19 March 1998: Selas Corporation of America reported record revenue of US$ 111,165,000 for 1997, an increase of 7.5% over the previous record set in 1996 of US$ 103,426,000. Earnings for the year incr…
19 March 1998: Selas Corporation of America reported record revenue of US$ 111,165,000 for 1997, an increase of 7.5% over the previous record set in 1996 of US$ 103,426,000. Earnings for the year increased 6.2% to US$ 4,387,000 or US$ 0.82 per diluted share compared to US$ 4,130,000 or US$ 0.78 per diluted share in 1996. Consolidated net income for the quarter ended 31 December 1997 was US$ 707,000 or US$ 0.13 per diluted share on revenues of US$ 24,830,000 compared to US$ 1,409,000 or US$ 0.26 per diluted share on revenues of US$ 29,671,000 in 1996. The fourth quarter of 1997 reflects the impact of charges involved with acquisition expenses and other items. While the company performed well, said Stephen F. Ryan, President and Chief Executive Officer of Selas, the fourth quarter of 1997 did not keep pace with the dynamic fourth quarter of 1996, and this had a dampening effect on the year. “The acquisition costs were related to MRL Industries, which is no longer being considered, and came in the fourth quarter, reducing earnings during that period. For the year, these expenses reduced earnings by approximately US$ 400,000 before taxes,” he added. Ryan said that on-going orders in Asia were not affected by the economic problems there. He added, however, that several large heat treating projects the company was anticipating in Asia have been postponed due to the economic turmoil in the region. Selas makes precision electronic components, heat processing equipment and cable winch products.