Signal Technology Announces Third-Quarter 1998 Results
DANVERS, Mass.--(BUSINESS WIRE)--Nov. 16, 1998--Signal Technology
Corp. (AMEX:STZ) Monday reported results for its third quarter and
nine-month period ended Sept. 30, 1998.
For the quarter, sales totaled $22.8 million, compared with $25.3
million for the third quarter of 1997, as restated. Net income for the
1998 quarter was $85,000, or $0.01 per diluted share, vs. a net loss
of $983,000, or $0.14 loss per diluted share, for the corresponding
period last year, as restated.
For the nine months, the company achieved sales of $68.6 million,
vs. $77.9 million for the first nine months of 1997, as restated. Net
loss for the 1998 nine-month period was $7.5 million, or $1.02 loss
per diluted share, compared with a net loss of $1.2 million, or $0.16
loss per diluted share, for the corresponding period in 1997, as
restated.
For the first and second quarters of 1998, the company recorded a
pre-tax charge of approximately $8.5 million, primarily attributable
to contract adjustments and inventory write-downs.
"We are encouraged by our results this quarter, which we believe
reflect the benefits of the many operational changes we have
implemented," said George Lombard, Signal Technology's chairman and
chief executive officer. "Our new management team is committed to
improving both top- and bottom-line performance, and we intend to
maintain this focus through the balance of the year and into 1999.
"Our goal moving forward is to continue our leadership position
in the defense electronics industry and to pursue opportunities that
further our growth. This includes building on our current customer
base as well as attracting new relationships," concluded Lombard. |
