Signal Technology Announces 1999 First-Quarter Results
DANVERS, Mass.--(BUSINESS WIRE)--April 21, 1999--Signal
Technology Corporation (AMEX:STZ) today reported results for the first
quarter ended March 31, 1999.
For the quarter, sales totaled $20.4 million, compared with
$23.7 million for the first quarter of 1998. Net income for the 1999
first quarter improved to $639,000, or $0.08 per diluted share, versus
net income of $203,000, or $0.03 per diluted share, for the
corresponding period last year.
Commented George Lombard, Signal Technology's chairman and chief
executive officer: "We are encouraged by the favorable trend in
profitability, as this is our third consecutive quarter of increased
earnings. We attribute this improving performance to the changes we
have made to strengthen our financial controls and a companywide
effort to become more efficient.
"I am particularly pleased to see new orders totaling
$27.0 million for the quarter, up from $11.7 million in the fourth
quarter of 1998. Our Keltec Division has been awarded several
significant contracts over the past 90 days, including a $6.0 million
contract with Microwave Electronic Systems in Turkey.
"During 1999, we will remain committed to strengthening our
position in defense electronics while evaluating opportunities that
further our growth. Toward that end, our new president, Dr. James
DiLorenzo, is helping us to determine how best to exploit our
technologies and to penetrate new markets. We look forward to his
contributions in this most important initiative," Lombard concluded. |
