Andrew Corp 4Q Loss 1c/Shr
ORLAND PARK, Ill. -- Andrew Corp. (ANDW) swung to a slight profit -- though on a per-share basis it posted a loss because of preferred dividend payments -- as charges decreased and sales rose 61%.
The telecommunications equipment company said in a press release Friday that net income totaled $5.26 million for the quarter ended Sept. 30, compared with a loss of $47 million last year. On a per-share basis, including a preferred dividend payment of $6.46 million, the company lost a penny a share compared with a loss of 48 cents a share, a year earlier.
The most recent quarter included restructuring costs of 4 cents a share, amortization costs of 4 cents a share and a gain on an asset sale of a penny a share, while last year's period included restructuring costs of 26 cents a share and charges for discontinued operations totaling 29 cents a share.
Sales rose to $344.9 million from $271.8 million a year earlier.
For its fiscal first quarter, which ends in December, Andrew Corp. expects to earn 1 cent to 4 cents a share before noncash intangibles amortization and restructuring charges.
Wall Street anticipates the company will earn 7 cents a share, according to Thomson First Call, which polled six analysts.
In the quarter ended Dec. 31, 2002, the company earned 6 cents a share and 7 cents a share before discontinued operations.
Andrew Corp. predicts revenue will total $320 million to $350 million.
Analysts, on average, expect the company's top line will rise to $340.4 million from $254.5 million in the period last year.
Shares of Andrew Corp. traded recently at $12.80, up 3 cents, or 0.2%, on Nasdaq.
Andrew Corp. - Orland Park, Ill.
4th Sept. 30:
2003 2002
Sales $344,921,000 $271,826,000
Inc cont op a 5,321,000 b (18,483,000)
Inc dis op (66,000) (28,522,000)
Net income 5,255,000 (47,005,000)
Avg shrs 144,143,000 98,104,000
Shr earns
Inc cont op a c (.01) b (.19)
Inc dis op .... (.29)
Net income (.01) (.48)
Figures in parentheses are losses.
a. Includes restructuring charges of 4 cents a share, a gain of 1 cent a share on the sale of fixed assets and intangible amortization of 4 cents a share.
b. Includes restructuring charges of 26 cents a share and intangible amortization of 2 cents a share.
c. After preferred dividends of $6.46 million.
Year Sept. 30:
2003 2002
Sales $1,014,486,000 $864,801,000
Inc cont op d 18,704,000 e 10,492,000
Inc dis op (3,184,000) (36,871,000)
Net income 15,520,000 (26,379,000)
Avg shrs (diluted) 109,866,000 87,295,000
Shr earns
Inc cont op c d .11 e .12
Inc dis op (.03) (.42)
Net income .08 (.30)
Figures in parentheses are losses.
c. After preferred dividends of $6.46 million.
d. Includes restructuring charges of 5 cents a share, a gain of 10 cents a share on the sale of fixed assets and intangible amortization of 12 cents a share.
e. Includes restructuring charges of 29 cents a share, a gain of 8 cents a share on the sale of fixed assets and intangible amortization of 4 cents a share.
Company Web site: andrew.com
-Tim Paradis; Dow Jones Newswires; 201-938-5400
Updated October 31, 2003 10:32 a.m. |
