Date: Mon, 29 Dec 1997 19:57:50 GMT Server: Apache/1.0.5 Content-type: text/html Content-length: 20986 Last-modified: Fri, 14 Nov 1997 17:45:32 GMT
Fairport, New York. Detection Systems, Inc. (NASDAQ National Market: DETC) today reported results for its second quarter ended September 30, 1997. Net sales were up 38.6% to $34.5 million, as compared to the $24.9 million for the second quarter last year. Net sales for the second quarter were positively impacted by $6.8 million from acquisitions which were completed during the first quarter. Net income for the second quarter was $1.1 million, up 34.1%, or $0.20 per share, as compared to $.8 million, or $0.17 per share for the same period last year. For the six month period ended September 30, 1997, net sales were $62.7 million as compared to $48.0 million a year ago. Net income was $2.2 million, or $0.42 per share, as compared to $1.4 million, or $0.31 per share, for the same period one year ago. Earnings per share calculations for the current three and six month periods are based upon a 17.2% and 15.1% increase in weighted shares outstanding versus the same periods last year, due in part to the completion of the Company's public offering of 1,325,000 shares during its second fiscal quarter. Karl H. Kostusiak, the Company's Chairman and CEO, indicated, "Our sales exceeded expectations due to good demand on a worldwide basis. Profit was impacted by higher than anticipated production costs during the quarter. We are committed to an aggressive program to continue growth in sales and profits." The Company is a leading supplier of equipment to the electronic protection industry. The Company designs, manufactures and markets electronic detection, control and communication equipment for security, fire protection, access control and closed circuit television applications, offering products primarily for the commercial and mid-to-high end portions of the residential markets. FINANCIAL RESULTS:
(1) Prior year amounts were restated to reflect the 3 for 2 stock split distributed on 12/17/96.
BALANCE SHEET DATA (UNAUDITED)
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