If they can't sell this company in a shinking defense industry i don't see a lot of hope
Signal Technology Announces Fourth Quarter and Year End Sales and Earnings
SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 29, 1998--SIGNAL TECHNOLOGY CORPORATION (AMEX:STZ) today reported sales and earnings for its fourth quarter and fiscal year ended December 31, 1997.
For the fourth quarter, sales totaled $24.1 million, compared with $33.2 million for the corresponding period in 1996. Net income for the 1997 period was $20,000, or $0.00 per diluted share, versus $1.2 million, or $0.16 per diluted share, for the same quarter last year.
For the fiscal year, the Company's sales were $102.3 million, compared with $114.2 million for the fiscal year ended December 31, 1996. Net income for 1997 equaled $338,000, or $0.04 per diluted share, versus $2.2 million, or $0.29 per diluted share, for 1996.
Commenting on the results, Dale L. Peterson, Signal Technology's chairman and chief executive officer, said, "We are obviously disappointed with our performance for the quarter and the year. Difficulties at our Keltec operation persisted longer than we had anticipated, and while things have improved, we estimate that it will take at least the first quarter of 1998 before that operation begins to break even. We also made adjustments to our inventory so that we begin 1998 with a truer assessment of its value.
"On the positive side, we completed the year with a strong backlog of $87.5 million. We look forward to improving our results in 1998," Mr. Peterson concluded.
The Company announced a stock repurchase program in December, under which it may acquire up to $2 million of its common stock in private and open markets, or in negotiated transactions, through July 31, 1998. Subsequent to the quarter's end, the Company accepted the resignation of its president Sam Smookler, who left to pursue another business opportunity. Mr. Smookler joined Signal Technology in February 1997 and was appointed president last fall. The Company is actively seeking a replacement. |
