A strong 26.3 percent jump in operating profits fueled a 44.1 percent increase in net income at Comptek Research Inc., the West Seneca-based electronics and data communications supplier said today.
Net income for the firm's fiscal first quarter ending June 27 totaled $565,000 or 11 cents per common share, up $173,000 from $392,000 and seven cents per share for the same quarter last year.
"This represents the fifth consecutive quarter of profitability for Comptek and positions the company to substantially improve on record sales and earnings achieved for fiscal 1997," said John J. Sciuto, chairman and chief executive officer.
Operating earnings for the quarter jumped to $1.04 million, up $216,000 from $820,000 one year ago. Comptek held the line on costs and expenses, which rose just 1.6 percent to $17.47 million from $17.19 million.
Sales totaled $18.51 million, up $501,000 or 2.8 percent from $18 million a year ago.
In addition to the excellent earnings report, Comptek also reported that its contract backlog at June 27 was $105.6 million, up $1.7 million or 1.6 percent from the start of the fiscal quarter, and up $10.9 million or 11.5 percent from June 18, 1996.
The first-quarter backlog includes a $10.5 million engineering services contract from the U.S. Naval Sea Systems Command. The pact has a potential five-year value of $55.6 million with a first-year commitment for $10.5 million and four option years.
Comptek is a domestic and international supplier of technically advanced electronics and data communications systems to government and industry.