Dan, here is a recent press release by EDO:
COLLEGE POINT, N.Y.--EDO Corp. (NYSE:EDO) today reported operating results for the 1996 second quarter.
Sales for the 1996 second quarter increased 15% to $28,556,000 from the $24,879,000 reported in the similar period a year ago. Operating earnings increased 17% to $1,116,000 from $953,000 reported for the 1995 second quarter. The increases are reflective of continuing improvements in operations and represent a 9% increase in sales and a 15% increase in operating earnings over the 1996 first quarter. The company reported net earnings available for common shares of $750,000, or $0.12 per share, for the 1996 second quarter, compared to $283,000, or $0.05 per share, reported a year ago.
The company's order backlog at the end of the 1996 second quarter was $88,979,000, 8% higher than the $82,517,000 reported in the comparable 1995 period. The backlog includes additional orders for F-15E ejection and release mechanisms for the U.S. Air Force, MK-105 logistic support for the U.S. Navy, and piezo-ceramic elements for the Sparton and Magnavox sonobuoy programs. The backlog shows some decline from the first quarter due to unexpected delays in the receipt of certain contracts.
Frank A. Fariello, president and chief executive officer, stated: "Our second quarter results reflect another consecutive quarter of improved operations. We are meeting our plan for continued growth in revenue and earnings based on a solid foundation of backlog in our core businesses. As part of that plan, we continue to pursue strategic growth opportunities through selective business acquisitions, which will add to our core strength, and pursue those that will enable us to capitalize on our solid technological capabilities."
Principally a designer and manufacturer of advanced electronic, mechanical, acoustic and composite products for military, space, marine and commercial aviation markets, the company continues to pursue the application of its sophisticated and diverse technologies to new commercial and industrial markets.
EDO CORPORATION AND SUBSIDIARIES
RESULTS OF OPERATIONS
Second Quarter Second Quarter Six Months Six Months
Ended Ended Ended Ended
June 29, June 30, June 29, June 30,
1996 1995 1996 1995
Sales $ 28,556,000 $ 24,879,000 $ 54,837,000 $ 45,797,000
Earnings Before
Federal
Income Taxes:
From
Operations 1,116,000 953,000 2,086,000 1,586,000
Interest &
Other (73,000) (363,000) (90,000) (565,000)
Net Earnings 1,043,000 590,000 1,996,000 1,021,000
Dividends on
Preferred Shares 293,000 307,000 596,000 629,000
Net Earnings
Available for
Common Shares $ 750,000 $ 283,000 $ 1,400,000 $ 392,000
Primary:
Net Earnings
per Common Share $ 0.12 $ 0.05 $ 0.23 $ 0.07
Fully Diluted(a):
Net Earnings
per Common Share $ 0.10 $ 0.04 $ 0.20 $ 0.06
Average Shares
Outstanding 6,118,000 5,708,000 6,019,000 5,676,000
Backlog of
Unfilled Orders $ 88,979,000 $ 82,517,000
(a) Assumes conversion of ESOP Convertible Preferred Shares.
"Copyright(c) 1996, Business Wire"
"Provided by Dow Jones & Company, Inc."
Regards,
Mark |
