WNMP OTC BB 1.30 woefully underpriced...6.7m outstanding, 52wh 1.85:
B: Westwood Reports Earnings
B: Westwood Reports Earnings
TULSA, Okla., Jun 12, 2002 (BUSINESS WIRE) -- Westwood Corporation
(Nasdaq:WNMP) announced today its operating results for its fiscal year 2002
ended March 31, 2002.
Fiscal year 2002 revenue grew 71% to $52,147,000 from $30,476,000 last year. The
company recorded EBITDA and net income of $2,653,000 and $1,008,000,
respectively, for the year ended March 31, 2002, which compares to EBITDA and a
net loss of $862,000 and $(843,000), respectively, for last year. Diluted
earnings per share for the year ended March 31, 2002, were $.14 per share
compared to a loss per share for the year ended March 31, 2001 of $(.12) per
share.
The Company attributes the growth in revenue and operating results to increased
production of a long term government contract at the Company's MCII subsidiary;
increased spare parts sales and field service revenues generated by the
Company's Tano subsidiary; as well as increased production on two major
contracts for the U.S. Navy being produced by the Company's wholly owned
subsidiary, NMP Corp.
Commenting on the operating results for the year ended March 31, 2002 President
E.H. McKee said:
"The year ended March 31, 2002 is significant because it marks a full year
return to profitability after four years of losses. Production continues to
increase at all of our operating units.
"During the year ended March 31, 2002, NMP moved into a new facility dedicated
solely to the manufacture of electrical distribution equipment needed for both
the current Arleigh-Burke Destroyer Program and the new LPD-17 Class
amphibious-assault ship. Tano experienced record pretax income and MCII
approached the performance levels that had been anticipated when the business
was purchased in 1997. During the year ended March 31, 2002, our revolving line
of credit availability increased by approximately 60%, from $2.8 million to $4.5
million. The increase in borrowing capacity has relieved pressures in our supply
chain, while enhancing our overall performance. Westwood Corporation and its
subsidiaries are important suppliers to the U.S. Defense Industry. Our challenge
and goal, as in the past, is to meet our delivery requirements with the highest
quality products possible."
Westwood Corporation is a leading provider of marine control and power
distribution systems and portable generators built to military specifications.
The Company's products can be found on every ship in today's U.S. Navy active
surface fleet and on certain ships in allied navy fleets. The Company's products
also meet demanding standards for a dependable, rugged source of mobile
electrical power for field troops of the U.S. Army, Air Force and Marines. For
more information please visit the company's website at www.westwoodcorp.com.
Certain matters discussed in this release may be forward-looking in nature and,
accordingly, are subject to risks and uncertainties. Actual results may differ
materially from those described or contemplated.
CONTACT: Minshall & Company, Inc., Tulsa
Keith C. Goddard, 918/587-4467
or
Westwood Corporation, Tulsa
David L. Shepherd, 918/250-4428 |
