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Wednesday February 4, 5:28 pm Eastern Time
Company Press Release
Aeroflex Incorporated Reports Second Quarter Earnings per Share of
$.11 vs. $.07 Last Year
Net Income Increased 89% on 28% Sales Increase
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Feb. 4, 1998--Aeroflex Incorporated (NYSE Symbol: ARX - news), today
announced operating results for the second quarter and six months ended December 31, 1997.
Net sales for the second quarter ended December 31, 1997 were $29,325,000 compared with $22,914,000 for the same
period of last year. The Company reported net income for the current quarter of $1,686,000 ($.11 per share diluted) versus
$893,000 ($.07 per share diluted) last year.
For the six months ended December 31, 1997, net sales were $53,210,000 compared with $41,975,000 last year. The
Company reported net income of $2,838,000, ($.19 per share diluted) in the current six month period versus $1,544,000
($.12 per share diluted) last year.
Mr. Gorin, President, commented, ''We are pleased to report that net sales for the second quarter increased 28% over last
year. Operating income, which amounted to $3,129,000 for the current quarter, increased 45% over last year's second
quarter and net income of $1,686,000 represented an 89% increase year to year. As in our first quarter, the microelectronics
division led the way, with a 68% increase in net sales in the current quarter compared to last year's second quarter. Our
business outlook remains favorable with both backlog and new business opportunities continuing to improve. At December
31, 1997, our backlog of orders amounted to $66.1 million compared to $45.8 million a year ago. We remain optimistic that
the second half of our fiscal year should result in further gains in net sales, net income and earnings per share.
Aeroflex Incorporated, through its subsidiaries, utilizes advanced technologies to provide state-of-the-art microelectronic
module, interconnect and testing solutions used in communication applications for commercial and defense markets. It also
designs and manufactures motion control systems and shock and vibration stabilizing systems used for commercial, industrial
and defense applications.
(This news release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute
an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Except for historical information contained in this news release, the matters discussed are forward looking statements that
involve risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the
effect of business and economic conditions; the impact competitive products and pricing; capacity and supply constraints or
difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; and
the risk factors reported from time to time in the Company's SEC reports.)
AEROFLEX INCORPORATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000's)
Quarter Ended Six Months Ended
December 31, December 31,
1997 1996 1997 1996
Net Sales $29,325 $22,914 $53,210 $41,975
Operating Income $ 3,129 $ 2,161 $ 5,737 $ 3,959
Interest and Other
Expense, Net 518 726 1,324 1,490
Income Before
Income Taxes 2,611 1,435 4,413 2,469
Provision for
Income Taxes 925 542 1,575 925
Net Income $ 1,686 $ 893 $ 2,838 $ 1,544
Net Income Per
Common Share
Basic $ 0.12 $ 0.07 $ 0.21 $ 0.12
Diluted $ 0.11 $ 0.07 $ 0.19 $ 0.12
Weighted Average Number
of Shares Outstanding
Basic 14,347 12,442 13,547 12,387
Diluted 15,750 14,654 15,557 14,744
Contact:
Aeroflex Incorporated
Michael Gorin, 516/694-6700 |
