Company Press Release
SOURCE: Microdyne Corporation
Microdyne Announces Third Quarter Results
ALEXANDRIA, Va., July 27 /PRNewswire/ -- Microdyne Corporation (Nasdaq: MCDY - news) today announced its financial results for the third quarter ended June 30, 1998. Revenues increased from $12.5 million in the third quarter of 1997 to $13.4 million in the same period of 1998 -- a 7% increase. Net income from continuing operations rose 38%, from $1.2 million in the third quarter of last year to more than $1.6 million in the third quarter of 1998. The basic and diluted earnings per share from continuing operations for the quarter were $0.13 versus $0.09 for the comparable quarter of last year.
For the first nine months of 1998, the Company reported revenues of $39.4 million, a 23% increase over revenues for the prior year's nine-month period of $31.9 million. Net income from continuing operations rose from $2.8 million to over $5.7 million, an increase of 106%, and the basic and diluted earnings per share from continuing operations doubled, from $0.22 to $0.44.
Revenues for the company's subsidiary, Microdyne Outsourcing Inc., increased 23%, from $4.6 million in the third quarter of last year to $5.7 million in the 1998 third quarter. Revenues for the Microdyne Communication Technologies Inc. subsidiary decreased slightly, from nearly $7.9 million in the third quarter of last year to nearly $7.7 million for the comparable period this year.
Neither the quarter nor the nine-month results include the results of the four acquisitions announced in June. According to the Company, these acquisitions should close by the end of July. As in the previous two quarters of 1998, the Company did not record any income tax expense due to available tax benefits.
This is the first time the Company has released separate results for each of its two operating subsidiaries.
Microdyne Outsourcing Inc.
Revenues for this subsidiary increased 23%, from $4.6 million in the third quarter |
