Longmont, CO--July 30, 1996--NAI Technologies Inc. (Longmont, CO) reported that for the first time in ten quarters it had returned to operating profitability.
For the quarter ended June 29, 1996, NAI had net sales of $17.4 million compared with $14.1 million for the period ended July 1, 1995. All four NAI subsidiaries reported sales and earnings increases compared to the comparable period in 1995. Net income for the quarter ended June 29, 1996 was $815,000 or $0.10 per share compared with a loss of $5.81 million or $0.78 per share in the same period last year. EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter ended June 29, 1996 was $2.08 million compared with an EBITDA loss of $4.63 million for the comparable period a year earlier.
For the six months ended June 29, 1996, NAI reported net sales of $33.9 million a 26 percent increase over the prior year's period. Net earnings were $365,000 or $0.05 per share as compared to a loss of $6.89 million or $0.94 per share for the first six months of last year.
The second quarter and first six months results were favorably impacted by the recognition of a gain of approximately $750,000 on the previously announced sale of the Systems Integration Division which was completed in June 1996.
For the quarter ended June 29, 1996, NAI's electronic systems segment, approximately half of whose sales are to the military, reported a 24 percent increase in sales to $15.2 million from the corresponding period last year with the segment's Codar Technology subsidiary up 14 percent, largely as a result of increased shipment rates. Both NAI's Systems Division and its British subsidiary, Lynwood Scientific Developments Ltd., also showed significant gains in sales from the corresponding period last year.
The 19 percent sales increase in the second quarter ended June 29, 1996 at Wilcom Inc., NAI's telecommunications subsidiary, was attributed to increases in its sales of new telephone line quality improvement products which were purchased by the regional Bell operating companies and major worldwide independent telephone companies.
As of June 29, 1996, the company's backlog stood at $24.9 million.
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