6 November 1997: Selas Corporation of America has announced consolidated net income for the quarter ended 30 September 1997 of US$ 1.139 million or US$ 0.21 per share on sales of US$ 28.328 million, c…
6 November 1997: Selas Corporation of America has announced consolidated net income for the quarter ended 30 September 1997 of US$ 1.139 million or US$ 0.21 per share on sales of US$ 28.328 million, compared with net income of US$ 1.340 million or US$ 0.25 per share on sales of US$ 29.724 million for the same period in 1996. For the nine months ended 30 September 1997, Selas reported net income of US$ 3.68 million or US$ 0.68 per share on sales of US$ 86.335 million compared with US$ 2.721 million or US$ 0.51 per share on net sales of US$ 73.755 million for the same period in 1996. Stephen F. Ryan, President and Chief Executive Officer of Selas, said that he is pleased with the Company“s third quarter performance. All Selas business segments were profitable although some did not approach the profitability of the 1996 quarter. “Because of the variability of our business, quarterly performance is not as meaningful a comparison of how the Company performed compared to 12-month or year-to-date results,” Ryan said. “For example, in 1996, our third quarter performance was more than triple that of the previous year, yet, it is only marginally better than this year“s third quarter. When we look at performance for the first nine months, 1997 shows a 33% improvement over 1996,” he said. “We are outpacing 1996 and are confident that Selas will end the year showing acceptable growth.” Ryan said that by year end, Selas hopes to have shareholder approval for the acquisition of MRL Industries which will broaden its base in heat technology and give it a proven entry into supplying heat processing equipment to the semiconductor fabrication industry. With MRL, Selas hopes to benefit from the double-digit growth projected for this industry. The Selas board has declared a cash dividend of US$ .045 per share. The dividend will be payable on 30 December 1997 to shareholders of record on 12 December 1997.