SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 6, 1995
Fluke Corporation
(Exact Name of Registrant as Specified in Charter)
Washington 1-5590 91-0606624
(State of Other (Commission (IRS Employer
Jurisdiction of file) Identification
Incorporation) Number)
6920 Seaway Boulevard, Everett, Washington 98203
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (206) 347-6100
Item 5. Other Events.
On June 6, 1995 Fluke Corporation issued the attached news release,
attached as Exhibit 99.1 and incorporated herein, regarding the fourth
quarter and fiscal 1995 operating results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Fluke Corporation
(Registrant)
Date 6/8/95 By /s/ George M. Winn
George M. Winn
President/COO
Exhibit 99.1
FOR IMMEDIATE RELEASE For further information:
June 6, 1995 Gary V. Ball
Manager, Investor Relations
and Public Affairs
(206)356-5262
BUSINESS AND FINANCIAL EDITORS
FLUKE REPORTS OPERATING RESULTS FOR
FOURTH QUARTER AND FISCAL YEAR 1995
Earnings up 69% for year on record revenue
EVERETT, Washington - Fluke Corporation (NYSE:FLK), a leader in compact,
professional electronic test tools, announced operating results for its
1995 fourth quarter and fiscal year ended April 28, 1995. Revenues for
the fourth quarter improved 10 percent to a record $105.4 million from
$96.0 million for the same period a year ago. Net income for the fourth
quarter 1995 was $5.1 million, up 65 percent from $3.1 million for the
fourth quarter ended April 29, 1994. Earnings per share improved 66
percent to 63 cents per share for the fourth quarter compared with 38
cents per share for the comparable quarter last year.
Revenues for the 1995 fiscal year were a record $382.1 million, up 7
percent from $357.9 million last fiscal year. Net income for the 1995
fiscal year was $14.9 million, up 69 percent from $8.8 million earned in
fiscal year 1994. Earnings per share for the 1995 fiscal year were
$1.86 as compared to $1.10 per share last fiscal year.
Bill Parzybok, chairman and chief executive officer said, Fiscal year
1995 was a year of significant accomplishments. Our new product
development efforts continue to produce new electronic test tools that
are being well received in the market. Fiscal year 1995 represented the
second full year of managing our European operations acquired from
Philips Electronics in May 1993 and these acquired operations
contributed nicely to our overall strategic and financial progress.
-more-
FLUKE REPORTS OPERATING RESULTS FOR FOURTH
QUARTER AND FISCAL YEAR 1995
Page two
Total orders for the fourth quarter of fiscal year 1995 increased 12
percent to a record $111.8 million from the $99.7 million booked during
the same period of 1994. Orders in the United States for the fourth
quarter declined 3 percent to $47.0 million verses a strong $48.5
million reported a year ago. European orders for the fourth quarter
1995 were $44.3 million, a 27 percent increase from $35.0 million for
the comparable quarter last year. Fourth quarter orders from the
Intercontinental countries (excluding Europe and the U.S.) increased 27
percent to $20.5 million from the $16.2 million reported a year ago.
Total orders for fiscal year 1995 were a record $389.8 million, up 8
percent from the $362.5 million for 1994. Orders for the full year in
the United States were $167.7 million, essentially flat with last years
$168.2 million. European orders for fiscal year 1995 were $152.9
million, a 14 percent increase from $133.7 million reported for 1994.
Orders for fiscal year 1995 from the Intercontinental region were $69.3
million, a 14 percent increase from $60.6 million last year.
The decline in fourth quarter orders in the United States is largely
attributable to an unusually strong quarter a year ago. As stated
earlier in the year, an announced price increase in the fourth quarter
of last year contributed to higher orders for that period. There was no
price increase in the fourth quarter of fiscal year 1995. The weak
dollar favorably impacted international bookings by approximately 8
percent for the last quarter and 5 percent for the entire year.
Our international business was very strong this year as economies
generally strengthened throughout the world. Overall order growth
continues to increase as more new products are introduced which support
the corporate mission and older declining product lines comprise an ever
smaller portion of our business. We remain strongly committed to
improving our overall level of profitability and maintaining a strong
flow of new products. We continue to strengthen our leadership position
in professional electronic test tools, said Parzybok.
-more-
FLUKE REPORTS OPERATING RESULTS FOR FOURTH
QUARTER AND FISCAL YEAR 1995
Page three
In thousands, except shares and per share amounts
Column A Column B Column C Column D
Quarter Ended Quarter Ended % Change
4/28/95 4/29/94
Revenues $105,407 $96,048 +9.7%
Pretax Income $8,246 $4,962 +66.2%
Net Income $5,113 $3,101 +64.9%
Earnings Per Share $0.63 $0.38 +65.8%
Average Shares & Common
Share Equivalents 8,092,323 8,076,682
Net Income as %
of Revenues 4.85% 3.23%
Orders $111,831 $99,733 +12.1%
Column A Column B Column C Column D
Four Quarters Four Quarters % Change
Ended Ended
4/28/95 4/29/94
Revenues $382,066 $357,904 +6.8%
Pretax Income $24,034 $14,080 +70.7%
Net Income $14,901 $8,800 +69.3%
Earnings Per Share $1.86 $1.10 +69.1%
Average Shares & Common
Share Equivalents 7,992,804 8,031,696
Net Income as %
of Revenues 3.90% 2.46%
Orders $389,849 $362,528 +7.5%
* The sum of the earnings per share on a quarterly basis will not
necessarily equal the earnings per share reported for the year since the
average shares and share equivalents outstanding used in the earnings
per share computation change throughout the year.
Flukes mission is to be the leader in compact, professional electronic
test tools. Flukes products are used by technicians and engineers in
installation, maintenance, service, manufacturing test and quality
functions in a variety of industries throughout the world. Fluke,
founded in 1948, has over 2,500 employees worldwide and distributes its
products in over 80 countries. The companys worldwide headquarters are
in Everett, Washington, USA with European sales and service headquarters
located in Eindhoven, The Netherlands.