I guess the last comment about earnings being routinely low was correct. What I can't believe is that the stock has dropped $1 on the news. Is there something I am missing here? Doesn't beating earnings by 50% normally relate to an increase? Oh well, the fickle market I suppose.HOPKINS, Minn., April 14 /PRNewswire/ -- Innovex, Inc. (Nasdaq: INVX) today announced record earnings for its second quarter ended March 31, 1997. Net income was $10,056,000 on revenues of $38,389,000. Net income increased $7,100,000 (240%) from $2,956,000 for the second quarter of last year. Net income per share was $.66 for the second quarter of fiscal 1997, compared with $.21 per share (split adjusted) for the same period one year ago. Second quarter revenues of $38,389,000 represented an increase of $23,715,000 (162%) over the $14,674,000 realized in the second quarter of fiscal 1996. Revenues for the first two quarters of fiscal 1997 totaled $67,701,000 as compared with $27,786,000 for the first half of fiscal 1996. "This substantial increase in year to date revenues was the result of two principal factors," explained Thomas Haley, Innovex's Chairman and Chief Executive Officer. "Litchfield Precision Components, which had not yet been acquired by Innovex as of second quarter 1996, contributed $8,200,000 in revenues for the first half of fiscal 1997. In addition, continued high demand within the disk drive industry, and in particular the shift to the multiple wire magneto- resistive (MR) recording heads, resulted in the need to significantly increase capacity within our Precision Products division. We expect this demand and the consequent capacity increases to continue to the point where Innovex will deliver 18 million wire sets per week by December of 1997, as opposed to the 11 million sets we are delivering now." The second quarter of 1997 was also the first profitable quarter in the history of InnoMedica, Innovex's medical products division. "Although we do not expect InnoMedica to demonstrate overall profitability in fiscal 1997," observed Haley, "operations have progressed to the extent that we expect considerable improvement over the $1.5 million loss experienced in fiscal 1996." Innovex is a diversified manufacturer of electrical components for the computer electronics and medical instruments markets, as well as a developer of computer software. Innovex is known world-wide for its excellence in advanced engineering and low cost manufacturing. The company's common stock is traded on the National Over-the-Counter market under the Nasdaq symbol INVX. Except for historical information contained herein, the matters discussed in this press release are forward looking statements that involve risks and uncertainties, including the timely availability and acceptance of new products, the impact of competitive products and pricing, and other risks detailed from time to time in the Company's SEC reports, including the report on Form 1O-Q for the quarter ended March 31, 1997. INNOVEX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended March 31, March 31, 1997 1996 1997 1996 Net sales $38,388,938 $14,674,457 $67,700,825 $27,786,164 Costs and expenses: Cost of sales 20,807,085 8,660,391 38,011,325 16,255,866 Selling, general and administrative 2,624,004 1,352,365 5,027,129 2,556,160 Engineering 858,894 628,932 1,732,822 1,215,723 Net interest & other income (267,414) (191,495) (492,166) (396,040) Income before income taxes 14,366,369 4,224,264 23,421,715 8,154,455 Provision for income taxes 4,310,000 1,268,000 7,027,000 2,447,000 Net income $10,056,369 $2,956,264 $16,394,715 $5,707,455 Primary & fully dilutive net income per share: $0.66 $0.21 $1.08 $0.39 Common and common equivalent shares outstanding: Primary shares 15,222,364 14,414,070 15,125,297 14,457,730 Fully diluted shares 15,222,364 14,414,070 15,193,385 14,457,730 INNOVEX, INC. CONSOLIDATED BALANCE SHEETS March 31, September 30, Assets 1997 1996 Cash and short-term investments $28,666,665 $21,775,534 Accounts receivable, net 21,836,555 12,034,349 Inventory 6,930,947 5,570,582 Other current assets 2,590,697 2,648,112 Total current assets 60,024,864 42,028,577 Property, plant and equipment, net 15,674,335 12,731,980 Intangible & other assets, net 2,396,920 3,483,789 Total assets $78,096,119 $58,244,346 Liabilities and Stockholders' Equity Current liabilities $12,048,496 $8,486,650 Long-term debt 1,010,945 1,063,253 Other long-term liabilities 304,181 294,327 Stockholders' equity 64,732,497 48,400,116 Total liabilities and stockholders' equity $78,096,119 $58,244,346 SOURCE Innovex, Inc.
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