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Selas: record revenue for 1997

16 April 1998: Selas Corporation of America, a producer of precision electronic components, heat processing equipment and cable winch products, reported record revenue of just under US$ 111.2 million …

16 April 1998: Selas Corporation of America, a producer of precision electronic components, heat processing equipment and cable winch products, reported record revenue of just under US$ 111.2 million for 1997, an increase of 7.5% over the previous record set in 1996 of US$ 103.4 million. Earnings for the year increased 6.2% to about US$ 4.4 million or US$ 0.82 per diluted share compared to US$ 4.1 million 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$ 24.8 million compared to US$ 1.4 million or US$ 0.26 per diluted share on revenues of US$ 29.7 million 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 CEO 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. Mr. 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. Nevertheless, according to a recent press release, Cecf-Fofumi-Ripoche (CFR), a French leader of furnace manufacturing, has joined the Selas group. The negotiations between the management of these two companies with complementary operations resulted in CFR entering the Selas group as a Selas SA division. The latter is a subsidiary of Selas Corporation of America, and is specialized in bending and tempering furnaces for automotive and architectural safety glass. CFR will keep its current management, with Mr. Ropion continuing as managing director and auditor of the firm. Both Selas and CFR benefit from the agreement. CFR, which produces hollow glass tempering lines, will be strengthened by the financial backing of the Selas group, and expansion of its market area will be facilitated because of Selas“ international locations in Germany, Italy, Japan, the United Kingdom and the United States. On the other hand, Selas SA will be strengthened by the CFR commercial network in France and the manufacturing and testing facilities of the CFR Maisse shop where the research and development programme will be extended.

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