TEC..Annual Revenues, Net Income & EPS Represent Highest Results In History Of Company
Can...get....an...upgrade...tomorrow...held..up...nicely....
OUNGSTOWN, Ohio, Dec. 10 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC - news) today
reported record results for the fiscal 1997 fourth quarter and year ended October 31, 1997.
For the fourth quarter of 1997 operating income of $18.4 million, which represented the highest quarterly
amount in the history of the Company, was double the $9.2 million reported in the comparable 1996 period.
Excluding 1996 fourth quarter nonrecurring hostile takeover defense and reorganization costs of $4.6 million,
operating income for the last quarter of 1997 was 34 percent above last year. Revenues for the final quarter of
fiscal 1997 were $143 million, also a new high for any quarter, 14 percent above the $125.0 million achieved
in 1996.
Net income for the fourth quarter of fiscal 1997 was $10.4 million, or $0.59 per fully diluted share, compared
with the $0.7 million, or $0.01 per share reported last year. The $0.59 per fully diluted share represented a
record for any quarter in the history of the Company.
On a comparable basis, income for the final quarter of 1996, excluding nonrecurring costs and income from
discontinued operations, would have been $7.8 million, or $0.47 per fully diluted share. Also in 1996, the
Company recorded an extraordinary charge of $4.0 million net of tax, or $0.24 per fully diluted share,
associated with fees and other costs incurred in connection with a major financing completed during the last
half of fiscal 1996.
For the 1997 fiscal year the Company posted new records for revenues, net income and earnings per share.
Revenues for fiscal 1997 of $526.6 million were 13 percent higher than the $465.2 million achieved in the
previous year. Net income of $26.8 million, or $1.51 per fully diluted share, was 54 percent higher than the
$17.4 million, or $0.95 per share recorded in 1996. On a comparable basis, excluding 1996 nonrecurring
costs of $7.1 million, ($0.42 per fully diluted share), discontinued operations in the amount of $6.1 million
($0.36 per fully diluted share), and the $4.0 million extraordinary charge ($0.24 per fully diluted share), net
income for 1996 would have been $22.4 million, or $1.25 per share. |
