Monday April 28 1:51 PM EDT
Vitronics announces first quarter 1997 results
NEWMARKET, N.H.--(BUSINESS WIRE)--April 28, 1997-- Vitronics Corp announced today operating results for he first quarter ended March, 30, 1997.
Sales for the first quarter ended March 30, 1997 were $5,457,000 compared with $5,859,000 for the same period in 1996. Bookings for the period were $5,888,000 compared with $6,606,000 for the same period in 1996. Backlog at March 30, 1997 was $2,415,000 compared with $3,594,000 at March 30, 1996, and $1,984,000 at Dec. 31, 1996.
Net income after taxes was $79,000 compared with $303,000 for the same period in 1996. After-tax earnings per share on a primary basis was $0.01 compared with $0.03 for 1996. After-tax earnings per share on a fully diluted basis was $0.01 compared with $0.03 for 1996.
James J. Manfield, Jr., chairman, president and CEO of Vitronics, said, "Operating results were better than anticipated. Our bookings activity improved significantly in March and has continued through April. The increase came from all three market areas -- Europe, U.S. and Southeast Asia. In March, we booked an order for two machines from a major customer for a conformal curing application. This customer has also placed an order for $350,000 for a line of curing ovens. We are also in the process of negotiating with a German company to distribute their conveyor and board handling equipment on a worldwide basis. These events are a good start of a strategy to better utilize our sales and marketing strengths and to broaden the product base of Vitronics Corporation."
Vitronics Corp. is a supplier or state-of-the-art thermal processing and associated equipment, with an established reputation as an innovator and leader in the surface mount industry. Vitronics Corp.'s equipment is primarily aimed at the electronics industry and has achieved considerable technical recognition in the production of printed circuit boards. The company also supplies its equipment to the medical, chemical, pharmaceutical, plastics, graphics and textile industries. Vitronics Corp.'s customer list includes all twenty of the largest electronics companies.
Financial tables follow.
VITRONICS CORPORATION
SUMMARY STATEMENT OF OPERATIONS
For the Three Months Ended
March 30, March 30,
1997 1996
Sales $5,457,000 $5,859,000
Net income after taxes 79,000 303,000
Net income after taxes per share:
Primary $0.01 $0.03
Fully diluted $0.01 $0.03
Bookings 5,888,000 6,606,000
Backlog 2,415,000 3,594,000
Average shares outstanding:
Primary 10,049,173 10,860,733
Fully diluted 10,074,982 10,873,649
BALANCE SHEET DATA
ASSETS:
Current assets $ 9,704,000 $ 9,295,000
Property & equipment (net) 417,000 469,000
Other assets 271,000 258,000
$10,392,000 $10,022,000
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities $ 4,112,000 $ 3,572,000
Long-term liabilities 85,000 270,000
Stockholders' equity 6,195,000 6,180,000
$10,392,000 $10,022,000
CONTACT: Vitronics Corp.
Lise Waitt
603/659-6550 |
