EASI's easy:
Engineered Support Posts Record Quarterly Operating Earnings and Raises Estimate
/FROM PR NEWSWIRE CHICAGO 888-776-6551/
TO BUSINESS EDITOR:
Engineered Support Posts Record Quarterly Operating Earnings and Raises
Estimates
-- Net Earnings from Continuing Operations, Excluding Restructuring
Charges, Advance 40% to $9.2 Million
-- Second Quarter EPS from Continuing Operations, Excluding Restructuring
Charges, Up 32% to $.54 vs. $.41 in 2002
-- EPS Guidance from Continuing Operations of $2.20 to $2.25 for Fiscal
2003, Excluding Restructuring Charges
ST. LOUIS, May 28 /PRNewswire-FirstCall/ --
Engineered Support Systems, Inc. (Nasdaq: EASI) reported record second quarter
net earnings from continuing operations of $8.5 million, or $.50 per diluted
share, for the quarter ended April 30, 2003, compared to $6.6 million, or
$.41 per diluted share, for the same period last year. Excluding $0.7 million
(after tax) of restructuring charges recorded during the current quarter, net
earnings from continuing operations totaled $9.2 million, or $.54 per diluted
share. Net revenues for the current quarter were $125.1 million, or 36%
higher than the $91.8 million reported for the second quarter of 2002,
according to Jerry Daniels, Vice Chairman and CEO.
Second quarter operating income from continuing operations of a record
$14.1 million was 23% above the $11.5 million for the same period in the prior
year. Excluding restructuring charges of $1.2 million related to the
Company's intended closure of its Sanford, Florida electronics assembly
operations recorded during the current quarter, operating income from
continuing operations would have totaled $15.3 million, or 12.2% of quarterly
net revenues, compared to the 12.5% operating margin for the second quarter of
fiscal 2002. Current period results reflect the impact of the substantial
services-based revenues generated by the Company's Radian Inc. (Radian)
subsidiary acquired during the third quarter of last year. Government
services contracts typically generate a somewhat lower operating margin than
do the Company's core manufacturing operations.
Net earnings from continuing operations for the second quarter rose 29% to
a record $8.5 million (6.8% of net revenues) compared to $6.6 million (7.2% of
net revenues) last year. Excluding restructuring charges, net earnings from
continuing operations of $9.2 million represented 7.4% of net revenues for the
second quarter. A 36% increase in net revenues and the resultant incremental
gross profit led to the significant improvement in reported results.
Fred |
