Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Hi-Shear Technology (HSR) -- Ignore unavailable to you. Want to Upgrade?

To: Father E. who wrote (23)	2/3/1998 4:57:00 AM
From: Lawrence T. Bovat	Respond to of 37

AMEX:HSR - news) today announced its earnings for the second quarter ended November 30, 1997. Net income of $317,000 or $.05 per share was reported for the second quarter, an increase of 19.6% over the $265,000 or $.04 per share reported for the same period last year. Revenues for the second quarter were $4.2 million up 9% as compared to $3.9 million for the same period last year. The source of this growth was an increase in commercial aerospace shipments during the quarter. Orders booked during the quarter totaled $6.1 million. Gross profit for the quarter was $1.2 million or 27% of revenues as compared to $1.1 million or 29% of revenues for the same period last year. During the quarter, the Company announced the signing of a joint venture agreement with Baico Inflator Company covering automotive airbag inflators. The two phased joint venture calls for the companies to first join forces in the final development of a new air bag inflator for the global automotive market, and then to establish a manufacturing operation. BAICO currently manufactures and supplies its air bag inflators to automotive manufacturers in North America, Europe and Asia. The new inflator, initially developed by Hi-Shear, uses an alternative propellant which is non-toxic and deploys virtually particulate free. In addition, the products of combustion are occupant friendly. The new technology also represents a lower cost approach to inflator design by eliminating the need for certain components common on today's inflators. The new inflator will easily lend itself to the ''smart'' air bag systems of tomorrow by tailoring the speed and level of the air bag's deployment to occupants as measured by the car's electronics. The parties currently plan to finalize the inflator's design early next year, with manufacturing to start as early as 1999. Also, during the quarter the Company signed a major distribution agreement with Hale Products the maker of Hurst ''Jaws of Life''. Under the agreement, Hale Products will exclusively market and distribute Hi-Shear's LifeShear rescue tool to the public safety markets in North America, Canada and Japan. Hi-Shear will manufacture LifeShear and its accompanying power units at its Torrance facility for sales in these regions. Hi-Shear Technology Corporation provides aerospace and commercial products in applications where safety, performance and high reliability are essential. It develops and produces advanced systems and products that are primarily used worldwide in commercial space satellites, launch vehicles, and government programs. The Company is also continuing to adapt its technology to produce advanced, competitively priced products for commercial markets such as emergency rescue equipment, industrial cutting tools and improved inflators for airbag systems. This release, as it relates to product announcements and other Company matters, contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without acceptance of and demand for the Company's new commercial products, dependence on the uncertainty of government budgetary issues, primary government contracts, and intellectual property rights. The Company's Form 10-QSB will be filed with the Securities and Exchange Commission on or about December 16, 1997. The 10-QSB will be available through Edgar or please contact Ms. Linda A. Nespole (310) 784-7821. Contact: Hi-Shear Technology Corporation, Torrance Linda A. Nespole, 310/784-7821