PRESS RELEASE
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15301 W. 109th Street, Lenexa, KS 66219 Phone: 913-647-0158 Fax: 913-982-5766
investorrelations@elecsyscorp.com
August 6, 2002
FOR IMMEDIATE RELEASE:
Contact: Michael J. Meyer
Chairman
15301 W. 109th Street
Lenexa, Kansas 66219 USA
(913) 647-0158 o FAX (913) 647-0132
ELECSYS CORPORATION REPORTS FOURTH QUARTER AND YEAR END RESULTS
Lenexa, Kansas. (August 6, 2002) - Elecsys Corporation (AMEX: ASY) today
reported results for the fourth quarter and year ended April 30, 2002.
Results for the fourth quarter ended April 30, 2002 compared to the same period
a year ago were:
Sales of $2.4 million, a 60% increase or $900,000, compared to $1.5
million.
Operating income (loss) from continuing operations increased to
$64,000 from $(103,000). This increase was the result of higher sales
and lower selling, general and administrative expenses as reported by
the Company's DCI, Inc. subsidiary. Operating income (loss) excludes
interest income and expense, taxes, and other non-recurring
adjustments.
Net income decreased to $29,000 from $66,000. This decrease was due
to the Company's Navaids Business reporting net income from
discontinued operations of $196,000 for the fiscal fourth quarter of
2001. The Navaids Business was sold in the second quarter of fiscal
2002 and did not contribute any income for the fiscal fourth quarter.
Cash income (loss) was $313,000, an increase of $686,000 from
$(373,000). Cash net income (loss) from continuing operations
represents the sum of net income (loss) plus depreciation and
amortization.
Results for the year ended April 30, 2002 compared to the year ended April 30,
2001 were:
Sales of $7.9 million, a 20% increase of $1.3 million, compared to
$6.6 million.
Operating loss from continuing operations increased to $1.4 million
from $36,000. Operating loss excludes interest income and expense,
taxes, and other non-recurring adjustments.
Net loss was $1.9 million vs. $213,000.
Cash loss was $1.1 million, an increase of $772,000 from $329,000 in
the prior year. Cash net loss from continuing operations represents the
sum of net loss plus depreciation and amortization.
Michael J. Meyer, Chairman, stated "Fiscal year 2002 was a difficult but
successful transition year for our Company. The year included the completion of
the sale of our Navaids Business, an electronics industry and economic slowdown,
and a renewed focus on growing DCI and improving its profitability. From the
tragic events of September 11, 2001 through the end of our fiscal third quarter,
the Company experienced the effects of a slowing economy. We took aggressive
cost saving and margin improvement actions and continued to invest in increasing
and improving our sales activities. We are very pleased that those actions
resulted in significant increases in revenue and margins in the fourth quarter
of the fiscal year and we expect them to continue into the first quarter of
fiscal 2003."
Elecsys Corporation, through it's DCI subsidiary, provides specialized
electronic design, manufacturing and test services to original equipment
manufacturers (OEM's) and manufactures and imports custom liquid crystal display
(LCD) devices. The electronic assemblies it designs and manufactures, including
circuit board assemblies, electronic modules and full turn-key products, along
with the LCD's it manufactures or imports, are used in medical, aerospace,
industrial and consumer product applications.
http://www.elecsyscorp.com/
The discussions set forth in this press release may contain forward-looking
comments based on current expectations that involve a number of risks and
uncertainties. Actual results could differ materially from those projected or
suggested in the forward-looking comments. The difference could be caused by a
number of factors, including, but not limited to the factors and conditions that
are described in Elecsys Corporation's SEC filings, including the Form 10-KSB
for the year ended April 30, 2002. The reader is cautioned that Elecsys
Corporation does not have a policy of updating or revising forward-looking
statements and thus he or she should not assume that silence by management of
Elecsys Corporation over time means that actual events are bearing out as
estimated in such forward-looking statements.
