Here are 3rd qtr numbers just out on wires...rev numbers follow from 10-q...please refer to company filings..price 1.87/2.50...top tick today 2.87...vol light at 2k.
(PR Wires) DJ: The Dewey Electronics Corporation Reports Earnings for T
DJ: The Dewey Electronics Corporation Reports Earnings for Third Consecutive
Quarter
OAKLAND, N.J.--(BUSINESS WIRE)--May 17, 1999--The Dewey Electronics
Corporation (OTC: DEWY), manufacturers of military electronics and
snowmaking machinery, announced earnings for the third quarter and nine
months ended March 31, 1999.
Third quarter net income was $215,515, or $0.16 per share, and nine months
earnings were $346,699, or $0.26 per share.
The Company attributes its earnings to its production for the U.S. Army of
tactical generator sets.
Additional information is available from the Company's Form 10Q filings with
the S.E.C.
CONTACT: THE DEWEY ELECTRONICS CORPORATION, Oakland
Thom Velto
201/337-4700
or
KCSA, New York
Joseph A. Mansi/Sarah Shepard
212/682-6300 ext. 205/236
14:23 EDT MAY 17, 1999
*** end of story ***
.........
Nine months ended March 31, 1999 vs. 1998
Revenues for the nine month period this year were $5,849,781 which is an increase of
$4,112,325 compared to last year's
revenues of $1,737,456. This increase is the result of increased electronic product
revenues.
Electronic product revenues increased by $4,162,023 (from $1,423,455 last year to
$5,585,478 this year) as a result of
greater production under the Company's contract with the U.S. Army for tactical generator
sets. This contract accounted for
96% of the electronic segment revenues.
The delivery of tactical generator sets had been scheduled to begin in March 1998.
However, because of engineering changes
initiated by the Company and approved by the U.S. Army, deliveries were rescheduled to
begin in November 1998. As a
result of this delay in delivery, production efforts were also delayed causing lower revenue
recognition last year.
Since fiscal year end, June 30, 1998, the Company has received approximately $8 million
in additional orders for tactical
generator sets. This brings the total amount of orders received for the tactical generator sets
program to approximately $14
million. The Company anticipates that the U.S. Army will continue to place additional
orders; however, the Army is not
obligated to do so and no assurances can be given to the quantity or scheduling of
additional generator set orders. Though the
Company's contract with the Army contemplated annual orders in roughly equal amounts,
actual order placements have varied
in timing and size.
The remaining 4% of electronic product revenues resulted from various orders, more
limited in scope and duration, that were
generally for replacement parts for previously supplied Department of Defense equipment
and other projects performed as a
subcontractor. A large part of such other revenues continue to be attributable to the
Company's Pitometer Log Division, which
manufactures speed and distance measuring instrumentation for the U.S. Navy.
Last year, the tactical generator set project accounted for 35% of electronic segment
revenues and the remaining 65% were
derived from short term projects.
As of March 31, 1999, the aggregate value of the Company's backlog of electronic
products not previously recorded as
revenues was approximately $7 million. It is estimated that approximately $2 million of this
backlog will be recognized as
revenues during the June 30, 1999 fiscal year.
As of March 31, 1998, the aggregate value of the Company's backlog of electronic
products not previously recorded as
revenues was approximately $4 million.
In the leisure and recreation segment, revenues decreased by $49,698 compared to last
year's revenues (from $314,001 to
$264,303). The major portion of revenues from this segment of business have been
traditionally recorded during the second
quarter. This year, the sale of a snowmaking machine during this third quarter resulted in
machine sales being comparable to last
year. The sale of replacement parts in this segment has been lower then recent years. The
Company does not anticipate any
significant revenues from this segment for the balance of the current fiscal year.
Operations resulted in an operating profit of $.55 per share compared to an operating loss
of $.18 per share last year. Net
earnings per share were $.26 per share compared to a net loss of $.18 per share last year.
Three Months Ended March 31, 1999 vs. 1998
Revenues for the third quarter this year were $2,025,158 compared to $407,040 last year
resulting in an increase of
$1,618,118 in revenues. This increase is the result of increased electronic product
revenues.
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