AND FOR THIS WE PAID FLOYD ENGLISH A $1 MILLION BONUS!!
"ORLAND PARK, Ill., Jan. 21 /PRNewswire/ -- Andrew Corporation (Nasdaq:
ANDW), a global supplier of communications systems equipment, reported results for
the quarter ended December 31, 1998. Sales for the first quarter ended December 31,
1998 declined 5% to $218.6 million, net income declined 18% to $23.2 million, and
diluted earnings per share declined 12% to $.28 per share. Orders were $192.3 million
down 19% from last year's highest order quarter on record, $236.8 million."
It is noteworthy that if ANDW had not bought back so many of their shares, the EPS for Q1 1998 would have been $.26 vs. $.32 in Q1 1997. But the big thing is the continuing downward decline in revenues year over year, and quarter to quarter. Last year at this time, we heard the same thing from management that we are now hearing: "It is going to get better as we head into March." There are about 5 million shares left under the current repurchase program, and I submit that ANDW is going to get a chance to buy them cheap!
I say again: And for this Floyd English got paid a $1 million bonus!
|
