Allied Research: SECOND QUARTER EARNINGS
ALLIED RESEARCH CORPORATION
8000 TOWERS CRESCENT DRIVE, SUITE 750
VIENNA, VIRGINIA 22182
CONTACT: SUSAN URBANIAK (800) 847-5322
HOME PAGE: WWW.CFONEWS.COM/ALR
TICKER SYMBOL: ALR/AMEX
" NEWS RELEASE"
ALLIED RESEARCH REPORTS SECOND QUARTER EARNINGS OF $0.53 A SHARE VS., $0.50 A
YEAR AGO; SIX MONTHS EARNINGS OF $0.99 VS., $0.94 A YEAR AGO
VIENNA, Virginia, July 28, 1998 - Allied Research Corporation (ALR:AMEX), a
diversified defense and electronic security systems firm, today reported
earnings of $2.5 million, or $0.53 a share fully diluted, on revenues of $32.2
million for the three months ended June 30, 1998, compared to earnings of $2.3
million, or $0.50 a share fully diluted, on revenues of $24.6 million for the
same period in 1997.
For the six months ended June 30, 1998, Allied Research earned $4.8 million,
or $0.99 a share fully diluted, on revenues of $68 million, compared to
earnings of $4.3 million, or $0.94 a share fully diluted, on revenues of $54.4
million for the same period in 1997.
Allied Research reported annual earnings of $1.85 a share fully diluted in
1997 and $1.08 in 1996.
Dr. J. R. Sculley, Allied Research's Chairman & Chief Executive Officer, said
that each of ARC's operating units, MECAR S.A., Barnes & Reinecke, Inc., and
VSK Group, were porfitable, with VSK Group, the European electronic security
systems unit, showing revenues and earnings well ahead of projections.
Backlog was $105 million on June 30.
"VSK has not only given us another solid performance, but their several
outstanding contract wins during the quarter added significantly to our
backlog," Dr. Sculley said. "More importantly, VSK's strong and increased
operating margins tend to magnify its revenue contributions. With reliable
business projections, we are able to operate more efficiently and with strong
confidence," Dr. Sculley added.
Dr. Sculley said all indicators pointed to Allied Research having one of its
better years. He indicated ARC has been profitable for twelve consecutive
quarters.
"Our acquisition of commercial security firms and the building of our VSK
Group has provided the steady, growing and reliable revenues and earnings we
need to manage our business and steadily increase shareholder value,"
according to Dr. Sculley.
Building on our success to date in the commercial field in European markets
and beyond, we are engaged in a program to expand further our presence in the
European commercial market, Sculley added.
Allied Research Corporation is a defense and electronic security firm. Its
operating units develop and produce ammunition and weapon systems; supply
equipment performance upgrades for defense departments worldwide; and design,
produce and market sophisticated electronic security and access control
systems.
ALLIED RESEARCH CORPORATION
Three months ended June 30
000's omitted except per share amount
1998 1997
Revenues 32,154 24,630
Net earnings 2,546 2,307
Net earnings per share
Basic $0.53 $0.51
Diluted $0.53 $0.50
Six months ended June 30,
000's omitted except per share amount
1998 1997
Revenues 67,907 54,395
Net earnings 4,803 4,291
Net earnings per share
Basic $1.02 $0.95
Diluted $0.99 $0.94
Ends.
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Considering the price of this stock this earnings report is fantastic. Trailing earnings now at 1.91 giving the stock a p/e of between 5 & 6 and growth is continuing. Backlog still high at 105 million as well.. |
