Hello stockaholic:
Here is the Press Release. Very
interesting that they made one million bucks last quarter and the
stock did not even quiver.
PS: I miss Arthurs controversal posts here. Jill(SI Jill)is clueless
as to why he quit posting. Hope all is well with him. (maybe he
skipped town with the assets from the Tang Fund. <g>)
(PR NEWSWIRE) DJ: All American Announces Second Quarter Results; Net Incom
DJ: All American Announces Second Quarter Results; Net Income Up 62%
MIAMI--(BUSINESS WIRE)--Aug. 10, 1998--All American Semiconductor, Inc.
(Nasdaq:SEMI), a leading national distributor of electronic components,
today announced its results for the second quarter of 1998.
Net sales for the quarter ended June 30, 1998, were $63.0 million, a 7.6%
decrease from sales for the second quarter of 1997 of $68.1 million. Income
from operations increased to $2.9 million for the second quarter of 1998,
from $2.4 million for the same period of 1997. Net income increased
significantly to $1.0 million or $.05 per share for the quarter ended June
30, 1998, representing a 62.4% increase from $622,000, or $.03 per share for
the 1997 period.
For the first half of 1998 net sales were $126.5 million compared to $130.4
million for the same period of 1997. Income from continuing operations
increased to $4.9 million for the six months ended June 30, 1998, from $4.1
million for the same period of 1997. Net income increased 65.4% to $1.5
million or $.08 per share for the first half of 1998 from $924,000, or $.05
per share for the 1997 period.
Bruce M. Goldberg, President and Chief Executive Officer of All American,
stated, "Even though industry conditions caused a decline in our overall
sales, we are prideful that as a result of the restructuring and cost
control programs implemented during 1996 we are able to report a significant
increase in our net income.
"Our due diligence and preparation of documentation relating to the merger
with Reptron Electronics, Inc., announced in June of this year, is
continuing."
To the extent that this press release discusses financial projections,
future performance, expectations, beliefs or intentions about our products,
markets or operating results or the merger with Reptron Electronics, Inc.,
or otherwise makes statements about our industry's or the Company's future,
the statements are forward looking and are subject to a number of risks and
uncertainties that could cause actual results, performance or achievements
to differ materially from the statements made. Factors that could adversely
affect the Company's future results, performance or achievements or the
merger with Reptron Electronics, Inc. include the failure of All American
Semiconductor and Reptron Electronics to enter into a definitive agreement
and plan of merger or thereafter, among other matters, the inability to
obtain any required consents or approvals of governmental agencies, the
shareholders of either company not approving the proposed merger or Reptron
Electronics being unable to refinance or otherwise retire All American
Semiconductor's revolving credit facility, the timing of delivery of
products from suppliers, the product mix sold by the Company, customer
demand, availability of products from and relationships with suppliers,
price competition for products sold by the Company, interest rates,
management of expenses, the Company's ability to collect accounts
receivable, price decreases on inventory that is not price protected, gross
profit margins, growth of the electronics industry and/or electronics
distribution and the other risks and factors detailed in the Company's
reports on Forms 10-K and Forms 10-Q.
All American has recently moved up in the rankings and is now recognized as
the nation's 7th largest distributor of semiconductors and the 14th largest
electronic components distributor overall. The Company has offices in 32
strategic locations, including All American's ISO certified distribution and
programming center in Fremont, California.
ALL AMERICAN SEMICONDUCTOR, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands
except per share amounts)
Quarters Six Months
Periods Ended June 30 1998 1997 1998 1997
----------------------------------------------------------------------
Net Sales $ 62,981 $ 68,131 $ 126,511 $ 130,370
========== ========== ========== ==========
Income from
Operations $ 2,866 $ 2,350 $ 4,873 $ 4,077
========== ========== ========== ==========
Net Income $ 1,010 $ 622 $ 1,528 $ 924
========== ========== ========== ==========
Basic and Diluted
Earnings Per Share $ .05 $ .03 $ .08 $ .05
========== ========== ========== ==========
Average Shares:
Basic 19,683,600 19,673,600 19,683,600 19,669,489
========== ========== ========== ==========
Diluted 20,279,532 19,686,277 20,217,534 19,691,161
========== ========== ========== ==========
CONTACT: All American Semiconductor, Inc., Miami
Bruce M. Goldberg, CEO
Howard L. Flanders, CFO
(305) 621-8282, ext. 1417
10:37 EDT AUGUST 10, 1998
*** end of story ***
|
