Signal Technology Announces Restated 1996, 1997 and First-Quarter 1998 Results
DANVERS, Mass.--(BUSINESS WIRE)--Nov. 2, 1998--Signal Technology
Corp. (AMEX:STZ) Monday reported restated financial results for the
years ended Dec. 30, 1996 and 1997, as well as for the first
quarter ended March 31, 1998.
For the year ended Dec. 31, 1996, sales totaled $113.1 million
and net income equaled $1.7 million, or 22 cents per diluted share, as
restated. For the year ended Dec. 31, 1997, sales totaled $102.2
million, while net loss for the period was $657,000, or 9 cents per
diluted share, as restated.
For the quarter ended March 31, 1998, the company achieved $23.7
million in sales and $203,000 in net income, or 3 cents per diluted
share, as restated.
As previously announced, the company has recorded a cumulative
pre-tax charge of $11.0 million for these periods and the second
quarter of 1998, of which $790,000 applies to 1996, $1.7 million
applies to 1997 and $292,000 applies to the first quarter of 1998. The
charge is primarily attributable to contract adjustments and inventory
write-downs.
Approximately 85 percent of the charge relates to problems at
Signal Technology's Keltec Operation in Ft. Walton Beach, Fla.
"We are pleased to have completed the process of restating
prior-period results, which was necessary in light of the charge,"
said George Lombard, Signal Technology's board chairman, president and
chief executive officer.
"We are confident that we have identified and made adjustments
for the contract and inventory-related difficulties at our operating
divisions, primarily Keltec, and are now focusing our attention on
improving financial and operating controls as well as results.
"Although the American Stock Exchange has not yet determined when
it will resume trading of the company's common stock, which has been
halted since August 17, we expect a decision by early to
mid-November," Lombard concluded. |
