I think that this is a keeper. great Quarter!
Jack
Headline: Optek Technology Announces Record Second Quarter
CARROLLTON, Texas, May 19 /PRNewswire/ -- Optek Technology, Inc. (NASDAQ:OPTT) today announced record net sales for its second fiscal quarter ended May 1, 1998. Net sales for the quarter were $23,092,000, an increase of 27% over fiscal 1997 second quarter net sales of $18,251,000. For the first six months, net sales increased 25% to $43,511,000 compared to last year's first six months net sales of $34,940,000. Automotive product sales increased by 85% for the quarter and 94% for the six month period.
Net income for the quarter increased 40% to $3,666,000, or $.46 per share on a diluted basis, compared to last year's second quarter net income of $2,619,000, or $.34 per share on a diluted basis. For the first six months, net income increased 46% to $6,606,000, or $.83 per share on a diluted basis, compared to last year's first six months net income of $4,531,000, or $.60 per share an a diluted basis. Increases in net sales, along with improvements in operating margins, primarily accounted for the increases.
Thomas R. Filesi, Optek's President and Chief Executive Officer, said, "We are pleased to report a record second quarter with net sales at an all-time high for the Company. Automotive product sales were once again the most significant contributor to our sales growth, as our theft deterrent product continued to go on trucks and sport utility vehicles, a program that began late in the second half of fiscal 1997. However, our results also benefited from stronger than anticipated growth in other areas, particularly in the office and industrial equipment markets."
Optek Technology, Inc. is a leading manufacturer of custom optoelectronic, magnetic and fiber optic sensor products. Optek provides components worldwide for manufacturers of office equipment and computers, automobiles, industrial equipment, aerospace and defense applications, medical equipment and telecommunications equipment. Additional information can be accessed on the Internet at optekinc.com.
Statements contained in this release that are not historical facts are forward looking and therefore include risks and uncertainties. Significant factors that may affect results are described in the Company's public filings.
Optek Technology, Inc.
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