Penn Engineering Announces Sales and Net Income for Q1 1999
7 May 1999
Penn Engineering Announces Sales and Net Income for First Quarter 1999 and Declares Quarterly Cash Dividend of Twelve Cents Per Share
DANBORO, Pa.--May 6, 1999--Penn Engineering & Manufacturing Corp. today announced financial results for the first quarter: net income was $4,055,998, on quarterly net sales of $45,999,558 for the first quarter ended March 31, 1999.For the comparable 1998 quarterly period, net income was $4,265,741 on net sales of $46,724,908. Earnings per share were $0.47 per basic and diluted shares for the quarter ended March 31, 1999, compared to $0.49 per basic and diluted shares for the quarter ended March 31, 1998.
For the Fastener Operation, sales and operating income for the quarter ended March 31, 1999 were $38,054,510 and $5,190,744, respectively, versus $37,826,788 and $5,729,145, respectively, for the quarter ended March 31, 1998.
For the Motor Division, sales and operating income for the quarter ended March 31, 1999 were $7,945,048 and $593,981, respectively, versus $8,898,120 and $671,883, respectively, for the quarter ended March 31, 1998.
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 July 6, 1999 to stockholders of record as of June 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 (unaudited)
Amounts in Thousands, Except Per Share Data
3 Months Ended 3 Months Ended
March 31, 1999 March 31, 1998
-------------- --------------
Net Sales $ 46,000 $ 46,725
Cost of Goods Sold $ 31,512 $ 32,131
Gross Profit $ 14,488 $ 14,594
Selling, General, and
Administrative Expense $ 8,703 $ 8,193
Operating Earnings $ 5,785 $ 6,401
Other Income $ 310 $ 280
Earnings before Income Taxes $ 6,095 $ 6,681
Income Taxes $ 2,039 $ 2,415
Net Income $ 4,056 $ 4,266
Weighted Average Shares
Outstanding 8,633 8,634
Share Earnings
Basic: $ 0.47 $ 0.49
Diluted: $ 0.47 $ 0.49
PENN ENGINEERING & MANUFACTURING CORP.
Selected Balance Sheet Data
Amounts in Thousands
March 31, 1999 December 31, 1998
(unaudited) (audited)
Cash & Equivalents $ 13,706 $ 13,103
Short-Term Investments, Net $ 13,724 $ 10,584
Accounts Receivable, Net $ 30,955 $ 28,963
Inventory $ 33,512 $ 31,840
Net Fixed Assets $ 73,204 $ 74,004
Total Assets $ 171,178 $ 164,168
Debt $ 0 $ 0
Current Liabilities $ 17,676 $ 13,307
Total Stockholders Equity $ 144,486 $ 142,052