Parlex Corporation Announces Record Revenues and Earnings for the Fourth Quarter
23 August 2000
Parlex Corporation Announces Record Revenues and Earnings for the Fourth Quarter
METHUEN, Mass.--Aug. 23, 2000--Parlex Corporation reported today that revenues and earnings for the fourth quarter and for fiscal year ending June 30, 2000 were higher than any comparable periods in the Company's 30 year history.Fourth quarter 2000 revenues were $31,818,000 compared to $20,102,000 in the fourth quarter of FY-1999, a 58% increase. Income before taxes and minority interest was $2,749,000 and $1,900,000, respectively. Net income in the fourth quarter was $1,735,000 and diluted earnings per share were $0.34 ($0.35 basic). In the same period a year ago, net income was $1,337,000 and diluted earnings per share were $0.28 ($0.28 basic).
For fiscal year 2000, revenues were $101,839,000, a 52% increase over the prior year revenues of $67,047,000. Income before taxes and minority interest was $10,473,000 and $4,681,000 in each of these years. Net income was $6,335,000 and diluted earnings per share were $1.28 ($1.31 basic), compared with $3,020,000 and $0.63 ($0.65) per share last year. Sales backlog as of June 30, 2000 was approximately $40 million.
Peter J. Murphy, president and chief executive officer, stated, "We are pleased that the results for the past year were in line with our objectives for growth and profitability. While results are driven by strong sales in the networking and automotive sectors, gains in the computer and aerospace markets also contributed to our success.
While the recent acquisition of Poly-Flex Circuits contributed to revenues, we experienced robust organic growth around the world. Without the contribution from Poly-Flex, year to year growth was approximately 40%. We continue to see strong fundamentals in the markets we serve and the impact of our proprietary technologies are fueling acceptance of Parlex products.
During the period, Parlex received awards for the production of several new products including cellular phone and radio frequency identification devices. These markets represent the potential for significant growth in fiscal year 2001. We were also awarded a patent for PALCore HP, our latest proprietary multilayer flexible circuit technology, which is planned for use in a new generation of memory packages."
Parlex Corporation is a leading provider of flexible interconnect solutions to the automotive, telecommunications and networking, diversified electronics, aerospace and computer markets. The Company operates seven manufacturing facilities, which are located in Massachusetts, New Hampshire, California, Rhode Island, China, Mexico, and the United Kingdom.
The foregoing contains certain forward-looking statements. The Company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of various factors beyond its control, including economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change. For a detailed discussion of these and other cautionary statements, please refer to Parlex's filings with the Securities and Exchange Commission.