Penn Engineering Announces Sales and Earnings for Second Quarter 1999
29 July 1999
Summary: Penn Engineering Announces Sales and Earnings for Second Quarter 1999 and Declares Quarterly Cash Dividend of Twelve Cents Per Share.
DANBORO, Pa.--July 28, 1999--Penn Engineering & Manufacturing Corp. today announced net income of $4,265,501, or $0.49 per share, on quarterly net sales of $47,037,268 for the second quarter ended June 30, 1999.For the comparable 1998 quarterly period, net income was $3,881,821 or $0.45 per share, on net sales of $44,994,627.
For the six months ended June 30, 1999, net income was $8,321,499, or $0.96 per share on net sales of $93,036,826 as compared to net income of $8,147,562, or $0.94 per share, on net sales of $91,719,535 for the six months ended June 30, 1998.
For the Fastener Operation, sales and operating income for the quarter ended June 30, 1999 were $38,485,246 and $5,415,867 respectively, versus $36,633,122 and $5,228,991, respectively, for the quarter ended June 30, 1998.
For the six months ended June 30, 1999, sales and operating income were $76,539,756 and $10,606,611 respectively, versus $74,459,909 and $10,958,136 respectively, for the six months ended June 30, 1998.
For the Motor Operation, sales and operating income for the quarter ended June 30, 1999 were $8,552,022 and $800,199 respectively, versus $8,361,506 and $636,669, respectively, for the quarter ended June 30, 1998.
For the six months ended June 30, 1999, sales and operating income were $16,497,070 and $1,394,180 respectively, versus $17,259,626 and $1,308,552 respectively, for the six months ended June 30, 1998.
The Company also announced that it purchased, for $350,000, the slotted brushless motor technology, inventory and fixed assets of Carson Technologies, Inc., of Carson City, Nevada. This purchase will augment the Company's Pittman Division's product line with a cost-effective, slotted brushless motor that will address new markets.
Today the Board of Directors declared a quarterly cash dividend of 12 cents per share on both classes of common stock, payable October 6, 1999 to stockholders of record, September 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 6 Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
Net Sales $47,037 $44,995 $93,037 $91,720
Cost of Goods Sold $32,068 $31,056 $63,580 $63,188
Gross Profit $14,969 $13,939 $29,457 $28,532
Selling, General, and
Administrative Expense $8,753 $8,073 $17,456 $16,265
Operating Earnings $6,216 $5,866 $12,001 $12,267
Other Income $212 $231 $522 $511
Earnings before Income
Taxes $6,428 $6,097 $12,523 $12,778
Income Taxes $2,163 $2,215 $4,202 $4,630
Net Income $4,265 $3,882 $8,321 $8,148
Weighted Average Shares
Outstanding 8,647 8,643 8,640 8,638
Share Earnings
Basic: $0.49 $0.45 $0.96 $0.94
Fully Diluted: $0.49 $0.45 $0.96 $0.94
PENN ENGINEERING & MANUFACTURING CORP.
Selected Balance Sheet Data
Amounts in Thousands
June 30, 1999 December 31, 1998
(unaudited) (audited)
------------- -----------------
Cash & Equivalents $10,021 $13,103
Short-Term Investments, Net $16,511 $10,584
Accounts Receivable, Net $32,581 $28,963
Inventory $33,452 $31,840
Net Fixed Assets $77,140 $74,004
Total Assets $175,684 $164,168
Debt $ 0 $ 0
Current Liabilities $19,094 $13,307
Total Stockholders Equity $148,114 $142,052