WEX...Amex 1.40...net inc of $.22 for
9mo on solid rise in revenue:
PR NEWSWIRE) Winland Third Quarter Sales, Earnings Show Continued Gains
Winland Third Quarter Sales, Earnings Show Continued Gains
MANKATO, Minn., Oct. 31 /PRNewswire-FirstCall/ --
FlashResults
Winland Electronics Inc. (Amex: WEX)
(Numbers in Thousands, Except Per Share Data)
3rd quarter ended 3rd quarter ended
09/30/2002 YTD 09/30/2001 YTD
Sales $4,039 $13,436 $3,196 $11,551
Net Income $30 $662 ($387) ($771)
Average Shares 2,971 2,964 2,956 2,954
EPS $.01 $.22 ($.13) ($.26)
Winland Electronics, Inc. (Amex: WEX) today reported its third consecutive
profitable quarter and a net sales gain of 26% over its third quarter a year
ago.
Winland reported net income of $30,166 or $0.01 per basic and diluted
share for the third quarter ended September 30, 2002 compared to a net loss of
$ 387,423 or ($0.13) per basic and diluted share for the same period in 2001.
For the nine months ended September 30, 2002, net income was $662,249 or $0.22
per basic and diluted share compared to a net loss of $770,933 or ($0.26) per
basic and diluted share for the same period in 2001.
Net sales for the most recent quarter were $4,038,930, a 26% increase over
net sales of $3,195,580 in the third quarter last year. For the nine months
ended September 30, 2002, net sales increased 16% to $13,435,655 from
$11,551,162 reported for the same period last year.
"Our sharply focused strategic plan, undertaken late last year, continues
to produce the turnaround results and renewed momentum we pledged to our
shareholders," Winland Electronics' CEO, Lorin Krueger, stated. "Key
achievements during the most recent quarter and nine months included: gross
profit improvements of 4.8 percentage points and 7.2 percentage points
respectively; and a year to date reduction in operating expenses of almost
$400,000 over the same periods in 2001."
Despite the improvement in sales and profitability, Krueger explained that
third quarter results were constrained by large customers who had accelerated
orders into the previous quarter to meet unanticipated demand. He noted that
such unpredictable sales order shifts will affect revenue and quarterly
performance "from time to time." Krueger also pointed to the signing of a new
three-year manufacturing agreement with the company's largest customer, Select
Comfort Corporation, and Winland's success in reducing long-term and short-
term debt by over $1.7 million since December 31,2001.
The third quarter results also included a one-time expense reflecting a
change in the company's time off policy that enhanced the benefits to all
employees. In a move that combined the vacation and sick pay program into one
program called paid time off, it was necessary to accrue an additional $69,000
expense this quarter to reflect this change. "I believe this change will pay
off in employee loyalty and our ability to attract new talent as we move our
company forward," Krueger stated.
"Planned product and service diversity, along with sustained profitability
that leads to increased shareholder value and liquidity, continue to be at the
heart of our long-term growth plan," Krueger concluded. "We continue to focus
on the electronic manufacturing services (EMS), environmental security
products and DC (direct current) motor controls markets."
Winland Electronics, based in Mankato, MN, designs and manufactures custom
electronic control products and systems, as well as proprietary products for
the security/industrial marketplace.
WINLAND ELECTRONICS, INC.
STATEMENTS OF INCOME
For the Three and Nine Months Ended September 30, 2002 and 2001
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Net sales $4,038,930 $3,195,580 $13,435,655 $11,551,162
Cost of sales 3,191,279 2,678,026 10,306,797 9,691,157
Gross profit 847,651 517,554 3,128,858 1,860,005
Operating expenses:
General and
administrative 323,881 453,837 948,875 1,301,829
Research and
development 174,570 213,051 489,038 675,328
Sales and marketing 236,504 189,363 682,446 540,911
734,955 856,251 2,120,359 2,518,068
Operating income
(loss) 112,696 (338,697) 1,008,499 (658,063)
Other income (expenses):
Interest expense (61,188) (109,520) (204,320) (391,920)
Other, net 658 14,056 4,070 26,312
(60,530) (95,464) (200,250) (365,608)
Income (loss) before
income taxes 52,166 (434,161) 808,249 (1,023,671)
Income tax (expense)
benefit (22,000) 46,738 (146,000) 252,738
Net income (loss) $30,166 $(387,423) $662,249 $(770,933)
Earnings (loss) per
share data:
Basic $0.01 $(0.13) $0.22 $(0.26)
Diluted 0.01 (0.13) 0.22 (0.26)
Weighted-average number
of common shares
outstanding:
Basic 2,970,627 2,955,872 2,963,871 2,953,525
Diluted 3,045,642 2,955,872 3,013,365 2,953,525
Make Your Opinion Count - Click Here
tbutton.prnewswire.com |
