[ Business | US Market | Industry | IPO | S&P | International | PRNews | BizWire | Finance Home ]
--------------------------------------------------------------------------------
"No profits yet from Huntsville or Malaysia which need more cap ex to get fully operational."
Matter of time.
Circuit board business will continue to thrive and grow into the future. PGTZ and other circuit board companies positioning to retain existing business and attain new business.
Tuesday April 21, 4:10 pm Eastern Time
Company Press Release
SOURCE: Praegitzer Industries, Inc.
Praegitzer Industries, Inc. Reports Third Quarter Results
Revenue and Earnings up Significantly vs. Same Period of Last Year
DALLAS, Ore., April 21 /PRNewswire/ -- Praegitzer Industries, Inc. (Nasdaq: PGTZ - news) today announced revenue of $44.7 million for its third quarter ended March 31, 1998, an increase of 17% over the $38.3 million of revenue reported from the same period last year. Net earnings for the third quarter were $1.7 million, or $0.14 per share on 12.7 million diluted shares, compared to a loss of $546,000, or $0.04 per share on 12.6 million diluted shares, for the third quarter of 1997.
Year to date, Praegitzer has reported revenue of $133.3 million and net earnings of $5.1 million, or $0.40 per share on 12.9 million diluted shares. This is compared to revenue of $102.5 million and net earnings of $1.6 million, or $.13 per share on 12.1 million diluted shares, before one time charges of $11.7 million in the first quarter, for the first nine months of fiscal 1997. After the one time charge, a net loss of $10.0 million, or $0.83 per share, resulted for the nine months ended March 31, 1997. The Company attributed the growth in earnings and revenue for fiscal 1998 to increased capacity and technological capabilities, growth in design, improved yields, and improved process efficiencies.
''While the quarter and year-to-date numbers are strong relative to last year, the mid-quarter weakness in bookings across the industry prevented us from posting even stronger numbers for the period,'' stated Matt Bergeron, president and chief operating officer. ''While we saw strong results in March and anticipate growth in orders in April, some customers are still addressing an inventory correction, which we anticipate will take some period of time to work through.
''We are very excited about our most recent acquisition of Intergraph Printed Circuits, the PCB fabrication facility of Intergraph Corporation [Nasdaq:INGR - news] located in Huntsville, Alabama, which is called 'Praegitzer Huntsville','' stated Bergeron. ''Huntsville's additional quick-turn capabilities, Military certification, and strategic location extend our existing offerings and further enhance our ability to reduce our customers' time and cost of bringing a new product to market,'' continued Bergeron.
As previously announced, Praegitzer has recently hired James M. Buchanan as senior vice president of sales and marketing. ''We are delighted to have Jim on our team,'' stated Robert L. Praegitzer, chief executive officer. ''Jim will be a key player in continuing the implementation of Praegitzer's One-Stop Shopping(TM) model throughout the U.S. and international markets,'' Praegitzer continued.
Praegitzer Industries, Inc., founded in 1981, is a leading designer and fabricator of advanced printed circuit boards. Praegitzer has six fabrication facilities and 13 design centers serving customers in the business systems, computing, instrumentation, medical and telecommunications industries. Praegitzer prides itself on continually improving the quality of its products and services. It is a publicly traded company and employs more than 2,000 people. For more information on Praegitzer Industries, Inc., visit www.pii.com.
This press release includes forward-looking statements, including with respect to future booking levels, capacity expansions, Praegitzer Huntsville and the future level of business for Praegitzer Industries. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's SEC Form 10-K statement dated June 30, 1997. Factors that could cause results to differ materially from those set forth above include trends and development in the electronics industry generally, which is subject to rapid technological change and product obsolescence, as well as economic cycles and recessionary periods, concentration of sales in a relatively small number of large customers, and intense competition in the printed circuit board industry, which the Company believes will increase.
PRAEGITZER INDUSTRIES, INC.
CONDENSED BALANCE SHEETS
(in thousands, except per share data)
ASSETS March 31, 1998 June 30, 1997
Current assets $ 44,010 $ 34,512
Plant and equipment, net 78,832 40,036
Other assets 13,549 12,738
Total Assets $136,391 $ 87,286
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 24,309 $ 17,481
Other liabilities 2,970 2,379
Long-term debt 65,106 29,785
Stockholders' equity 44,006 37,641
Total Liabilities and
Stockholders' Equity $136,391 $ 87,286
PRAEGITZER INDUSTRIES, INC.
CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Sales $ 44,713 $ 38,303 $133,339 $102,542
Cost of Sales 35,940 33,095 106,528 85,285
Gross Profit 8,773 5,208 26,811 17,257
Selling, general &
administrative expenses 5,394 5,258 17,166 13,334
Impairment and in-process
technology expense -- 11,650
Income from operations 3,379 (50) 9,645 (7,727)
Interest expense 837 606 2,288 1,596
Other income (expense) 3 (145) 166 331
Income before income taxes $ 2,545 $ (801) $ 7,523 $ (8,992)
Income taxes $ 813 $ (255) $ 2,417 $ 1,045
Net Income (loss) $ 1,732 $ (546) $ 5,106 $(10,037)
Shares used in computing
basic net income per share 12,718,129 12,608,389 12,675,399 12,050,425
Basic Net Income
(loss) per share $ 0.14 $ (0.04) $ 0.40 $ (0.83)
Shares used in computing
diluted net income
per share 12,718,129 12,608,389 12,898,087 12,050,425
Diluted Net Income (loss)
per share $ 0.14 $ (0.04) $ 0.40 $ (0.83)
SOURCE: Praegitzer Industries, Inc.
--------------------------------------------------------------------------------
More Quotes
and News: Intergraph Corp (Nasdaq:INGR - news)
Praegitzer Industries Inc (Nasdaq:PGTZ - news)
Related News Categories: computers, networking
--------------------------------------------------------------------------------
Help
--------------------------------------------------------------------------------
Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
See our Important Disclaimers and Legal Information.
Questions or Comments? |
