FY 1998 10K Filing
September 29, 1998
Dear Shareholders and Friends:
Fiscal Year 1998 registered a continuation of growth of both sales and earnings. As indicated in the attached financial statements, for the year then ended, the company has reported earnings of $400,790 or $0.12 per share on sales of $4,815,518 compared to earnings of $324,566 or $0.10 per share on sales of $4,157,472 for the year ended June 30, 1997. These results reflect an increase of 16% on sales and 23% on earnings. Budgeting and cost control coupled with careful marketing strategy have continued to govern our business planning.
Along with the increases in sales and earnings our financial strength during the year has continued to improve. Net worth has risen to $1,893,630 representing a book value of $0.56 per share, current ratio is an excellent 3.46:1 and cash on hand is approximately $430,000.
Sales of Power Monitor & Control Products remains firm despite certain setbacks in the commercial airline industry. Those changes have had no discernible effect on our bookings or backlog. On-going production of new commercial airliners as well as continued design upgrade programs by major airlines and other customers has continued to support this product line.
Power Supply Products continue to expand our sales base and promise to become our dominant product line. In support of this expectation management focuses the efforts of our engineering department on expansion and improvement of the existing product line as well as new product development. In addition we continue to expend considerable effort in design improvements aimed at manufacturing efficiency in order to maintain good bottom line results.
In order to keep closer contact with shareholders we have recently begun to participate on an internet bulletin board. Shareholders and others can join us on Silicon Investor, http:/www.techstocks.com, search LGTK.
Management is excited at the potential that the new year offers and is hopeful that our pattern of growth will continue.
Sincerely,
Herbert L. Fischer
President |
