Amphenol earns $7.4M in 4Q

Electronic News, Jan 31, 1994

WALLINGFORD, CONN.--Stressing improvements in major European operations and connector revenue increases, Amphenol reported 4Q net came to $7.4 million, or 17 cents a share, compared to a loss of $1.8 million, or 5 cents a share, for the 1992 period. Sales for 4Q93 were up 34 percent to $151.7 million from $113.1 million in the 1992 quarter.

The 1992 period included a non-recurring after-tax charge of $3.1 million, or 10 cents per share, relating to costs incurred in the acquisition of LPL Technologies, Inc. and its wholly owned subsidiary Times Fiber Communications, Inc. in December 1992, Amphenol said.

For the year ended Dec. 31, 1993, net income was $24.7 million, or 58 cents per share, compared to $8.6 million, or 26 cents per share, for the 1992 period. Sales for the full year 1993 were were up 32 percent to $603.9 million from $457.7 million in 1992.

On a pro forma basis reflecting the LPL acquisition, sales, net income and net income per share for the fourth quarter 1992 were $139.8 million, $4.6 million and 11 cents, respectively. Currency translation and the relatively stronger U.S. dollar had the effect of reducing sales by approximately $3.3 million in 4Q93 when compared to the 1992 period, the company added.

On a pro forma basis reflecting the LPL acquisition, sales, net income and net income per share for the full year 1992 were $572.9 million, $19.5 million and 46 cents, respectively. Currency translation had the effect of reducing sales by approximately $15.1 million for the full year 1993 when compared to 1992.

"We are very pleased with the results for the 4Q and the full year 1993," said Amphenol president Martin H. Loeffler. "Our Times Fiber subsidiary had strong year-over-year growth with significant revenue increases in both domestic and international sales of coaxial cable for cable television and telephony applications.

"The company's connector operations in the 4Q also realized a revenue increase over the 1992 period both in absolute dollars and on a constant dollar basis. Of significance, our major European operations had local currency revenue and operating profit increases, in spite of difficult economic conditions, primarily due to the continuing development of new application-specific products."