| FINANCIAL HIGHLIGHTS
|
| Adjusted Financial Results (a): |
| ($ in thousands, except per share data) | 1997 | 1996 | Increase |
| For the year: | |||
| Net Sales | $ 466,470 | $ 391,113 | 19% |
| Operating income | $ 92,687 | $ 71,229 | 30% |
| Percentage of Sales | 19.9% | 18.2% | |
| Income from operations before income taxes | $ 78,967 | $ 56,489 | 40% |
| Net income available to common stockholders | $ 62,270 | $ 4,338 | 40% |
| Net income per basic common share | $ 2.14 | $ 1.54 | 39% |
| Net income per diluted common share | $ 1.94 | $ 1.40 | 39% |
| Return on average assets | 13.6% | 13.3% | |
| Return on average equity | 65.0% | 54.2% | |
| At year end: | |||
| Total assets | $ 552,059 | $ 365,502 | |
| Stockholders’ equity | $ 62,297 | $ 57,780 | |
| Employees | 2,640 | 2,135 | |
| (A)
Adjusted financial results for 1997 reflect reported results of operations excluding
nonrecurring charges related to the September 1997 acquisition of Micromass Limited
($16,500 of revaluation of acquired inventory and $55,000 of expensed in-process research
and development). Adjusted financial results for 1996 reflect reported results of
operations excluding nonrecurring charges related to the May 1996 acquisition of TA
Instruments, Inc. and the Company’s April 1996 tender for its then remaining
subordinated debt ($6,100 of revaluation of acquired inventory, $19,300 of expensed
in-process research and development and $22,264 of extraordinary loss on early retirement
of debt). Excluded amounts had no related tax effects. Net income per basic common share for 1997 and 1996 were computed based upon weighted average shares of common stock outstanding of 29,127 and 28,841, respectively. Net income per diluted common share for 1997 and 1996 were computed based upon weighted average shares of common stock and equivalents outstanding of 32,168 and 31,628, respectively. |
|||
| back |