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Document Preview Lynch Corporation Reports a Profitable Fourth Quarter and Full Year in 2003 |
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Lynch Corporation Reports a Profitable Fourth Quarter and Full Year in 2003 |
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2004 |
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$43 |
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#223900 |
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FOR IMMEDIATE RELEASE April 14, 2004 |
CONTACTS | |||
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Ray Keller Lynch Corporation 401.453.2007 ray.keller@lynch-mail.com |
Hugh Ryan Ryan Wellnitz & Assocs. 401.246.2300 hryan@ryanwellnitz.com | ||
Lynch Corporation Reports a Profitable Fourth Quarter and Full Year in 2003
Telecomm subsidiary increases sales by one-third
PROVIDENCE, R.I., April 14 Lynch Corporation (American Stock Exchange LGL) today announced that net income increased for the fourth quarter of 2003 to $238,000, or $0.16 per share, compared to a net loss of $904,000, or a negative $0.60 per share, for the fourth quarter of 2002.
Sales for the fourth quarter of 2003 increased 89 percent to $8,795,000 from $4,652,000 for the corresponding period of 2002. Operating income in the fourth quarter of 2003 was $418,000, compared to a $1,435,000 operating loss in the fourth quarter of 2002.
We believe that these results prove we are making progress on our plan to restore the company to profitable growth, said Ralph R. Papitto, chairman and chief executive officer, although we have not yet fully achieved our business objectives.
Sales increased to $27,969,000 in 2003 from $26,386,000 in 2002, a six percent improvement. Net income for 2003 was $110,000, or $0.07 per share, versus $17,963,000, or $11.99 per share, for 2002.
Year-over-year comparison must take into account non-recurring gains in both years, said Raymond Keller, vice president and chief financial officer, Lynch Corporation. Fiscal 2003 net income includes $771,000, or $0.51 per share, derived
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Lynch Corporation Reports Profitable 2003 |
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from gains on the sale of marketable securities, as well as gains realized upon the settlement of a customer order.
Net income in fiscal 2002 included a non-cash gain of $19,420,000, and a cash tax benefit of $860,400, totaling $13.54 per share, for the companys disposal of its remaining interest in Spinnaker Industries, Inc., on September 23, 2002.
Therefore, in 2003, net loss per share excluding the non-recurring gains described above was $0.44 per share, versus a loss of $1.55 per share for the corresponding period in 2002, excluding non-recurring gains on deconsolidation last year.
Comparing operating profits of the two subsidiaries in 2003 to 2002, the company registered a positive $652,000 last year versus a loss of $1,638,000 in the previous year, Papitto said. We are especially pleased with the performance of M-tron, which capitalized on the recovering telecomm market to reduce its operating loss from $2,574,000 in 2002 to a loss of $170,000 in 2003.
Common shares of stock outstanding were 1,497,900 for the fourth quarters and full years of 2003 and 2002. In the first quarter of 2004, the Board of Directors authorized the repurchase of up to 50,000 shares of the companys outstanding common stock, and to date, the company has repurchased 2,400 shares. Papitto said the buy-back plan was approved because the Board and management believed the stock was undervalued, and therefore constituted an attractive investment.
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