LOS ANGELES, June 4 /PRNewswire/ -- Align-Rite International, Inc.
(Nasdaq: MASK) today reported results for the fiscal year and fourth quarter
ended March 31, 1997.
Revenues for the fiscal year ended March 31, 1997 were the highest in the
Company's history, increasing 14% to $38,001,000 from $33,290,000 for the
prior year. Net income increased 7% to $5,326,000 compared to $4,964,000 for
the prior year. The weighted average number of shares outstanding increased
16% to 4,799,000 shares up from 4,143,000 shares in the prior year. Earnings
per share were $1.11 as compared to $1.20 in the prior year.
Revenues in the fourth quarter were $9,427,000 compared to $8,985,000 in
the fourth quarter of fiscal 1996. Net income for the fourth quarter was
$1,365,000, or $0.28 per share, compared to $1,332,000, or $0.28 per share,
for the same period in the prior year.
Mr. James MacDonald, Chairman and Chief Executive Officer, commented,
"Fiscal 1997 was a year of growth and achievement for Align-Rite, as we
successfully executed our international business plan. On April 16, 1997 we
announced our first photomask business acquisition and entered into a
long-term photomask supply agreement with TEMIC, a division of Daimler-Benz
and Europe's fourth largest semiconductor manufacturer. During the fiscal
year, we increased our global customer base, completed and progressed two
major expansion programs at our manufacturing facilities in California and
Wales, respectively, and significantly advanced the Company's technological
capabilities. We believe that all of these achievements have strengthened the
Company's position in the marketplace to better serve its growing customer
base."
Mr. Petar Katurich, Chief Financial Officer of Align-Rite, commented, "I
am pleased to announce that Align-Rite's achievements were recently recognized
by BusinessWeek which named Align-Rite one of the top 100 'Hot Growth
Companies' based on sales growth, earnings growth and return on invested
capital over a three year period."
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