Monday February 24 11:24 AM EDT
Vitronics announces year end 1996 results
NEWMARKET, N.H.--(BUSINESS WIRE)-- Vitronics Corp today announced sales and earnings results for the year ended Dec. 31, 1996.
Sales for the year ended Dec. 31, 1996 were $22,708,000 compared with $23,525,000 for 1995, a decrease of 3 percent. Bookings for the year were $21,845,000 compared with $23,783,000 for 1995, a decrease of 8 percent. Sales for the fourth quarter ended Dec. 31, 1996 were $4,828,000 compared with $6,455,000 for the same period in 1995, a decrease of 25 percent. Bookings for the fourth quarter of 1996 were $4,251,000 compared with $5,268,000 for the same period in 1995, a
decrease of 19 percent. Backlog at Dec. 31, 1996 was $1,984,000 compared with a backlog of $2,847,000 as of Dec. 31, 1995.
For the year ended Dec. 31, 1996, net income before taxes was $1,337,000 compared with net income before tax of $2,202,000 for the same period of 1995. Net income after tax for the year ended Dec. 31, 1996 was $802,000 compared to $2,775,000 for the year ended Dec. 31, 1995. A one time tax valuation allowance of $823,000 was included in the year ended Dec. 31, 1995 results. Pre-tax earnings per share on a fully diluted basis were $0.13 compared to $0.21 for the same period in 1995. After-tax earnings per share on a fully diluted basis were $0.08 compared to $0.27 per share for the same period in 1995.
For the three month period ended Dec. 31, 1996, net income before taxes was $123,000 compared with net income before tax of $725,000 for the three months ended Dec. 31, 1995. Taxes for the fourth quarter of 1996 were $49,000 compared to a tax benefit of $625,000, which included a tax valuation allowance of $823,000 for the fourth quarter of 1995. Net income after taxes for the three months ended Dec. 31, 1996 was $74,000 compared to $1,350,000 for comparable period in 1995.
Pre-tax earnings per share on a fully diluted basis were $0.01 compared to $0.03 for the same period in 1995. After-tax earnings per share on a fully diluted basis were $0.01 compared to $0.28 per share for the three months ended Dec. 31, 1995.
James J. Manfield, Jr., Chairman and CEO said, "Bookings activity remained slow in the fourth quarter of 1996 primarily in the European market, combined with a slow down in the U.S. bookings activity during the fourth quarter. We have seen an increase in bookings activity in Europe in the early part of 1997. The U.S. remains soft although we attribute this to customers wanting to look at the product offerings at the Nepcon West trade show before ordering machines. We continue to monitor our variable operating expenses to stay in line with our sales bookings activity. We completed the introduction of our SELECTSeries with shipments to a number of major customers during the fourth quarter of 1996. We continue to monitor the performance of those machines with an eye toward improving the technical performance of the SELECTSeries line."
Vitronics Corp. is a supplier of state-of-the-art thermal processing and associated equipment, with an established reputation as an innovator and leader in the surface mount industry. Vitronics Corp.'s equipment is primarily aimed at the electronics industry and has achieved considerable technical recognition in the production of printed circuit boards. The company also supplies equipment to the medical, chemical, pharmaceutical, plastics, graphics and textile industries. Vitronics Corp.'s customer list includes all twenty of the largest electronics companies.
VITRONICS CORPORATION
SUMMARY STATEMENT OF OPERATIONS
For the Three Months Ended
December 31,
1996 1995
Sales $4,828,000 $6,455,000
Net income before taxes 123,000 725,000
Current taxes (49,000) (198,000)
Change in valuation allowance -- 823,000
Net income $ 74,000 $1,350,000
Net income per share:
Primary $0.01 $0.12
Fully diluted $0.01 $0.12
Bookings $4,251,000 $5,268,000
Average shares outstanding:
Primary 10,061,000 10,859,000
Fully diluted 10,076,000 10,875,000
For the Twelve Months Ended
December 31,
1996 1995
Sales $22,708,000 $23,525,000
Net income before taxes 1,337,000 2,202,000
Current taxes (535,000) (250,000)
Change in valuation allowance -- 823,000
Net income $ 802,000 $2,775,000
Net income per share:
Primary $0.08 $0.30
Fully diluted $0.08 $0.27
Bookings $21,845,000 $23,783,000
Backlog (as of period end) $ 1,984,000 $ 2,847,000
Average shares outstanding:
Primary 10,579,000 9,168,000
Fully diluted 10,588,000 10,688,000
BALANCE SHEET DATA
Dec. 31 Dec. 31,
1996 1995
ASSETS:
Current assets $ 9,094,000 $ 9,601,000
Property & equipment (net) 437,000 402,000
Deferred taxes 175,000 175,000
Other assets 74,000 68,000
$ 9,780,000 $10,246,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 3,501,000 $ 4,096,000
Long-term liabilities 104,000 242,000
Stockholders' equity 6,175,000 5,904,000
$ 9,780,000 $10,246,000
CONTACT: Vitonics Corporation
Lise Waitt
603/659-6550 |
