The Selas Corporation of America reported an income of US$ 1.38 million, or US$ 0.26 per share on sales of US$ 27.1 million for the quarter ended 30 June 1997. This shows a 73% increase in per share e…
The Selas Corporation of America reported an income of US$ 1.38 million, or US$ 0.26 per share on sales of US$ 27.1 million for the quarter ended 30 June 1997. This shows a 73% increase in per share earnings over the second quarter income in 1996. For the corresponding quarter last year, in fact, Selas reported an income of US$ 807,000 or US$ 0.15 per share on sales of US$ 25.46 million. For the six months ended 30 June 1997, Selas saw an 81% increase in per share income, and reported US$ 2.55 million or US$ 0.47 per share on sales of US$ 58 million. This compares with an income of US$ 1.38 million or US$ 0.26 per share on sales of just over US$ 44 million for the first six months of 1996. Stephen F. Ryan, President and CEO of Selas, said that all segments of the company performed well during the quarter and that Selas expects that results for the year will be considerably better than those reported in 1996. He said that Selas is now considering several acquisition opportunities that should continue to strengthen its capabilities in both electronics and heat technology. On 19 August the company declared a cash dividend of $0.45 per share, payable on 30 September 1997 to shareholders of record on 12 September 1997.