Allied Research: Other News Release
ALLIED RESEARCH CORPORATION
8000 TOWERS CRESCENT DRIVE, SUITE 750
VIENNA, VIRGINIA 22182
CONTACT: SUSAN URBANIAK, (800)847-5322
HOME PAGE:WWW.CFONEWS.COM/ALR
TICKER SYMBOL: ALR/AMERICAN STOCK EXCH.
"NEWS RELEASE"
ALLIED RESEARCH CORPORATION REPORTS THIRD QUARTER EARNINGS OF $0.42 VERSUS
$0.12; NINE MONTHS EARNINGS OF $1.37 VERSUS $0.41 A YEAR AGO
VIENNA, Virginia, October 27, 1997-Allied Research Corporation (AMEX:ALR) a
diversified defense and electronic security firm, said today that it earned
$1.9 million, or $0.42 a share, on revenues of $27.8 million for the three
months ended September 30, 1997, compared to earnings of $.5 million, or $0.12
a share, on revenues of $17.5 million for the same period in 1996.
For the nine months ended September 30, 1997, Allied Research earned $6.2
million, or $1.37 a share, on revenues of $82.2 million, compared to earnings
of $1.8 million, or $0.41 a share on revenues of $64.1 million for the same
period in 1996. Backlog is $154 million.
According to Dr. J. R. Sculley, Chairman and Chief Executive Officer, "The
recent developments centering on new reported contracts won and the positive
trendline in earnings continue to validate the strategic direction we have
been following."
"Not only has our European defense unit MECAR S.A., realized significant
orders for conventional ordnance systems from its historic customer base, but
our engineering design and services unit, Barnes & Reinecke, Inc., has
reported new awards both from domestic and international markets."
"VSK Group, our European commercial electronic security operation, has helped
to balance our financial results through their steady contributions to revenues
and earnings. Additionally, we have managed carefully, resulting in reduced
costs at all operating units, as well as in corporate operations. These
reduced costs have improved margins and reduced the break-even point for our
more efficient overall operation," Dr. Sculley said.
Allied Research Corporation is a defense and electronic security firm. Its
operating units develop and produce ammunition and weapon systems; supply
equipment performance upgrades for defense departments worldwide; and design,
produce and market sophisticated electronic security and access control
systems.
ALLIED RESEARCH CORPORATION
Three Months ended September 30,
000's omitted except per share amount
1997 1996
Revenues $27,774 $17,547
Net earnings $ 1,896 $ 521
Net earnings per share $ .42 $ .12
Nine Months ended September 30,
000's omitted except per share amount
1997 1996
Revenues $82,169 $64,078
Net earnings $ 6,187 $ 1,808
Net earnings per share $ 1.37 $ .41
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