Ask and you receive<g> (.03 above estimates<i love it>
Questron Technology Reports Record First Quarter Results; Income Rises
to $0.16 Per Diluted Common Share
Business Wire - May 07, 1998 09:45
%QUESTRON-TECHNOLOGY QUST %FLORIDA %COMED %COMPUTERS
%ELECTRONICS %EARNINGS V%BW P%BW
BOCA RATON, Fla.--(BUSINESS WIRE)--May 7, 1998--Questron Technology
Inc. (NASDAQ:QUST, QUSTP,
QUSTW) announced today record results for the first quarter of 1998.
For the quarter ended March 31, 1998, the company reported record sales of
$10,400,966, compared with $3,912,277
reported for the first quarter of 1997. Operating income for the quarter was a record
$1,565,449, compared with $418,013
for the first quarter of 1997. Net income for the quarter rose to a record $757,604, or
$0.25 per common share ($0.16 per
diluted common share), compared with $210,031, or $0.14 per common share ($0.11
per diluted common share), reported in
the first quarter of 1997. There were 4,716,440 and 1,968,091 average number of
diluted common shares outstanding for the
1998 and 1997 periods, respectively. The company has included its outstanding
preferred stock in the computation of its net
income per diluted common share, as well as the effects of its Series IV Warrants.
Dominic A. Polimeni, chairman, president and chief executive officer of Questron, said,
"The quarterly results demonstrate
Questron's ability to successfully integrate the acquisitions completed in 1997, combined
with continuing strong internal growth.
The recent formation of Questron Distribution Logistics, which comprises the inventory
logistics management business of our
company, will allow us to better serve our customers, effectively integrate future
acquisitions and continue our trend of
improving sales and profits."
Questron Technology Inc., headquartered in Boca Raton, is a leading provider of
inventory logistics management programs for
fasteners and related products (commonly referred to as "C" inventory items). The
company is also a master distributor of
fasteners and a distributor of lithium batteries and customized battery packs and
assemblies. Questron's securities are traded on
NASDAQ under the symbols QUST (common), QUSTP (preferred), and QUSTW
(warrants).
Certain information contained in this release includes "Forward-Looking Statements"
within the meaning of the Private
Securities Litigation Reform Act of 1995 and is subject to certain risks and
uncertainties, including those "Risk Factors" set
forth in the company's current Annual Report on Form 10-K for the year ended Dec.
31, 1997. Readers are cautioned not to
place undue reliance on these forward-looking statements which speak only as of the
date hereof. The company undertakes no
obligation to release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date
hereof or to reflect unanticipated events or developments.
This release is available on the KCSA Worldwide website at www.kcsa.com.
QUESTRON TECHNOLOGY INC.
CONSOLIDATED STATEMENT OF OPERATIONS
For the three months ended
March 31, 1998 and 1997
Three months ended
March 31,
1998 1997
Sales $10,400,966 $3,912,277
Costs and expenses:
Cost of products sold 6,181,350 2,328,374
Selling, general and administrative
expenses 2,490,567 1,086,020
Depreciation and amortization 163,600 79,870
----------- ----------
8,835,517 3,494,264
Operating income 1,565,449 418,013
Interest expense 281,375 60,209
Income before income taxes 1,284,074 357,804
Provision for income taxes 526,470 147,773
Net income $757,604 $210,031
Net income used in per common share
calculation (reflecting deduction
for preferred stock dividends) $526,772 $210,031
Net income per common share $0.25 $0.14
Net income per diluted common share $0.16 $0.11
Average number of common shares outstanding 2,115,793 1,535,484
Average number of diluted common shares
outstanding 4,716,440 1,968,091
CONTACT: Questron Technology Inc.
Dominic Polimeni
561/241-5251
or
KCSA Worldwide
Joseph A. Mansi/Sarah Shepard
212/682-6300 ext. 205/236 |
