Secom General Reports Q3 Sales and Income
29 July 1997
Secom General Reports Higher 3rd Fiscal Quarter Sales and Net IncomeNOVI, Mich., July 29 -- Secom General Corporation today reported net income of $157,100, or three cents per share (on more shares outstanding), on sales of $12,964,500 for its third quarter ended June 30, 1997, compared to a net profit of $40,500, or one cent per share, on sales of $8,253,900 in the same quarter last year. "The third fiscal quarter sales and profit improvements, primarily reflect the addition of our Milford unit, which was acquired in November 1996," said Robert A. Clemente, Secom's chairman and president. He said that, while the company's Uniflow unit experienced higher than expected costs associated with the start-up of various new orders, "Uniflow is expected to show marked improvements as these new orders progress beyond their respective ramp-up phases." Secom is a leading supplier of various metal parts and tooling for primarily the automotive and trucking industries. Secom operates in three business segments: (1) metal parts forming, (2) tooling for cold/hot forming industry, and (3) production machining. Sales and manufacturing are completed through five subsidiaries located in the metropolitan Detroit area. SECOM GENERAL CORPORATION (Unaudited) Third Quarter Ended Nine Months Ended June 30, June 30, 1997 1996 1997 1996 Net Sales $12,964,500 $8,253,900 $35,760,400 $23,042,900 Gross Profit 2,241,700 1,805,400 5,962,200 4,672,600 Income before Provision for Income Taxes 280,100 52,100 458,000 280,100 Provision for Income Taxes (123,000) (11,600) (207,000) (94,800) Net Income $157,100 $40,500 $251,000 $185,300 Earnings Per Common Share $0.03 $0.01 $0.05 $0.04 Weighted Average Shares Outstanding 5,460,000 4,879,300 5,474,200 4,742,400 SOURCE Secom General Corporation