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Selas declares cash dividend, plus first quarter “99 results

29 April 1999: At a recent meeting, the Board of Directors of Selas Corporation of America declared a cash dividend of US$ .045 per share. The dividend will be payable on 30 June 1999 to shareholders …

29 April 1999: At a recent meeting, the Board of Directors of Selas Corporation of America declared a cash dividend of US$ .045 per share. The dividend will be payable on 30 June 1999 to shareholders of record on 15 June 1999. Meanwhile, the company reported a net loss for the quarter ending 31 March 1999, but Stephen F. Ryan, chairman, president and CEO, said that the remaining three quarters are expected to improve and that the results for the year should surpass those of 1998. For the first quarter 1999, Selas reported a loss of US$ 354,000 or US$ 0.07 per diluted share on revenues of US$ 24.05 million compared to net income for the similar period in 1998 of US$ 559,000 or US$ 0.10 per diluted share on revenues of US$ 21,867,000. Ryan said that the Company had anticipated a weak first quarter because of a delay in orders in both the Heat Technology Group and Precision, Miniature Medical and Electronics Group. Additionally, some new programmes in the latter group were still in the ramp-up phase during the quarter. Ryan said that projections for the remainder of the year show considerable improvement, especially in the third and fourth quarters. Selas is a diversified firm with international operations and sales. It engages in the design, development, engineering and manufacturing of a range of products including precision medical and electronic products, heat processing equipment and systems, and cable winch products.

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