Penn Engineering Announces Sales and Earnings for Q4 1998
27 January 1999
Penn Engineering Announces Sales and Earnings for Fourth Quarter 1998 and Declares Quarterly Cash Dividend
DANBORO, Pa.--Jan. 27, 1999--The Board of Directors of Penn Engineering & Manufacturing Corp. today announced net income of $4,550,709, or $0.53 per share, on quarterly net sales of $44,610,524 for the fourth quarter ended December 31, 1998.For the comparable 1997 quarterly period, net income was $4,137,969 or $0.48 per share, on net sales of $44,180,576.
For the year ended December 31, 1998, net income was $16,579,566 or $1.92 per share on net sales of $179,687,025 as compared to net income of $14,500,764, or $1.67 per share, on net sales of $167,701,593 for the year ended December 31, 1997.
For the Fastener Operation, sales and operating income for the quarter ended December 31, 1998 were $36,483,393 and $3,903,490 respectively, versus $35,226,592 and $5,168,518, respectively, for the quarter ended December 31, 1997.
For the year ended December 31, 1998, sales and operating income were $146,930,821 and $19,695,232 respectively, versus $135,840,397 and $18,883,973, respectively, for the year ended December 31, 1997.
For the Motor Operation, sales and operating income for the quarter ended December 31, 1998 were $8,127,130 and $952,883 respectively, versus $8,953,984 and $1,178,705, respectively, for the quarter ended December 31, 1997.
For the year ended December 31, 1998, sales and operating income were $32,756,203 and $2,723,192 respectively, versus $31,861,196 and $2,804,112, respectively, for the year ended December 31, 1997.
Dividend Declared:
Today the Board of Directors declared a quarterly cash dividend of 12 cents per share on both classes of common stock, payable on April 1, 1999 to stockholders of record as of March 15, 1999.
Business Summary:
Penn Engineering & Manufacturing Corp. is the leading manufacturer of self-clinching fasteners used by the computer, datacommunications, telecommunications, general electronics, automotive, and avionics industries. The Company's Pittman division manufactures high performance permanent magnet dc motors used in electronics, medical, and manufacturing applications.
PENN ENGINEERING & MANUFACTURING CORP.
Income Statement Data
Amounts in Thousands, Except Per Share Data
3 Months Ended 12 Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
-------- -------- -------- --------
Net Sales $44,611 $44,181 $179,687 $167,702
Cost of Goods Sold $31,215 $29,716 $124,468 $115,374
Gross Profit $13,396 $14,465 $ 55,219 $ 52,328
Sales, General, and
Admin. Expense
$ 8,539 $ 8,118 $ 32,800 $ 30,640
Operating Earnings $ 4,857 $ 6,347 $ 22,419 $ 21,688
Other Income $ 689 $ 210 $ 1,781 $ 1,238
Earnings Before Income
Taxes $ 5,546 $ 6,557 $ 24,200 $ 22,926
Income Taxes $ 995 $ 2,419 $ 7,620 $ 8,425
Net Income $ 4,551 $ 4,138 $ 16,580 $ 14,501
Weighted Average Shares
Outstanding 8,627 8,634 8,633 8,664
Share Earnings
Basic $ 0.53 $ 0.48 $ 1.92 $ 1.67
Fully Diluted $ 0.53 $ 0.48 $ 1.91 $ 1.67
PENN ENGINEERING & MANUFACTURING CORP.
Selected Balance Sheet Data
Amounts in Thousands
Dec. 31, 1998 Dec. 31, 1997
Cash and Equivalents $ 13,103 $ 6,826
Short term investments, Net $ 10,584 $ 10,844
Accounts Receivable, Net $ 28,963 $ 27,444
Inventory $ 31,840 $ 26,679
Net Fixed Assets $ 74,004 $ 73,897
Total Assets $164,168 $150,992
Debt $ 0 $ 0
Current Liabilities $ 13,307 $ 13,512
Total Stockholders Equity $142,051 $128,919