Selas Reports Third Quarter/Nine Month Earnings
20 October 1998
Selas Reports Third Quarter/Nine Month Earnings
DRESHER, Pa., Oct. 20 -- Selas Corporation of America
(Amex: SLS) reported income of $918,000 or $ .17 per diluted share for the
quarter ended September 30, 1998 versus $1,139,000 or $0.21 per diluted share
for the similar quarter in 1997. Sales were $25,203,000 for the third quarter
1998 compared with $28,328,000 for the quarter ended September 30, 1997.
For the nine months ending September 30, 1998, Selas reported income of
$3,243,000 or $0.61 per diluted share on sales of $72,291,000 compared with
$3,680,000 or $0.69 per diluted share on sales of $86,335,000 for the first
nine months of 1997.
Stephen F. Ryan, President and Chief Executive Officer of Selas, said that
a decline in sales and income relating to large orders in the heat technology
segment in both Europe and the United States, had a negative impact on the
quarter and the nine months. He said, however, that company forecasts show
improvements in both sales and earnings in 1999 because of existing backlog
and a number of new orders being finalized in the heat technology segment.
Programs already in place in Selas' electronic components and systems segment
and automotive products segment also look promising in the year ahead, he
said.
With regard to the balance of 1998, Mr. Ryan said that he does not expect
the fourth quarter to be strong enough to close the gap completely and that
1998 earnings will remain somewhat behind those of 1997, adding that
significant improvement can be expected in 1999.
Selas is a diversified firm with international operations and sales that
engages in the design, development, engineering and manufacturing of a range
of products including precision electronic components and systems, heat
processing equipment and systems, and cable winch products.
This press release contains certain forward-looking statements. Actual
results may differ materially from those contained in or implied by such
forward-looking statements.
THIRD QUARTER REPORT -- 1998
SELAS CORPORATION OF AMERICA
Comparative Operating Results
(Unaudited)
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
9/30/98 9/30/97 9/30/98 9/30/97
Net Sales $25,203,000 $28,328,000 $72,291,000 $86,335,000
Income before
income taxes $1,450,000 $1,722,000 $3,711,000 $6,066,000
Provision for income
taxes (credits) 532,000 583,000 468,000 2,386,000
Net Income $918,000 $1,139,000 $3,243,000 $3,680,000
Earnings per share:
Basic
Income per common and
common equivalent share $0.18 $0.22 $0.62 $0.71
Weighted average common
shares outstanding 5,228,000 5,214,000 5,227,000 5,212,000
Diluted
Income per common and
common equivalent share $0.17 $0.21 $0.61 $0.69
Weighted average common
shares outstanding 5,308,000 5,373,000 5,315,000 5,322,000