American Precision Industries Inc. announced Wednesday record high earnings and revenues for the third quarter and nine-month period ended Oct. 3.
Net income increased 30 percent to $2,258,000, equal to 30 cents a share, from $1,736,000, or 24 cents a share, in the same period in 1996.
Revenues for the quarter rose 74 percent to $55,042,000 from $31,658,000 in the year-ago period.
Before nonrecurring items, the company's net income increased 67 percent to $2.9 million, or 39 cents per share, from the same period last year.
The Cheektowaga-based company said the growths in net income and revenues were primarily attributable to its API Motion segment, which includes the addition of API Portescap, acquired on July 8.
Included in the quarter's results was an after-tax charge of $600,000, comprised of $500,000 related to inventory adjustments and $200,000 associated with a previously announced settlement of a contract dispute with the U.S. Government, offset by non-operating income of $100,000.
"The performance of our business during this quarter was very strong," said Kurt Wiedenhaupt, chairman, president and CEO.
"These results were achieved through our continued efforts to improve profitability, increase market share, and maximize the sales channels and broadened product lines gained through our recent acquisitions," he added.
For the latest nine-month period, net income rose to $6,113,000, or 83 cents per share, from $4,708,000, or 66 cents per share, a year earlier.
Nine-month revenues increased 53 percent to $130,521,000 from $85,221,000 in the 1996 period.
The results of the nine-month period again include API Portescap and also the addition of API Schmidt-Bretten, which was acquired on Jan. 31.
Excluding the acquisitions, API sales grew 15 percent and bookings were up 18 percent over the same period last year.
Backlog, again excluding the 1997 acquisitions, was up 11 percent from the beginning of the year.