Aeroflex Incorporated Reports Third Quarter Operating Results; Operating Profits Increased 75% and 55% for Third Quarter and Nine Months Over Last Year
PLAINVIEW, N.Y.--(BUSINESS WIRE)--April 29, 1998--Aeroflex Incorporated (NYSE Symbol: ARX), today announced operating results for the third quarter and nine months ended March 31, 1998.
Net sales for the third quarter ended March 31, 1998 were $31,221,000 compared with $22,937,000 for the same period of last year. The Company reported net income for the current quarter of $2,057,000 ($.13 per share diluted) versus $917,000 ($.07 per share diluted) last year.
For the nine months ended March 31, 1998, net sales were $84,431,000 compared with $64,912,000 last year. The Company reported net income of $4,895,000, ($.32 per share diluted) in the current nine month period versus $2,461,000 ($.19 per share diluted) last year.
Michael Gorin, President, commented, "We are pleased with the continual improvement in sales and earnings during the course of this fiscal year. Sales for the current quarter were 36% higher than the third quarter of last year, operating income was 75% higher and net income increased almost 125%. At March 31, 1998, our backlog of orders was approximately $69 million compared with approximately $49 million a year earlier."
"On March 19, 1998, we successfully completed a secondary offering of 2,875,000 shares of our common stock, with net proceeds to the Company of approximately $32 million. At March 31, 1998, the Company had $23 million in cash and short term investments and $83 million in stockholders' equity. We believe that the proceeds from the offering will enable the Company to take advantage of growth opportunities as they present themselves."
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 isolation systems used for commercial, industrial and defense applications. -0-
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 of 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. -0- *T
AEROFLEX INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Quarter Ended Nine Months Ended
March 31, March 31, 1998 1997 1998 1997
NET SALES $31,221 $22,937 $84,431 $64,912
Operating Income $ 3,747 $ 2,144 $ 9,484 $ 6,103 Interest and Other Expense, Net 515 702 1,839 2,192
Income Before Income
Taxes 3,232 1,442 7,645 3,911
Provision for Income
Taxes 1,175 525 2,750 1,450
Net Income $ 2,057 $ 917 $ 4,895 $ 2,461
Net Income Per Common Share
Basic $ .14 $ .07 $ .35 $ .20
Diluted $ .13 $ .07 $ .32 $ .19
Weighted Average Number of
Shares Outstanding
Basic 14,749 12,523 13,948 12,431
Diluted 16,132 14,597 15,749 14,695 -0-
BALANCE SHEET DATA
(In thousands)
March 31, June 30, 1998 1997
Working Capital $ 49,559 $ 25,872 Total Assets 118,958 81,047 Total Debt 11,787 28,916 Stockholders' Equity 83,006 35,040 *T
CONTACT:
Aeroflex
Michael Gorin, President and Chief Financial Officer
516/694-6700 |
