Aeroflex Incorporated Reports Fourth Quarter Per Share of $.19 vs. $.15 Last Year Full Year Per Share $.51 vs. $.34 Last Year Year Sales, Net Income and Backlog Reach Record Highs
PLAINVIEW, N.Y.--(BUSINESS WIRE)--August 12, 1998--Aeroflex Incorporated (NYSE Symbol: ARX - news) today announced operating results for the fourth quarter and year ended June 30, 1998.
Net sales for the fourth quarter ended June 30, 1998 were $34,430,000 compared with $29,387,000 for the same period of last year. The Company reported that net income for the current quarter increased 79% to $3,511,000 ($.19 per diluted share) compared to $1,959,000 ($.15 per diluted share) in 1997.
For the year ended June 30, 1998, net sales were a record $118,861,000 compared with $94,299,000 last year, representing an increase of 26%. Net income was $8,406,000 ($.51 per diluted share) for the year ended June 30, 1998, an increase of 90% over last year's net income of $4,420,000 ($.34 per diluted share).
''We are extremely pleased with our operating results for the fourth quarter, which has historically been our strongest quarter,'' commented Michael Gorin, president. ''On a 17% increase in net sales, operating income increased 48% and net income increased 79% over last year's fourth quarter. Our order backlog at year end reached a record $80.1 million, an increase of 50% over a year earlier. We believe the strength of our order bookings during fiscal 1998 has enabled us to better plan production and shipments of our products and spread some of the strength of our fourth quarter throughout the year. This record backlog gives us an excellent start for fiscal 1999 and we also expect it to increase our visibility for that period.''
Aeroflex Incorporated through its subsidiaries, utilizes advanced technologies to provide state-of-the-art microelectronic module, interconnect and testing solutions used in communication applications for commercial and defense markets. It also designs and manufactures motion control systems and shock and vibration isolation systems used for commercial, industrial and defense applications.
This news release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. Except for historical information contained in this news release, the matters discussed are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; and the risk factors reported from time to time in the Company's SEC reports.
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