Genrad Reports 1Q Results
Tuesday April 20, 5:00 pm
Eastern Time
Company Press Release
WESTFORD, Mass.--(BUSINESS WIRE)--April 20,
1999--GenRad, Inc. (NYSE:GEN - news) today reported for its
first quarter ended April 3, 1999 diluted earnings per share of
$0.20, before reversal of a portion of the deferred tax valuation
allowance, compared to $0.05 for the first quarter of 1998.
Revenues for the first quarter were $53.1 million versus $49.1
million for the first quarter of 1998 and orders were $59.4 million
compared to $53.9 million a year ago.
Net income for the first quarter of 1999, before reversal of a
portion of the deferred tax valuation allowance, was $5.8 million
versus $1.4 million for the first quarter of 1998. Backlog at the end
of the first quarter was $27.9 million up from $21.6 million in the
fourth quarter of 1998, an increase of 29%
Net income for the first quarter of 1999, including a reversal of a
portion of the deferred tax valuation allowance of $4.5 million or
$0.15 per share on a diluted basis, was $10.3 million or $0.35 per
share on a diluted basis. Net income for the first quarter of 1998,
including a reversal of a portion of the deferred tax valuation
allowance of $7.5 million or $0.25 per share on a diluted basis, was
$8.9 million or $.30 per share on a diluted basis.
Diluted weighted average common shares at the end of the first
quarter of 1999 were 29,340,000 a decrease from the 1998
comparable period amount of 29,621,000.
James F. Lyons, GenRad's President and Chief Executive Officer,
commented, ''We are pleased with this quarter's results. Both the
variance and the blend of our three business units provided the
flexibility necessary to attain another successful quarter. Our
performance met expectations and positions us for success going
forward.''
Lyons continued, ''Having recently concluded the discussions with
the SEC and arbitration with the former shareholders of ICC, and
as we move further into 1999, our enthusiasm about the year
continues to grow. We continue to maintain a high level of
confidence in our operating plan and our strategic vision and remain
excited about the opportunities ahead of us.''
GenRad Background
GenRad, Inc. provides electronics OEMs and their customers with
the hardware, software and services to increase productivity by
optimizing product design, manufacturing and after-market service.
GenRad, headquartered in Westford, MA, offers products and
services through three business units: Advanced Diagnostic
Solutions (ADS), Electronic Manufacturing Solutions (EMS), and
GR Software (GRS). GenRad's web site address is
genrad.com.
GenRad's most current shareholder information is available by
visiting our Website at genrad.com or calling our Fax on
Demand Service at (800) 469-1261.
Statements made in this press release which are not historical,
including statements regarding future performance, product
capabilities and markets are forward looking statements and as such
are subject to a number of risks. Factors that may cause results to
differ materially from those projected are discussed in GenRad's
1998 Annual Report on Form 10-K for the fiscal year ending
January 2, 1999 and form 10-Q/A for the quarter ended October
3, 1998 under the section ''Management's Discussion and Analysis
of Financial Conditions and Results of Operations - Factors That
May Affect Future Results.''
GenRad, Inc. and Subsidiaries
Supplemental Information
(in thousands, except per share amounts)
April 3, April 4, %
1999 1998 Change
Orders $ 59,354 $ 53,934 10%
Total Revenue $ 53,110 $ 49,074 8%
Net Income $ 10,322 $ 8,909 16%
Weighted Average Shares Outstanding:
Basic 28,107 27,395
Diluted 29,340 29,621
Earnings Per Share:
Basic $ 0.37 $ 0.33 12%
Diluted $ 0.35 $ 0.30 17%
Net Income Before Reversal
of a Portion of Deferred
Tax Valuation Allowance $ 5,822 $ 1,409 313%
Earnings Per Share Data (Diluted)
Net Income as Reported $ 0.35 $ 0.30 17%
Reversal of Deferred Tax
Valuation Allowance (0.15) (0.25)
Net Income Excluding Tax Benefit $ 0.20 $ 0.05 300%
Contact:
GenRad, Inc.
Nancy A. Miller, 978/589-7144
millern@genrad.com |
