Hang in there Sparky, Kent and others. It's not all bad. Granted it could have been a better quarter, but things will turn. Don't loose faith now -this company has a lot going for it long term. I don't like to wait for the share price to improve, but I will, because I'm convinced it will be substantially higher several years from now. Sorry to be so positive on such a lukewarm report <g>.
"We believe that we reached the low point in sales for FSI during
the third quarter and that we will see improved sales in the fourth
quarter of fiscal 1997," said Joel Elftmann, chairman and chief
executive officer. "We continue to believe fiscal year 1997
sales will be 15 to 20 percent below the $304 million fiscal 1996
sales level", said Elftmann.
"In the past year, we have invested heavily in FSI's future. The
facility expansions in Allen, Texas and Chaska, Minn. are critical
for FSI to participate in future industry growth. However, these
investments will impact margins and operating expenses as we go
forward," Elftmann said.
"Interest in orders during the third quarter has been encouraging
and our backlog has been increasing in the last three quarters,"
Elftmann said. "Industry conditions are showing some signs of
improvement. We believe that our current product offerings, the
product and process development programs now underway and our
state-of-the art laboratory and manufacturing facilities position FSI
well for the future," concluded Elftmann.
The Company ended the third quarter in a strong financial
position, with over $100 million in cash, cash equivalents and
marketable securities; a current ratio of nearly 4.0 to 1.0; and a
book value of approximately $10 per share.
Best - Joe |
