SBS Technologies, Inc. Announces Record Fiscal 1998 First Quarter Results Sales Increased 45% and Net Income Increased 67%
SBS Technologies, Inc. (NASDAQ: SBSE) today announced record sales and net income for its first quarter of fiscal 1998 ended September 30, 1997. Sales for the quarter increased 45% or $5.1 million to $16.4 million from $11.3 million in the first quarter of fiscal 1997. Net income for the quarter increased 67% or $935,000 to $2.3 million from $1.4 million in last year's first quarter. Earnings per share increased 18% to $0.39, from $0.33 in the first quarter of fiscal 1997, including the effect of approximately 1.8 million additional shares outstanding, primarily resulting from SBS' Follow-On Public Stock Offering in November 1996. "The results of our first quarter reflected growth in both our Aerospace and Computer Group product areas, and progress in our strategy to consolidate our businesses into a more efficient and effective company," said Steve Cooper, President and Chief Operating Officer. "This quarter marks the introduction of the One SBS' program designed to leverage the synergies among our product lines and realign our sales channels to achieve greater efficiencies and revenue growth. I am very pleased with the results of these efforts to date. I am confident that these strategic changes will enable SBS to provide increased solutions to our customers, and remain at the leading edge of the embedded computer industry," Cooper continued.