Wyle’s Biggest-Ever 4th Quarter Puts Company in Black for ’94
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IRVINE — Wyle Laboratories on Thursday posted stronger-than-expected earnings for the fourth quarter and all of 1994, despite having sold one of its two business units.
After being in the red for the first three quarters, Wyle reported a profit of $2 million, or 16 cents a share, for the year. That compared to earnings of $8.1 million, or 66 cents a share, for 1993. Annual revenue was $792.3 million, up from $473.4 million.
For the fourth quarter, the Irvine-based electronics distribution company outpaced expected earnings and turned in the best quarterly income in its history.
Profit for the three months ended Dec. 31 was $5.4 million, or 44 cents a share, compared to earnings of $1.2 million, or 10 cents a share, for the same period a year earlier. Three-month revenue came to $224.5 million, more than double the $97.7 million in revenue reported for the final quarter of 1993.
The company said its impressive fourth-quarter performance validates its decision, made last fall, to sell a division that conducted feasibility tests on aerospace components.
Analysts cautioned against drawing conclusions based on one quarter’s performance but expressed optimism that the company made a wise decision.
“The electronics business is doing well,” said John Geraghty, an analyst with CS First Boston Corp. in New York. “And Wyle has positioned itself well in terms of its product lines and locations.”
The stock market, however, shrugged off the good news. Wyle closed at $22 a share, unchanged, in Thursday’s trading on the New York Stock Exchange.
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Record Results at Wyle
Wyle, the Irvine-based electronics distribution company, in the latest quarter posted the highest revenue and profit in its history. The company recently completed spinning off its services and systems business. Figures in thousands of dollars except data per share:
4th qtr 4th qtr 1994 1993 1994 1993 Revenue $224,478 $97,745 $792,309 $473,443 Net income 5,420 1,182 1,956 8,136 Per share .44 .10 .16 .66
Source: Wyle Laboratories: Researched by VALERIE WILLIAMS-SANCHEZ / Los Angeles Times
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