27 per diluted share) last year.
"We are seeing strengthening in several of our microelectronic product areas which leads us
to believe that the softness we discussed in our first quarter earnings release is behind us and
that both our third and fourth quarters should show sequential improvements in both sales and
operating income," said Michael Gorin, President. "The fiber optic and broadband cable
communications product lines of our microelectronics business continues to be strong. In
addition, our test and measurement segment continued to show revenue growth and received
two important bookings during the quarter totaling $10.3 million." Aeroflex Incorporated, through
its subsidiaries, utilizes advanced technologies to provide state-of-the-art microelectronic
module, integrated circuit, interconnect and testing solutions used in communication
applications for commercial and defense markets. It also designs and manufactures motion
control systems and shock and vibration isolation systems used for commercial, industrial and
defense applications.
[All statements other than statements of historical fact included in this press release regarding
Aeroflex's financial position, business strategy and plans and objectives of its management for
future operations are forward-looking statements. When used in this press release, words
such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they
relate to Aeroflex or its management, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of Aeroflex's management, as well as
assumptions made by and information currently available to its management. Actual results
could differ materially from those contemplated by the forward-looking statements as a result
of certain factors, including but not limited to, competitive factors and pricing pressures,
changes in legal and regulatory requirements, technological change or difficulties, product
development risks, commercialization difficulties and general economic conditions. Such
statements reflect our current views with respect to the future and are subject to these and
other risks, uncertainties and assumptions relating to Aeroflex's operations, results of
operations, growth strategy and liquidity.] -0-
AEROFLEX INCORPORATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
For the Quarter Ended
12/31/99 12/31/98 Net Sales $ 41,531 $ 36,197 Cost of Sales 27,972 23,795
-------- -------- Gross Profit 13,559 12,402 Selling, General and
Administrative Costs 8,375 5,762 Research and Development
Costs 2,508 2,303
-------- -------- Operating Income 2,676 4,337 Interest and Other
Expense (Income), Net 610 27
-------- -------- Income Before Income Taxes 2,066 4,310 Provision for
Income Taxes 725 1,500
-------- -------- Net Income $ 1,341 $ 2,810
======== ======== Net Income Per Share-Basic $.07 $.16
==== ==== Net Income Per Share-Diluted $.07 $.15
==== ==== Weighted Average Number of Shares Outstanding - Basic 18,471 17,599
======== ======== - Diluted 19,000 18,939
======== ========
For the Six Months Ended
12/31/99 12/31/98 Net Sales $ 83,603 $ 67,826 Cost of Sales 54,905 44,299
-------- -------- Gross Profit 28,698 23,527 Selling, General and
Administrative Costs 15,705 11,392 Research and
Development Costs 4,938 4,294
-------- -------- Operating Income 8,055 7,841 Interest and Other
Expense (Income), Net 1,484 23
-------- -------- Income Before Income Taxes 6,571 7,818 Provision for
Income Taxes 2,300 2,750
-------- -------- Net Income $ 4,271 $ 5,068
======== ======== Net Income Per Share-Basic $.23 $.29
==== ==== Net Income Per Share-Diluted $.22 $.27
==== ==== Weighted Average Number of Shares Outstanding - Basic 18,528 17,523
======== ======== - Diluted 19,441 18,751
======== ========
BALANCE SHEET DATA
(In thousands)
December 31, June 30,
1999 1999 Working Capital $ 53,028 $ 50,366 Total Assets 161,954 165,216 Total Debt 27,960
31,117 Stockholders' Equity 105,532 102,093
--30--sw/ny*
CONTACT: Aeroflex Incorporated, Plainview
Michael Gorin, President and Chief Financial Officer,
516/694-6700 Today's News On The Net - Business Wire's full file on the Internet
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