BEI Technologies Holds Annual Meeting of Stockholders
19 March 1999
BEI Technologies Holds Annual Meeting of Stockholders; Fiscal 1999 Goals are AddressedSAN FRANCISCO, March 19 -- BEI Technologies, Inc. yesterday held its Annual Meeting of Stockholders at its Duncan Electronics Division in Tustin, Calif. Charles Crocker, chairman, president and chief executive officer, along with other key members of management, informed the stockholders of past performance and gave indications of future business potential for BEI and its subsidiaries. Commenting on the changes within the Company, Crocker singled out the Duncan Division and Systron Donner Inertial Division as having special opportunities in "high volume, value priced commercial products manufactured to high standards of quality." "Automotive customers have become increasingly significant at both of these BEI facilities," Crocker said. Sales of GyroChip(R) sensors for automotive customers, for example, are projected to increase from approximately $12 million in fiscal 1998 to more than $40 million in fiscal 1999 and "...could be substantially greater." "We recently agreed to supply General Motors our GyroChips for various models through 2004." Shipments of BEI's GyroChips to all automotive customers exceeded 94,000 units in the first quarter of this fiscal year and current plans call for approximately 100,000, 120,000 and 180,000 units to be delivered in the second, third and fourth quarters of this fiscal year. Crocker concluded, "The Company's fiscal 1999 goals are to increase sales and earnings for the year; capitalize effectively on automotive opportunities; strengthen the Company's well-established base of industrial business; and find additional acquisitions or partnerships, with special emphasis on Asia. We believe our roots as a knowledge based technology company oblige us to consider other attractive opportunities as well (as automotive) and to the best of our ability we will do so." BEI Technologies, Inc., through its principal subsidiary BEI Sensors & Systems Company, is an established manufacturer of electronic sensors and motion control products used for factory and office automation, medical and scientific equipment, military, aviation and space systems, and transportation equipment including automobiles, trucks and off-road equipment. BEI has recently expanded its production of micromachined quartz yaw rate sensors used in advanced vehicle stability control systems. BEI also manufactures electronic steering wheel position sensors, seat-memory modules, throttle position and pressure sensors and other devices used in automotive systems. GyroChip(R) is a registered trademark of BEI Sensors & Systems Company. Except for historical information, this news release may be deemed to contain forward-looking statements that involve risks and uncertainties, including timely development, acceptance and pricing of new products; impact of competitive products and pricing; the ability to manufacture products in sufficient volume on an efficient and timely basis; general economic conditions as they affect the Company's customers, as well as other risks detailed from time to time in the Company's SEC reports, including the Company's Form 10-K Annual Report for fiscal 1998.