DTI reports its results for fourth quarter

DT Industries Inc. Aug. 6 announced its fourth-quarter and fiscal year-end results. Fourth-quarter net income was up slightly to $8.4 million, and for the year ending June 28, the company had net income of $31.7 million.

A release from locally based DTI said fourth-quarter net income was 68 cents per share on a diluted basis, compared to the $8.3 million, or 69 cents per diluted share on fewer shares outstanding in the fourth quarter 1997.

Net sales for the fourth quarter increased 26.7 percent to $138.6 million compared with $109.4 million for the prior year's fourth quarter. The year-end net income of $31.7 million is before a 1998 charge related to the sale of its knitting elements division and extraordinary losses related to debt refinancings.

Net income was $2.55 per diluted share compared to net income of $26.4 million, or $2.42 per diluted share the year before. After all charges, net income was $29.7 million, or $2.40 per diluted share, compared with $26.1 million, or $2.39 per diluted share in fiscal 1997.

"Overall, fiscal 1998 orders were significantly affected by lesser demand from certain significant customers in the electronics industry, a trend that is expected to continue into fiscal 1999," said Stephen J. Gore, president and chief executive officer, in a release.

Gore pointed to opportunities with new customers in electronic products and medical devices as the basis for improved expectations in the third and fourth quarters of its 1999 fiscal year. In addition, automotive industry timing issues are expected to be resolved.

Gore said DT's primary focus during the year will be to increase order activity across all its business lines and to meet industry challenges for shorter lead times, flexibility in equipment and improved competitive cost advantages.