Hello thread! Here comes earnings!
Monday November 1, 5:47 pm Eastern Time
Innovex Inc. Q4 loss, sales rise
HOPKINS, Minn., Nov. 1 (Reuters) -
INNOVEX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Three Months Ended
Sep 30, Sep 30,
1999 1998
Net sales $39,830 $17,865
Costs and expenses:
Cost of sales 33,093 13,169
Selling, general and administrative
3,249 1,773
Engineering 1,713 865
Restructuring charges 2,765 --
Net interest (income) expense (142) (662)
Net other (income) expense (165) (55)
Income (loss) before income taxes (683) 2,775
Provision for income taxes (198) 810
Net income (loss) ( 485) 1,965
Net income (loss) per share:
Basic ( 0.03) 0.13
Diluted ( 0.03) 0.13
Weighted average shares outstanding:
Basic shares 14,817 14,773
Diluted shares 14,817 14,980
Twelve Months Ended
Sep 30, Sep 30,
1999 1998
Net sales $103,198 $96,278
Costs and expenses:
Cost of sales 76,277 64,226
Selling, general and administrative
9,787 7,372
Engineering 4,581 4,149
Restructuring charge 4,461 --
Net interest (income) expense (1,567) (1,961)
Net other (income) expense 420 (162)
Income before income taxes 9,239 22,654
Provision for income taxes 2,680 6,743
Net income 6,559 15,911
Net income per share:
Basic 0.44 1.08
Diluted 0.44 1.05
Weighted average shares outstanding:
Basic shares 14,798 14,695
Diluted shares 15,071 15,126
NOTE: The net loss of $0.5 million for the fourth fiscal
quarter includes a charge of $2.8 million or $0.13 per share
related to the closure of the lead wire operation. Excluding
this charge, the company's profit would have been $1.5 million
or $0.10 per share.
Net income for fiscal year 1999 includes expenses of $2.8
million related to the closure of the lead wire operation and
$1.7 million related to the disposition of Innovex's software
business. Excluding these charges, the company's profit would
have been $9.7 million or $0.65 per share.
The fourth quarter and year end results for fiscal 1999
included eight weeks of operating results related to the merger
with ADFlex Solutions, Inc. Innovex said it expects the ADFlex
related operations to be dilutive in its first fiscal 2000
quarter due to reduced revenue and to reach a breakeven level
in the second fiscal 2000 quarter.
Innovex previously said it expects to take a one time
charge to earnings in its first fiscal 2000 quarter related to
eliminating ADFlex's excess capacity and moving secondary
operations from a Mexican facility to a new facility in
Thailand in order to improve the operating cost structure.
|
