OLATHE, Kan., March 10 /PRNewswire-FirstCall/ -- Elecsys
Corporation (AMEX:ASY), today announced the financial results for
its third fiscal quarter ended January 31, 2008, which included a
full quarter of results from its new Radix Corporation subsidiary.
Sales for the quarter were $6,135,000, an increase of $962,000 from
the comparable period of fiscal 2007. The increase in sales for the
quarter resulted from substantial sales growth at NTG as well as
the additional sales generated by our new Radix subsidiary. Sales
at NTG were $1,300,000, an increase of 387% from the third quarter
of the previous fiscal year. Continuing demand for new WatchdogCP
products and for communication technology upgrades for existing
products were the primary drivers of the increase in NTG sales.
Total sales reported at DCI decreased approximately $1,346,000 from
the prior year period. The prior period included sales of
$1,162,000 to the former Radix International Corporation. Sales
reported at DCI no longer include sales made to our new Radix
subsidiary. Sales at the Company's newest subsidiary, Radix
Corporation, were $1,275,000 for the three-month period ended
January 31, 2008. For the nine months ended January 31, 2008, total
consolidated sales were $16,524,000, an increase of $1,893,000, or
13%, from the nine months ended January 31, 2007. Gross margin was
approximately 39% of sales, or $2,402,000, for the quarter as
compared to 28% of sales, or $1,448,000, for the quarter ended
January 31, 2007. Our improvement in consolidated gross margin
resulted from the increase in sales volumes of higher margin
products at NTG as well as the additional gross margin generated at
Radix with its mix of proprietary equipment sales and service
contract revenues. For the nine-month period ended January 31,
2008, gross margin was 35%, or $5,713,000, compared to 30%, or
$4,422,000, for the nine-month period ended January 31, 2007.
Operating income for the quarter was $526,000, an increase of
$229,000 from the $297,000 in operating income earned in the
previous year's period. For the nine-month period ended January 31,
2008, operating income was $1,020,000 as compared to $1,120,000 for
the same period in the prior fiscal year. As a result of the above,
net income was $241,000, or $0.07 per diluted share, for the
quarter ended January 31, 2008 as compared to net income of
$310,000, or $0.09 per diluted share for the quarter ended January
31, 2007, which included a gain on the sale of our former facility
in Lenexa of approximately $324,000. For the nine-month period
ended January 31, 2008, net income was $425,000, or $0.12 per fully
diluted share as compared to $720,000, or $0.21 per fully diluted
share for the nine-month period ended January 31, 2007. Karl B.
Gemperli, Chief Executive Officer, stated, "We are pleased to
report the results of this quarter which recorded both continued
sales growth and enhanced gross margins. NTG once again
demonstrated its business potential with a record quarter for both
sales and profit that increased over 50% from its previous record,
set just the previous quarter. We are confident that the team at
NTG has developed an attractive market solution with solid
prospects for continued growth in the expanding energy
infrastructure industry." Gemperli continued, "DCI, our largest
subsidiary, continues to deliver consistent results and we remain
confident in our ability to deliver long term top and bottom line
growth in that business segment. Our Radix subsidiary is actively
pursuing numerous new opportunities and applications for its
ultra-rugged handheld computers and integrated peripherals. We are
excited about the growth potential of the expanding global market
for mobile computing solutions. As our proprietary product business
segments continue to develop, we anticipate further enhancement of
our consolidated gross margins." Elecsys Corporation is a publicly
traded holding company with three wholly owned subsidiaries, DCI,
Inc., NTG, Inc., and Radix Corporation. DCI provides electronic
design and manufacturing services for original equipment
manufacturers in the aerospace, transportation, communications,
safety, security and other industrial product industries. DCI has
specialized expertise and capabilities to integrate custom
electronic assemblies with a variety of innovative display and
interface technologies. NTG designs, markets, and provides remote
monitoring solutions for the gas and oil pipeline industry as well
as other industries that require remote monitoring. Radix develops,
designs and markets ultra-rugged handheld computers, peripherals
and portable printers. The markets served by its products include
utilities, transportation logistics, traffic and parking
enforcement, route accounting/deliveries, and inspection and
maintenance. For more information, visit our website at
http://www.elecsyscorp.com/. Safe-Harbor statement: The discussions
set forth in this press release may contain forward-looking
comments based on current expectations that involve a number of
risks and uncertainties. Actual results could differ materially
from those projected or suggested in the forward-looking comments.
The difference could be caused by a number of factors, including,
but not limited to the factors and conditions that are described in
Elecsys Corporation's SEC filings, including the Form 10-KSB for
the year ended April 30, 2007. The reader is cautioned that Elecsys
Corporation does not have a policy of updating or revising
forward-looking statements and thus he or she should not assume
that silence by management of Elecsys Corporation over time means
that actual events are bearing out as estimated in such
forward-looking statements. Elecsys Corporation and Subsidiaries
Consolidated Statements of Operations (In thousands, except per
share data) (Unaudited) Three Months Ended Nine Months Ended
January 31, January 31, 2008 2007 2008 2007 Sales $6,135 $5,173
$16,524 $14,631 Cost of products sold 3,733 3,725 10,811 10,209
Gross margin 2,402 1,448 5,713 4,422 Selling, general and
administrative expenses 1,876 1,151 4,693 3,302 Operating income
526 297 1,020 1,120 Financial income (expense): Interest expense
(138) (104) (367) (224) Gain on sale of Lenexa facility -- 324 --
324 Interest income 2 3 19 9 (136) 223 (348) 109 Income before
income taxes 390 520 672 1,229 Income tax expense 149 210 247 509
Net income $241 $310 $425 $720 Net income per share information:
Basic $0.07 $0.10 $0.13 $0.22 Diluted $0.07 $0.09 $0.12 $0.21
Weighted average common shares outstanding: Basic 3,285 3,262 3,285
3,246 Diluted 3,438 3,410 3,453 3,387 Contact: Todd A. Daniels
(913) 647-0158, Phone (913) 647-0132, Fax DATASOURCE: Elecsys
Corporation CONTACT: Todd A. Daniels of Elecsys Corporation,
+1-913-647-0158, fax, +1-913-647-0132, Web site:
http://www.elecsyscorp.com/
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