Earnings: .18 loss per share after charges. Good sales.
Ultrak Announces Record Fourth Quarter and 1997 Net Sales; Company Takes Fourth
Quarter Charge
BusinessWire, Wednesday, February 18, 1998 at 20:52
LEWISVILLE, Texas--(BUSINESS WIRE)--Feb. 18, 1998--Ultrak Inc.
(NASDAQ:ULTK) today announced record sales of $53,483,277 for the
fourth quarter ended Dec. 31, 1997, a 34% increase compared to
$40,044,311 in the same period a year earlier.
Taking the effect of the previously announced fourth quarter
charge into account, gross profit margins were 29.4% compared to 30.5%
in the fourth quarter of 1996, while the loss before income tax
benefit was $3,676,127 compared to income before taxes of $3,583,222
in the fourth quarter of 1996.
Net loss for the quarter after these charges was $2,526,769
compared to net income of $2,463,809 in the same period in 1996.
Diluted loss per share for the fourth quarter was $0.18 on 14,012,856
weighted average shares outstanding, compared to earnings of $0.19 on
12,028,696 shares outstanding in the fourth quarter a year earlier.
Operating profit and net income for the quarter before the special and
other charges would have been approximately $250,000 and $994,000
($0.07 diluted income per share), respectively.
For the year ended Dec. 31, 1997, sales increased 38% to a record
$188,740,735 compared to $136,636,124 in 1996. Taking the effect of
the fourth quarter charge into account, gross profit margins increased
to 31.1% from 29.9%, and income before income taxes was $4,170,183
compared to $11,491,716 in 1996.
Net income after these charges was $2,400,714, or diluted
earnings per share of $0.16, compared to $7,598,724, or $0.73 per
share, in 1996. Operating profit and net income for the year before
the special and other charges would have been approximately $6.2
million and $5.8 million ($0.38 diluted income per share),
respectively.
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