Optek Technology, Inc. Announces Q3 Sales
12 August 1997
Optek Technology, Inc. Announces Record Sales for the Third Quarter and First Nine Months
CARROLLTON, Texas, Aug. 12 -- Optek Technology, Inc.
today announced record third quarter sales of $18,763,000, an
increase of 11% over last year's third quarter sales of $16,834,000. For the
first nine months, sales increased 8% from $49,925,000 in fiscal 1996 to
$53,703,000 in fiscal 1997. Automotive sales increased by 43% for the quarter
and 35% for the first nine months.
Earnings before taxes for the third quarter were $4,836,000, an increase
of 23% over last year's third quarter earnings before taxes of $3,919,000.
For the first nine months, earnings before taxes increased 19% from
$9,912,000 in fiscal 1996 to $11,806,000 in fiscal 1997. The increase in
sales and a reduction in interest expense, the result of the Company repaying
its long-term debt in this year's second quarter, accounted for the increase.
Net earnings for the third quarter were $3,144,000, or $0.41 per share,
compared to last year's third quarter results of $3,567,000, or $0.46 per
share. For the first nine months, net earnings were $7,675,000, or $1.01 per
share, compared to last year's first nine months results of $9,231,000, or
$1.21 per share. The Company utilized tax loss carryforwards in the third
quarter and first nine months of fiscal 1996 resulting in nominal income tax
expense for those periods. These carryforwards were fully utilized in the
fourth quarter of fiscal 1996; therefore, the third quarter and first nine
months of fiscal 1997 reflect income tax expense on a fully taxed basis,
resulting in the lower net earnings. On an equivalent, fully taxed basis,
last year's third quarter net earnings per share would have been $0.33 versus
this quarter's $0.41, a 24% increase. Last year's first nine months net
earnings per share would have been $0.84 versus this nine months $1.01, a 20%
increase.
Thomas R. Filesi, Optek's President and Chief Executive Officer, said, "We
are pleased to report, for the second consecutive quarter, the highest
quarterly sales in the Company's history. As before, automotive sales
continue to be the most significant contributor to the higher volumes as our
theft deterrent goes onto model year 1998 trucks and sport utility vehicles
for the first time. In addition, our short-term backlog at the end of the
third quarter was at a record high for the Company. With continued growth in
the automotive area and solid performances in our other product lines, we not
only anticipate a strong fourth quarter, but are well positioned heading into
fiscal year 1998."
Certain statements contained in this release are forward-looking
statements, which include risks and uncertainties. Significant factors that
may affect results are described in the Company's public filings. As such,
actual results may differ materially from those expressed.
Optek Technology, Inc. is a leading manufacturer of custom optoelectronic,
magnetic and fiber optic sensors and emitters. Optek provides components
worldwide for manufacturers of office equipment and computers, automobiles,
industrial equipment, aerospace and defense applications, medical equipment
and telecommunications equipment. Additional information can be accessed on
the Internet at http://www.optekinc.com.
Optek Technology, Inc.
Condensed Consolidated Statements of Income
(Amounts in thousands except per share amounts)
For the Three Months Ended
August 1, 1997 July 26, 1996
Net sales $18,763 $16,834
Operating income 4,768 4,215
Earnings before income taxes 4,836 3,919
Net earnings 3,144 3,567
Net earnings per share $0.41 $0.46
Shares used in computing net
earnings per share 7,695 7,753
For the Nine Months Ended
August 1, 1997 July 26, 1996
Net sales $53,703 $49,925
Operating income 11,900 10,918
Earnings before income taxes 11,806 9,912
Net earnings 7,675 9,231
Net earnings per share $1.01 $1.21
Shares used in computing net
earnings per share 7,624 7,626
Condensed Consolidated Balance Sheets
(Amounts in thousands)
August 1, 1997 Oct. 25, 1996
Assets
Current assets $20,436 $14,640
Property, plant and equipment 10,242 11,150
Other assets 80 96
$30,758 $25,886
Liabilities and Stockholders' Equity
Current liabilities $8,272 $7,982
Long-term debt 1 3,428
Other liabilities 407 409
Stockholders' equity 22,078 14,067
$30,758 $25,886
SOURCE Optek Technology, Inc.