White Electronic Designs Announces Third Quarter Fiscal 2004 Financial Results
Tuesday August 10, 4:00 pm ET
PHOENIX, Aug. 10 /PRNewswire-FirstCall/ -- White Electronic Designs Corporation (Nasdaq: WEDC - News) is pleased to report results for the third quarter of fiscal 2004 ended July 3, 2004.
Highlights include:
* Net sales of $25.4 million
* Net income of approximately $565,000 or $0.02 per diluted share
* Backlog of $52 million
* Cash-on-hand at the end of the quarter grows to $38 million
Net sales for the third quarter of fiscal 2004 were $25.4 million, compared to sales of $28.9 million in the immediately preceding quarter, and sales of $31.5 million in the third quarter of fiscal 2003. Net income for the third quarter of fiscal 2004 was approximately $565,000 or $0.02 per diluted share, compared to net income of approximately $1.7 million or $0.07 per diluted share in the immediately preceding quarter, and net income of approximately $2.4 million or $0.11 per diluted share in the third quarter of fiscal 2003.
Net sales for the first nine months of fiscal 2004 were approximately $80.2 million, compared to net sales of approximately $83.3 million for the first nine months of fiscal 2003. Net income for the first nine months of fiscal 2004 was approximately $3.9 million or $0.16 per diluted share, compared to net income of approximately $6.9 million or $0.31 per diluted share in the first nine months of fiscal 2003.
Hamid Shokrgozar, president and chief executive officer of White Electronic Designs corporation, commented, "As we announced earlier in the quarter, the financial results of our third quarter were impacted by a shift in military spending priorities. Although we were disappointed with our results, we were pleased that actual sales of military microelectronics products exceeded our revised expectations and that we received new orders totaling over $8 million in that important part of our business. We were also pleased that our commercial display business launched its High Volume Glass Lamination (HVGL) production process, and successfully entered into production of enhanced LCD's for the Tablet PC market utilizing the HVGL process."
Selling, general and administrative (SG&A) expenses for the quarter were approximately $4.5 million, compared to approximately $4.4 million in the immediately preceding quarter, and compared to $4.4 million in the third quarter of fiscal 2003.
Research and development expenses for the quarter totaled approximately $1.5 million or 5.8% of net sales. We remain committed to investing in process technology and new product innovation, as we believe they are essential for us to be competitive in the markets we serve.
Mr. Shokrgozar stated, "New orders totaled $22.5 million for the quarter, and backlog at the end of the third quarter of fiscal 2004 totaled approximately $52 million. Our balance sheet remains strong as we ended the quarter with $38 million in cash and, at the end of the quarter, our current ratio was approximately 6 to 1."
Gross profit for the third quarter of fiscal 2004 was approximately $6.9 million, compared to $8.5 million in the immediately preceding quarter, and compared to gross profit of approximately $10 million in the third quarter of fiscal 2003. |
