> ALEXANDRIA, Va., Jan. 21 /PRNewswire -- Microdyne Corporation (Nasdaq:MCDY) today reported net income from continuing operations of $2,028,000, up 142 percent from $838,000 for the first fiscal quarter of 1997. Basic earnings per share from continuing operations for the quarter were $0.16, up 129 percent from the $0.07 of basic earnings per share from continuing operations reported in the year earlier quarter. Net income for the quarter was also $2,028,000, a 232 percent increase over net income of $610,000 reported a year ago. Basic earnings per share rose 220 percent to $0.16 from $0.05 for the same period one year ago.
Revenues for the quarter increased to $12,685,000, a 46 percent increase over revenues in the year earlier period of $8,661,000. Growth in revenue in the company's Support Services and Aerospace Telemetry Divisions during the first three months of the fiscal year was 40 and 52 percent, respectively, compared with the 1997 period. Income from operations for the company rose 31 percent to $2,256,000 from $1,725,000 in the first fiscal quarter of 1997. The company did not record any income tax expense for the first fiscal quarter of 1998 compared to $514,000 in the 1997 period due to available tax benefits.
Commenting on the quarter, President and CEO Michael E. Jalbert said, "We are very pleased with the results in both of our businesses and the company as a whole. Going into the new fiscal year, we very much wanted to have a solid start, and we achieved that goal. We continued to make progress in putting a stronger infrastructure in place in our Support Services Division which will enable us to further build on its strengths, attracting new customers and business. We were also very pleased with the pace of product sales in our Aerospace Telemetry Division, which put us slightly ahead of where we thought we'd be at this time. Overall, these results are in line with our goal of building shareholder value by achieving consistent, high growth in revenue and profits."
Microdyne Corporation, headquartered in Alexandria, Virginia, is a full-line provider of value-added, outsourced technical support and repair services for electronic products companies, and the premier global developer and manufacturer of aerospace telemetry receivers for use in data gathering and analysis.
The information in this release contains forward-looking statements that involve risks and uncertainties. Important factors that could cause actual results to differ materially include: rapid changes in products and technology that may displace products sold by Microdyne; the competitive industries within which Microdyne operates; the Company's success in identifying, acquiring and incorporating commercially successful technology, products or businesses, and in identifying and taking advantage of growth opportunities; the effect on cash flow and liquidity of differences between the expected and the actual timing of collection of accounts receivable; dependence upon a limited customer base at outsourcing Support Services Division and several large customers at Aerospace Telemetry; limited product lines and service offerings relative to other suppliers; and fluctuations in the Company's quarterly results of operations and the timing of orders from customers. |
