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Exhibit 99
For: Bowmar Instrument Corporation
5080 North 40th Street, Suite 475
Phoenix, Arizona 85018
Contact: Joseph G. Warren, Jr.
Bowmar Instrument Corporation
(602) 957-0271
FOR IMMEDIATE RELEASE
BOWMAR INSTRUMENT CORPORATION
CORRECTION OF RESTATED EARNINGS INFORMATION
PHOENIX, ARIZONA--DECEMBER 22, 1997
Bowmar Instrument Corporation (ASE:BOM) released today a correction to the
restated earnings information released by wire on December 18, 1997. What
follows is the corrected Consolidated Statements of Income (unaudited).
The information released on December 18 contained an incorrect allocation of
income taxes as between the continuing operations and the discontinued
operations. This correction in no way affects sales, total expenses or net
income/loss.
Bowmar, which is headquartered in Phoenix, Arizona, manufactures and sells
microelectronic products with specific applications in the aerospace,
electronic, and computer industries.
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BOWMAR INSTRUMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands of dollars, except share data)
Fourth Quarter of Fiscal Year Fiscal Year
----------------------------- ------------------------
1997 1996 1997 1996
------- ------- -------- --------
Sales $ 5,824 $ 5,150 $ 22,189 $ 18,840
Cost of sales 3,451 3,071 13,169 11,002
------- ------- -------- --------
Gross margin 2,373 2,079 9,020 7,838
------- ------- -------- --------
Expenses:
Selling, general and
administrative 1,595 1,360 5,870 5,360
Product development 116 128 480 423
Interest expense 111 128 416 522
Other expense (income), net (Note 1) 420 (90) 135 (523)
------- ------- -------- --------
Total expenses 2,242 1,526 6,901 5,782
------- ------- -------- --------
Income from continuing operations
before income taxes 131 553 2,119 2,056
Income tax expense 19 211 786 784
------- ------- -------- --------
INCOME FROM CONTINUING OPERATIONS 112 342 1,333 1,272
------- ------- -------- --------
Discontinued Operations Electromechnical Segment
Income (loss) from operations, net of
income taxes 11 108 (31) 18
Loss on disposition, net of deferred
income tax credit of $520 (Note 2) (780) (780)
------- ------- -------- --------
Gain (loss) from discontinued operations (769) 108 (811) 18
------- ------- -------- --------
NET INCOME (LOSS) $ (657) $ 450 $ 522 $ 1,290
======= ======= ======== ========
Net income per common share:
Continuing operations $ 0.00 $ 0.04 $ 0.14 $ 0.14
(Loss) gain on discontinued operations (0.12) 0.01 (0.12) 0.00
======= ======= ======== ========
NET INCOME PER SHARE, PRIMARY (Note 3) $ (0.12) $ 0.05 $ 0.02 $ 0.14
======= ======= ======== ========
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Note: (1) Includes a $425,000 provision for the loss on the sale of the
building in Acton, Massachusetts.
(2) Reflects accounting for the electromechanical segment as
discontinued operations, including a provision of $600,000 for
operating losses during the phase-out period, as a result of
the decision in December 1997 to sell this division.
(3) Fully diluted net income per share is considered to be the
same as primary net income per share since the effect of the
potentially dilutive convertible preferred stock is currently
antidilutive.