30 July 1998: Selas Corporation of America reported income of US$ 1,766,000 or US$ 0.33 per diluted share for the quarter ended 30 June 1998 versus US$ 1,379,000 or US$ 0.26 per diluted share for the …
30 July 1998: Selas Corporation of America reported income of US$ 1,766,000 or US$ 0.33 per diluted share for the quarter ended 30 June 1998 versus US$ 1,379,000 or US$ 0.26 per diluted share for the similar quarter in 1997. Sales were US$ 25,222,000 for the second quarter 1998 compared with US$ 27,101,000 for the quarter ended 30 June 1997. For the six months ending 30 June 1998, Selas reported income of US$ 2,325,000 or US$ 0.44 per diluted share on sales of US$ 47,088,000 compared with US$ 2,541,000 or US$ 0.47 per diluted share on sales of US$ 58,006,000 for the first six months of 1997. Stephen F. Ryan, President and Chief Executive Officer of Selas, said that all three business segments of the company were profitable during the quarter and that income was further enhanced by a reduction in the valuation allowance of deferred income tax assets which resulted in a tax benefit of approximately US$ 700,000. Ryan said that, with contributions in the third and fourth quarters from recently acquired CFR and from programmes now in place at RTI, the company is optimistic that 1998 results will be better than those of 1997. Selas is a diversified firm with international operations and sales that engages in the design, development, engineering and manufacturing of a range of products including precision electronic components and assemblies, heat processing equipment and systems, and cable winch products.