Earnings are out at $0.19 and lower than expected.
SI Handling Reports Record Earnings for Fiscal 1998
EASTON, Pa., May 12 /PRNewswire/ -- SI Handling today issued the
following:
Three Months Ended Fiscal Year Ended
March 1, March 2, March 1, March 2,
1998 1997 1998 1997
Net sales $15,260,000 8,018,000 47,631,000 24,000,000
Earnings before
income taxes 1,003,000 978,000 4,102,000 2,053,000
Income tax expense 275,000 (84,000) 1,490,000 ---
Net earnings $728,000 1,062,000 2,612,000 2,053,000
Basic earnings
per share (a) $.20 .29 .70 .56
Diluted earnings
per share (a) $.19 .29 .70 .55
Backlog of orders
to be shipped --- --- $22,092,000 31,029,000
(a) On October 14, 1997, the Board of Directors declared a three-for-two
stock split that was distributed on November 10, 1997, to
shareholders of record on October 27, 1997. Basic earnings per
share for all periods presented reflect the three-for-two stock
split and are based on the weighted average number of shares
outstanding. Diluted earnings per share for all periods presented
reflect the three-for-two stock split and are based on the weighted
average number of shares outstanding and equivalent shares from
dilutive stock options and phantom stock units.
SI Handling Systems, Inc. (Nasdaq: SIHS) announced today its third
straight fiscal year of record net earnings. Fiscal year 1998 net sales and
earnings before income taxes rose approximately 98% and 100%, respectively,
with fiscal year 1998 net earnings up 27%. Although year-end backlog is below
the prior year, current strong quoting activity indicates that backlog is
likely to increase during the first quarter of fiscal year 1999, which ends on
May 31, 1998.
Fiscal year 1997 fourth quarter net earnings were favorably impacted by
contracts for the Company's proprietary products wherein gross profit margins
were higher than contracts for integrated systems, which accounted for a
substantial portion of fiscal 1998 net sales. Also, both the fourth quarter
and fiscal year 1998 net earnings were impacted by the Company's return to
taxability.
"We are delighted with the diversity and sophistication of systems that
are in the pipeline," says Len Yurkovic, SI's President and CEO. "There is a
genuine need for integrated systems that increase productivity and quality,
and SI
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