DT Industries reports sales, backlog on rise

DT Industries Inc., citing a solid increase in sales and a record backlog, Feb. 6 announced second-quarter net income climbed 36.3 percent to $8.2 million, or 66 cents per share on a diluted basis, compared to $6 million, or 58 cents per share on a diluted basis, a year earlier.

Basic earnings per share were 73 cents, compared to 61 cents in 1996. The previous year's earnings per share have been restated to reflect a new accounting pronouncement with respect to the presentation and computation of earnings per share, a release from DT Industries stated.

Because of a common stock offering in November 1996 and a convertible preferred securities offering in June 1997, weighted average shares on a diluted basis increased about 37 percent to approximately 13.7 million for the six-month period, DT stated.

Basic shares outstanding were approximately 11.3 million for the current year, a 20 percent increase from the prior year, the company added.

Net sales for the quarter ended Dec. 28, 1997, climbed 31.5 percent to a record $132.4 million, up from $100.7 million. Excluding the effect of acquisitions, sales increased $6.5 million, or approximately 6.5 percent, according to DT Industries.

The balance of the sales increase was attributable to the company's July 1997 acquisition of Lucas Assembly and Test Systems, now called Assembly Technology and Test, the company stated.

For the six-month period ended Dec. 28, 1997, net income before an extraordinary charge was $14.8 million, or $1.19 per share on a diluted basis.

This marks a 35.3 percent improvement from the $10.9 million, or $1.09 per share on a diluted basis, recorded last year, DT stated.

Basic earnings per share before extraordinary losses were $1.31 for the current period and $1.16 a year earlier. The company wrote off $1.2 million and $324,000, net of taxes, in fiscal 1998 and fiscal 1997, respectively, representing deferred financing charges due to

the extinguishment and refinancing of debt.

After accounting for these extraordinary items, diluted earnings per share were $1.10 for the six-month period compared with $1.06 a year earlier.

Revenues for the six months ended Dec. 28, 1997, rose 35.4 percent to $248.2 million from $183.3 million. Internal growth accounted for $12.3 million of the sales increase, or about 6.7 percent. [[In-content Ad]]