29 October 1998: Selas Corp. of America, which makes specialized industrial heating systems and other equipment, said it expects full-year 1998 results to be “somewhat behind” 1997, but it sees signif…
29 October 1998: Selas Corp. of America, which makes specialized industrial heating systems and other equipment, said it expects full-year 1998 results to be “somewhat behind” 1997, but it sees significant improvement next year. Selas said it expects sales and earnings to improve in 1999, due in part to the existing backlog and new orders that are being finalized by its heat technology unit. In 1997 the company posted net income of US$ 3.6 million on revenues of US$ 86.3 million. For the first nine months of 1998, net income was US$ 3.2 million on revenues of US$ 72.3 million. Selas President and Chief Executive Stephen Ryan said declining sales and income in the heat technology segment in Europe and the US had hurt third-quarter and nine-month results. “Programmes already in place in Selas“ electronic components and systems segment and automotive products segment also look promising in the year ahead,” Ryan added.