Tuesday June 30, 2:11 pm Eastern Time
Company Press Release
DDL Completes Acquisition of Jolt Technology
Stockholders Approve Jolt Transaction at Annual Meeting
NEWBURY PARK, Calif.--(BUSINESS WIRE)--June 30, 1998--DDL Electronics Inc.
(NYSE:DDL - news) announced that the acquisition of Jolt Technology Inc. was completed
Tuesday, following approval of the transaction by DDL's stockholders at Monday's annual
stockholders meeting.
DDL's stockholders also approved an increase in authorized common stock from 50 million to 75
million shares, and re-elected Gregory L. Horton and Charlene A. Gondek to the board of directors.
Jolt Technology, an electronic manufacturing services (EMS) provider in Fort Lauderdale, Fla., was
acquired for 9 million shares of DDL's common stock. The pooling-of-interests accounting method
will be used for the Jolt acquisition, which will result in Jolt's historical financial statements being
retroactively combined with those of DDL.
''Because the Jolt acquisition was completed prior to DDL's July 3, 1998 year-end, DDL's fiscal
1998 results will include Jolt's operations, which have been very profitable during the past year,''
noted Horton, president and chief executive officer of DDL. ''The inclusion of Jolt on a pooling basis
will result in DDL showing net income of approximately $1 million, or $.03 per share, for the nine
months ended March 31, 1998.''
Horton continued, ''DDL has continued to experience strong bookings and bidding activity, with a
current backlog in excess of $30 million. With the Jolt acquisition completed, DDL can now focus
on making additional acquisitions of medium to small EMS providers that are accretive to earnings
per share. DDL is well positioned to take advantage of strong market demand in the high
complexity, high mix segment of the EMS industry.''
DDL Electronics, with headquarters in Newbury Park, provides integrated design and electronic
manufacturing services to OEMs in the instrumentation, communications, computer, medical and
aerospace industries. The company's EMS operations are located in California, Florida and
Northern Ireland. The company also fabricates multilayer printed circuit boards at its subsidiary
Irlandus Circuits Ltd. located in Northern Ireland.
Certain statements made above are forward-looking in nature and reflect DDL's current
expectations and anticipated future plans. Such statements involve various risks and uncertainties that
could cause actual results to differ materially from those forecast in the statements. Factors that might
cause such differences would include, without limitation, the factors described as ''Risk Factors'' in
the company's Definitive Schedule 14A as filed with the Securities and Exchange Commission on
June 12, 1998.
Contact:
DDL Electronics, Newbury Park
Rick Vitelle, 805/376-9415 ext. 142
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