LEIX hat den Markt auch outperformed. Heute die Top-Zahlen.
Lowrance Third Quarter Net Is Record $0.89 Per Share on a 40% Increase in Sales
Updated: Wednesday, June 12, 2002 07:46 AM ET Printer-friendly version
TULSA, Okla.--(BUSINESS WIRE)--June 12, 2002--Lowrance Electronics, Inc. (Nasdaq:LEIX, news, msgs) announced today record net income for the third quarter ended April 30, 2002 of $3,417,000, or $0.89 per share, compared to $861,000, or $0.23 per share, in the same period last year. Net sales increased 40% to $32,689,000 compared to $23,282,000 in the third quarter last year.
For the nine months ended April 30, 2002, net income more than tripled to $1,524,000, or $0.40 per share, compared to $466,000, or $0.12 per share, in the same period last year. Net sales for the nine month period increased 10% to $60,789,000 compared to $55,132,000 a year earlier.
"Lowrance started fiscal 2002 with the introduction of the newest and most advanced product line-up in the Company's history. We were able to deliver these exciting new SONAR and GPS products in time to capitalize on our seasonally strongest period. As a result, the strong sales gains previously reported for January and February continued throughout the third quarter. These strong third quarter results helped offset the effects of the recession and the events of September 11th, which negatively affected results for the first half of fiscal 2002," said Darrell Lowrance, president and CEO.
About Lowrance Electronics
Lowrance Electronics, Inc. designs and manufactures SONAR products and orbital satellite receivers, plotters and mapping systems using the global positioning system (GPS) under the brand names "Lowrance," and "Eagle" Electronics. These products are used primarily for sport fishing, hunting, recreational boating and other outdoor applications as well as in general aviation.
This press release contains "forward looking statements" concerning the Company's projected financial performance as allowed in the Securities Litigation Reform Act of 1995. The Company believes that these statements are based on reasonable assumptions, however, no assurances can be given that the projected results will be achieved. Unforeseen production delays due to raw materials shortages or other factors which are discussed in the Company's Securities and Exchange Commission filings could have a material adverse effect on the Company's performance.
LOWRANCE ELECTRONICS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(000 Omitted, Except for per Share Data) (Unaudited)
Three Months Ended Nine Months Ended
---------------------------------------
April 30, April 30,
2002 2001 2002 2001
-------- -------- -------- --------
Net Sales $32,689 $23,282 $60,789 $55,132
Cost of Sales 19,722 14,357 38,852 34,508
-------- -------- -------- --------
Gross Profit 12,967 8,925 21,937 20,624
Operating Expenses:
Selling and Administrative 6,766 5,916 16,573 15,703
Severance and Merger Costs -- 371 -- 371
Research and Development 454 742 1,891 2,252
-------- -------- -------- --------
Total Operating Expenses 7,220 7,029 18,464 18,326
-------- -------- -------- --------
Operating Income 5,747 1,896 3,473 2,298
-------- -------- -------- --------
Other Expenses:
Interest Expense 419 504 1,180 1,324
Other, Net (95) 25 (126) 234
-------- -------- -------- --------
Total Other Expenses 324 529 1,054 1,558
-------- -------- -------- --------
Income Before Income Taxes 5,423 1,367 2,419 740
Provision for Income Taxes 2,006 506 895 274
-------- -------- -------- --------
Net Income $3,417 $861 $1,524 $466
======== ======== ======== ========
Net Income per Share $0.89 $0.23 $0.40 $0.12
======== ======== ======== ========
Weighted Average Common
Shares Outstanding 3,826 3,769 3,791 3,769
Other Comprehensive Income,
Net of Tax:
Foreign Currency Translation
Adjustment 52 (82) (32) (118)
Comprehensive Income $3,469 $779 $1,492 $348
======== ======== ======== ========
LOWRANCE ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
April April July
30, 30, 31,
2002 2001 2001
-------- -------- --------
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $983 $1,052 $694
Trade accounts receivable,
less allowances 16,468 11,987 6,824
Inventories 12,164 23,411 18,852
Current deferred income taxes 911 807 1,025
Prepaid expenses 1,032 696 550
-------- -------- --------
Total current assets 31,558 37,953 27,945
PROPERTY, PLANT,
AND EQUIPMENT, net 7,040 7,611 7,672
OTHER ASSETS 52 53 51
DEFERRED INCOME TAXES 1,339 1,965 1,958
-------- -------- --------
$39,989 $47,582 $37,626
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities
of long-term debt $1,975 $1,826 $1,897
Accounts payable 4,744 8,424 5,708
Accrued liabilities 4,217 4,597 3,726
-------- -------- --------
Total current liabilities 10,936 14,847 11,331
LONG-TERM DEBT, less
current maturities 15,702 20,432 14,418
STOCKHOLDERS' EQUITY:
Preferred stock, 230,000 shares
authorized, none issued -- -- --
Common stock, $.10 par value,
10,000,000 shares authorized,
3,768,796 shares issued,
3,763,796 outstanding 377 377 377
Paid-in capital 7,073 7,073 7,073
Treasury stock (18) -- --
Retained earnings 6,362 5,267 4,838
Other accumulated
comprehensive income (443) (414) (411)
-------- -------- --------
Total stockholders' equity 13,351 12,303 11,877
-------- -------- --------
$39,989 $47,582 $37,626
======== ======== ========
CONTACT: Lowrance Electronics, Inc.
Douglas J. Townsdin, 918/437-6881
or
Berkman Associates
Investor Relations, 310/277-5162
info@BerkmanAssociates.com
