Aeroflex Incorporated Reports Second Quarter Earnings Per Share of $.15 vs. $.11 Last Year
Net Income Increased 67% On 23% Sales Increase
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Feb. 3, 1999-- Backlog Increased to Record $83.3 Million
Aeroflex Incorporated (NYSE: ARX - news), today announced operating results for the second quarter and six months ended December 31, 1998.
Net sales for the second quarter ended December 31, 1998 were $36,197,000 compared with $29,325,000 for the same period of last year. The Company reported net income for the current quarter of $2,810,000 ($.15 per share diluted) versus $1,686,000 ($.11 per share diluted) last year.
For the six months ended December 31, 1998, net sales were $67,826,000 compared with $53,210,000 last year. The Company reported net income of $5,068,000 ($.27 per share diluted) in the current six month period versus $2,838,000 ($.19 per share diluted) last year.
''We are pleased to report that our second quarter operating results continues the strong trend in sales and net income growth established in the first quarter.'' said Michael Gorin, President. ''On a year to year quarterly basis, net sales increased 23% while operating income increased 39% and net income increased 67%. Our backlog of orders as of December 31, 1998 amounted to $83.3 million, which is a new record for the Company. Our backlog and overall strength of our order bookings for the quarter increases our visibility for the remainder of the year and we expect that the second half of the fiscal year will result in further gains in net sales, net income and earnings per share.''
Aeroflex Incorporated, through its subsidiaries, utilizes advanced technologies to provide state-of-the-art microelectronic module, interconnect and testing solutions used in communication applications for commercial and defense markets. It also designs and manufactures motion control systems and shock and vibration isolation systems used for commercial, industrial and defense applications.
(Except for historical information contained in this news release, the matters discussed are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; and the risk factors reported from time to time in the Company's SEC reports.) |
