Williams Controls Executives At Investors Conference
18 September 1998
Williams Controls Executives Present At First Securities Northwest Investors ConferenceNORTHWEST INVESTORS CONFERENCE, PORTLAND, Ore., Sept. 18 -- Williams Controls, Inc. Chairman and CEO Thomas W. Itin and the Company's Chief Financial Officer, Gerard A. Herlihy, are featured presenters at the Northwest Investors Conference in Portland, OR on Saturday, September 19, 1998 at 10:20 a.m. Messrs. Itin and Herlihy will discuss the Company's financial results, business strategy and outlook during their presentation. Williams Controls' mission is to capitalize on its position as a leader in electronic throttle controls (ETCs) for the heavy- and medium-duty truck markets, expanding geographically with its current product line, while developing new products to penetrate markets in which it does not currently compete. The Company holds a strong market position in the U.S. with its principal product, the ETC. The Company believes there are opportunities to make additional market share gains in the U.S., as well as Europe, South America and Asia. In addition, the automotive market, which is over thirty times the size of the heavy- and medium-duty truck market in this country, has begun to move from mechanical throttle controls to ETCs. The Company believes it has a strong technical position that could allow it to penetrate profitable niches of this huge market through the development of a low cost throttle control. Messrs. Itin and Herlihy will discuss the Company's approach to this market in their presentation. On July 30, 1998, the Company announced significantly improved earnings for its third quarter ended June 30. Net earnings were $1,009,000 ($.06 basic EPS), versus a net loss of $2,092,000 ($.12 basic loss per share) for the prior year quarter. Net earnings from continuing operations were $1,129,000 ($.06 basic EPS), versus $179,000 ($.01 basic EPS) for the year-ago quarter, up 531%. This was the fourth consecutive quarter in which earnings from continuing operations had improved over the prior year's period, driven by a significant increase in sales and improved gross margins. Williams Controls, Inc. is a 60-year-old integrator and manufacturer of sensors, controls, communications systems for the transportation, communications and agriculture industries. You can reach the Company at http://www.wmco.com on the Web. This news release contains forward-looking statements relating to the Company, its current operations and its future prospects, which involve risks and uncertainties that could cause actual results to differ materially from those projected. These and other risks relating to the Company are set forth in the Company's SEC filings.