All: Earnings report -
Andrew Corporation's First Quarter Sales Up 30 Percent, Net Income Up 44 Percent
PR Newswire, Thursday, January 16, 1997 at 10:18
ORLAND PARK, Ill., Jan. 16 /PRNewswire/ -- For the quarter ended Dec. 31, 1996, Andrew Corporation (Nasdaq: ANDW) reported orders up 27 percent, sales up 30 percent and net income per share up 43 percent, over last year's first quarter.
Orders, sales, net income, and net income per share were all first quarter records. Orders for the quarter totaled $228.4 million, up 27 percent from $179.8 million last year. Sales grew 30 percent, reaching $231.7 million compared to $177.9 million last year. Net income grew faster than sales, jumping 44 percent to $24.3 million compared with $16.9 for the same period last year. Net income per share for the first quarter rose 43 percent to $.40 from $.28.
Backlog to be shipped over the next twelve months rose 12 percent to $142.4. Total backlog rose 3 percent compared with the prior year, to $154.6 million.
All operating results are restated for the pooling of interests
acquisition of The Antenna Company in March 1996.
Floyd L. English, chairman, president and chief executive officer, said, "Both domestic and international markets drove orders and sales strength. In the United States, the most notable contributors to sales growth were infrastructure construction of personal communications services (PCS) and wireless hand set accessories. The South American market led the international growth.
"Recent acquisitions have contributed to a portion of this quarter's growth. The Antenna Company (acquired March 1996) and our Brazilian companies (majority interest acquired December 1995) are helping Andrew Corporation capture a greater share of worldwide wireless markets.
"The Antenna Company's accessories business is adding new products for current markets and seeking new market opportunities around the globe. In Brazil, our new cable manufacturing plant is complete and production began this month. This plant will help meet the needs of our South American customers with a broader product line that includes locally manufactured HELIAX(R) cable products and systems."
Condensed Income Statement
(Amounts in thousands except per share)
Three Months Ended
December 31 Percent
1996 1995 Change
Sales $231,664 $177,924 30%
Income before tax 37,446 26,424 42
Net Income 24,340 16,911 44
Net income per share .40 .28 43
Orders 228,416 179,805 27
Twelve month backlog 142,415 127,538 12
Total backlog 154,557 149,352 3
Average shares outstanding 61,394 60,966
Andrew Corporation is a global supplier of communications systems equipment and services. Major markets are wireless communications -- which includes cellular, personal communications services and land mobile radio -- broadcast and common carrier. Andrew is an S&P 500 company listed on the Nasdaq National Market System under the symbol: ANDW.
SOURCE Andrew Corporation
-0- 01/16/97
/CONTACT: Tami Kamarauskas, Manager, Investor Relations of Andrew Corp.,
708-873-2534/ |
