SBS Technologies, Inc. Announces Record Results for 4th Quarter and Fiscal 1998 Year Ended June 30, 1998
<b>4th Quarter Sales of $20.6 Million and EPS of $0.47 Annual Sales of $74.2 Million and EPS of $1.64.</b>
SBS Technologies, Inc. ("SBS") ("the Company") (NASDAQ: SBSE) today announced results of its fourth quarter and fiscal year ended June 30, 1998. The Company reported that sales for the quarter were $20.6 million, a 36% increase over the fourth quarter of the prior fiscal year. Net income for the quarter was $2.9 million, or a 33% increase over the prior year quarter. Diluted Earnings Per Share for the quarter ended June 30, 1998 was $0.47, which exceeded the consensus of analysts' estimates. Diluted Earnings Per Share increased 24% over the prior year's fourth quarter results. For the year ended June 30, 1998, sales increased 41% to $74.2 million from $52.8 million for the prior year. Net income for the year ended June 30, 1998, increased 43% to $10.1 million or $1.64 per share (diluted) from $7.1 million or $1.34 per share (diluted) for the prior fiscal year, excluding the effect of an $11.0 million in-process R&D charge taken in the quarter ended December 31, 1996. Including the effect of the $11.0 million charge, net income per share (diluted) was $0.09 for the year ended June 30, 1997. "Fiscal 1998 was a year of excellent growth at SBS and I am pleased with our continued progress toward achieving the strategic and performance goals we have set in the development of our Company," said Christopher J. Amenson, Chairman and Chief Executive Officer. "All of our businesses grew in Fiscal 1998, and we have continued to expand our market presence, both domestically and internationally. The organization change we made during the year to align our operating entities into the Computer Group and the Aerospace Group has resulted in increased synergies in our complimentary businesses and has improved our sales efforts Company-wide," added Amenson. "Our year over year internal growth met our corporate goal of 25%. The continued investments we have made in the development of SBS have resulted in a broad and advanced product line, supported by a committed team of excellent employees. Our strategy will remain to develop SBS internally through increased investments in research and development, infrastructure and marketing efforts, and to augment that growth through the acquisition of related growth businesses," Amenson continued. SBS Technologies, Inc. is a leading designer and manufacturer of open-architecture, standard bus embedded computer components that system designers can easily utilize to create a custom solution specific to the user's unique application. SBS product lines include CPU boards, input/output (I/O) modules, avionics modules and analyzers, interconnection and expansion units, telemetry boards, data acquisition software and industrial computers. SBS embedded computer components are used in a variety of applications, such as telecommunications, medical imaging, industrial control and flight instrumentation, in the commercial and aerospace markets. For news releases, product and other information, visit the SBS Web site at http://www.sbs.com.Certain of the foregoing information are forward-looking statements regarding the future events or the future financial performance of SBS, and are subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors are: general business and economic conditions; customer acceptance of and demand for SBS' new products; SBS' overall ability to design, test and introduce new products on a timely basis; the cyclical nature of the markets addressed by SBS' products; and the risk factors listed from time to time in documents filed by SBS with the Securities and Exchange Commission.