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Selas: third quarter results

Selas Corporation of America, a diversified firm with international operations and sales that engages in the design, development, engineering and manufacturing of a range of products including precisi…

Selas Corporation of America, a diversified firm with international operations and sales that engages in the design, development, engineering and manufacturing of a range of products including precision medical and electronic products, heat technology equipment and systems, and cable winch products, has reported net income of US$ 402,000 or US$ .08 per diluted share for the quarter ended September 30, 2000 versus US$ 1.14 billion or US$ .22 per diluted share for the similar quarter in 1999. Sales were $28.3 billion for the third quarter 2000 compared with US$ 26.2 billion for the quarter ended September 30, 1999. For the nine months ending September 30, 2000, Selas reported income of $2.62 billion or $0.51 per diluted share compared with $820,000 or $0.16 per diluted share in 1999. Sales were US$ 90.9 billion for the first nine months of 2000 compared with US$ 75.6 billion for the similar period of 1999. Stephen F. Ryan, Chairman and CEO of Selas, said that, while company sales for the quarter increased over 1999 and earnings for the year are well ahead of 1999, management was disappointed with the third quarter results. Ryan said that the major reason is that Selas took a significant charge in the execution of a furnace order during the third quarter. In addition, revisions in some foreign tax laws and the strong US dollar had some negative impact on the quarter. He said that while the Precision Medical and Electronic Products business segment grew during the quarter, the growth was not as robust as the company expected earlier this year.

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