JACO earnings:
Jaco Electronics Reports Second Quarter Earnings Per Share Of
0.24; <JACO.O>
Jaco Electronics Reports Second Quarter Earnings Per Share Of $0.24; Quarterly Revenues Reach Record Levels at $45.1 Million HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jan. 19, 2000--Jaco Electronics, Inc. (Nasdaq: JACO), a distributor of electronic components to original equipment manufacturers, today reported results for its fiscal 2000 second quarter ended December 31, 1999. The Company noted that its revenues for the second quarter and six months periods were at the highest levels in the Company's history. Net sales for the second quarter of fiscal 2000 increased 29.0% to $45,100,000 compared with $34,966,000 during the second quarter of fiscal 1999. Net earnings for the fiscal 2000 second quarter were $883,000, or $0.24 per share, compared to a net loss of $68,000, or $0.02 per share, during the same period last year. The weighted average number of diluted shares outstanding for the second quarter of fiscal 2000 was 3,705,505, compared with 3,654,182 during the same period last year. Net sales for the six months ended December 31, 1999 increased 27.7% to $87,118,000 compared with $68,223,000 during the same period last year. Net earnings for the six months ended December 31, 1999 increased to $1,098,000, or $0.30 per share, compared to a net loss of $310,000, or $0.08 per share, during the same period last year. The weighted average number of diluted shares outstanding for the six months ended December 31, 1999 was 3,707,424, compared with 3,725,441 during the same period last year. Commenting on the results, Joel Girsky, Jaco's Chairman and Chief Executive Officer, said, "Jaco's strong second quarter and six months results reflect increased semiconductor and passive components sales, record quarterly flat panel display sales and improved margins. Fiscal 2000 second quarter gross profit margins improved to 21.9% from 19.1% in the year ago second quarter and SG&A, as a percentage of sales, declined to 17.7% from 18.5% in the second quarter of fiscal 1999. These trends reflect firmer pricing and operating efficiencies being achieved with higher revenue levels. "During the soft industry environment, Jaco invested in its infrastructure increasing sales, marketing and engineering personnel. We believe these investments positioned the Company to benefit greatly from the anticipated upturn in the industry. Specifically, our investments in our Flat Panel Display division, Field Applications Engineers and electronic Automated Inventory Management Systems Group ("AIMS") which provides value-added services, have proven to be prudent, creating an environment where we enjoy strong customer and supplier relationships. These investments, the improvement in the industry and Jaco's repurchase of 412,200 shares over the past several years has enabled us to deliver value to our stockholders. "With industry forecasts for continued sector resurgence, we believe Jaco can continue to capitalize on this revitalization and we are confident in our future prospects." Jaco is a distributor of electronic components and a provider of contract manufacturing and value-added services throughout the United States and Canada from two distribution centers located on the East and West coasts and 14 sales offices located throughout the United States. The Company distributes products such as semiconductors, capacitors, resistors, electro-mechanical devices, flat panel displays and monitors and power supplies, which are used in the manufacture and assembly of electronic products. The Company also provides a variety of value-added services including automated inventory management services, integrating and assembling various custom components with flat panel displays (FPD's) to customer specifications (box-build), kitting the component requirements of customers, and furnishing contract manufacturing services. Except for the historical information in this press release, this press release includes forward-looking statements that involve risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, fluctuations in operating results, delays in development of highly-complex products and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein. -0- JACO ELECTRONICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations ($ in thousands, except share and per share amounts) (Unaudited) Three months ended Six months ended December 31, December 31, --------------------- ------------------ 1999 1998 1999 1998 ---- ---- ---- ---- Net sales $ 45,100 $ 34,966 $ 87,118 $ 68,223 ------ ------ ------ ------ Gross profit 9,868 6,695 17,804 13,398 Selling, general & administrative expenses 7,979 6,468 15,227 13,263 ------ ------ ------ ------ Operating profit 1,889 227 2,577 135 Interest expense 346 341 669 655 ------ ------ ----- ------ Earnings (Loss) before income taxes 1,543 (114) 1,908 (520) Income tax provision (benefit) 660 (46) 810 (210) ------ ------- ----- ----- Net earnings (loss) $ 883 $ (68) $ 1,098 $ (310) ====== ======= ===== ===== Net earnings (loss) per common share: Basic and diluted $ 0.24 $ (0.02) $ 0.30 $ (0.08) ====== ======= ===== ===== Weighted average shares: Basic 3,653,521 3,654,182 3,653,521 3,725,441 Diluted 3,705,505 3,654,182 3,707,424 3,725,441 Summary Balance Sheet As of December 31, 1999 Key Financial Statistics (Unaudited) Receivables (net) $29,200,000 LT Debt to Capitalization 36% Inventories 35,200,000 Per Share Price (1/18/00) $7.875 Book Value Per Share $9.85 Long-Term Debt $20,500,000 A/C Payable and Accrued Expenses 20,800,000 Shareholder's Equity $36,000,000 --30--jh/ny* CONTACT: Jaco Electronics, Inc. Jeffrey D. Gash Vice President, Finance 631/273-5500 or Jaffoni & Collins Incorporated Joseph N. Jaffoni, Jennifer Hallahan 212/835-8500 jacojcir.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c)
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