Aeroflex Incorporated Reports $.14 Per Share Fourth
Quarter and $.33 for Year with Record Sales and
Backlog
PLAINVIEW, NEW YORK--(BUSINESS WIRE)--August 14, 1997--Aeroflex Incorporated
(NYSE:SYMBOL - news) today announced operating results for the fourth quarter and year
ended June 30, 1997.
For the year ended June 30, 1997, net sales were a record $94,299,000 compared with
$74,367,000 last year. Net income was $4,420,000, $.33 per share fully diluted, for the year
ended June 30, 1997. The Company reported a net loss of ($17,420,000), ($1.46) per share, for
the year ended June 30, 1996, including a one-time write-off of $23,200,000, ($1.94) per share,
for in-process research and development related to the purchase of MIC Technology
Corporation. Net income for fiscal 1997 is after application of a 36% tax rate as compared to an
18% tax rate in 1996. Fully diluted per share net income for 1996 recalculated at a 36% income
tax rate and exclusive of the aforementioned special item and a securities related gain would have
been $.31.
Net sales for the fourth quarter ended June 30, 1997 were $29,387,000 compared with
$30,067,000 for the same period of last year. The Company reported net income for the current
quarter of $1,959,000 ($.14 per share fully diluted). Net income for the quarter ended June 30,
1996 was $3,059,000 ($.21 per share fully diluted) including a $.02 per share gain on the sale of
securities. Fully diluted per share net income for the 1996 June quarter recalculated to reflect a
36% income tax rate for fiscal 1996 and excluding a securities related gain would have been $.14.
``Operating profits (exclusive of the acquisition related R&D write-off in 1996) increased 23%
from $7.9 million in fiscal 1996 to $9.7 million in fiscal 1997.'' said Michael Gorin, President.
``Our order backlog at year end also set a new record at $53.3 million, an increase of 42% over
last year, which gives us an excellent start for fiscal 1998.''
Aeroflex Incorporated, headquartered in Plainview, Long Island, designs and manufactures
advanced electronics systems and components, including microelectronic circuits and interconnect
products, instrument products and electro-optical devices, for both the commercial and defense
markets. It also designs and manufactures shock and vibration stabilizing systems used for
commercial, industrial and defense applications. |
