Banner
Filtraglass

Spectran reports record 1997 annual results

12 March 1998: US-based SpecTran Corporation, which develops, manufactures and markets glass optical fibres and value-added fibre optic products, recently reported results for the fourth quarter and f…

12 March 1998: US-based SpecTran Corporation, which develops, manufactures and markets glass optical fibres and value-added fibre optic products, recently reported results for the fourth quarter and full year ended 31 December 1997. Net income in the 1997 fourth quarter was US$ 1,239,000 or 17 cents per share, compared with net income of US$ 1,131,000 or 19 cents per share in the same period in 1996. Revenues for the fourth quarter were US$ 14,310,000 compared with US$ 16,656,000 for the same period a year earlier. Net income for 1997 was a record US$ 4,842,000, up 32% compared with US$ 3,655,000 the previous year. Earnings per share for 1997 were a record US$ 0.68, up 10% compared with US$ 0.62 in the prior year, despite an approximate 20% increase in outstanding shares resulting from our secondary offering in February 1997. Revenues for 1997 were a record US$ 62,057,000 compared with US$ 61,571,000 in 1996, and the company said they would have been even higher had they included revenues of Applied Photonic Devices (APD), its 100%- owned cabling subsidiary. At the end of 1996 the company formed a 50-50 joint venture with General Cable Corporation utilizing the assets of APD, no longer consolidating the revenues of the joint venture. “SpecTran had an excellent year in 1997, achieving record revenues, net income and earnings per share despite the additional challenges associated with major capacity expansions at all three operating units,” said SpecTran“s President and Chief Executive Officer, Raymond E. Jaeger. “Results for the year were somewhat lower than our expectations, however, due to a significant shortfall against expectations at Specialty Optics which more than offset the better than expected results achieved at our communication fibre making operation in Sturbridge (Massachusetts).” Jaeger also said that results at Specialty Optics suffered during the second half of 1997, due to manufacturing inefficiencies and lower than standard yields in part due to the move to the new and expanded facility. “These problems have been addressed and we expect to promptly improve results at that business unit,” he added. Also contributing to lower than expected results in 1997, was a revenue shortfall against expectations at General Photonics, the company“s cabling joint venture with General Cable. “Actions are already underway to improve and intensify sales efforts at General Photonics and increase manufacturing efficiencies which should improve results in 1998,” said Jaeger.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news