Measurement Specialities announces record quarterly results

Citation

(2001), "Measurement Specialities announces record quarterly results", Sensor Review, Vol. 21 No. 2. https://doi.org/10.1108/sr.2001.08721bab.003

Measurement Specialities announces record quarterly results

Measurement Specialities announces record quarterly results

Keywords: Sensors, Business

Measurement Specialities, Inc. – parent company of Schaevitz Sensors – has announced record results for the financial quarter ending 30 September 2000.

Sales were $28,237,000 (£19,507,000 – figures based on rate of $1.4475 = £1), best ever over three months, and compared with $15,445,000 (£10,670,000) over the same period last year.

Net income for the quarter was $2,816,000 (£1,945,000), also a record. This is a 64 per cent increase over the net income of $1,720,000 (£1,188,000) earned during July-September 1999.

During the six months from April-September 2000, Measurement Specialities' sales totalled $44,539,000 (£30,769,000) – up from $27,466,000 (£18,974,000) for the same period last year. Net income rose to $4,012,000 (£2,771,000) from a comparable $2,728,000 (£1,884,000), representing a 41 per cent increase in earnings per share.

These results have taken into account the company's acquisition in August this year of the assets and selected liabilities of both the US and UK operations of TRW Schaevitz Sensors from TRW, Inc. (NYSE:TRW).

"Results for the quarter exceed expectations", commented Joseph R. Mallon Jr, chairman and chief executive officer of Measurement Specialities. "Both our sensor and consumer businesses grew significantly, posting strong results.

"Sensors, supplemented by the August 2000 acquisition of Schaevitz Sensors, and the February 2000 acquisition of ICSensors, contributed 44 per cent of revenue.

"Our core business is robust, growing, and benefiting from new products. Organic revenue growth, excluding the acquisitions of ICSensors, and Schaevitz Sensors, increased 35 per cent for the current quarter compared with the same second quarter of last year. Recent acquisitions have added to our technology portfolio. We now have one of the broadest lines of sensors available, and significantly larger revenue on which to increase profitability".

Mr Mallon continued: "This was our ninth consecutive quarter of favourable comparisons with the same period of the previous years. The outlook for the balance of the year is strong".

Measurement Specialities, Inc. designs, develops, manufactures and sells electronic sensors and sensor-based consumer products. These include sensors for high volume industrial applications, bodyweight, kitchen and postal scales, electronic tyre pressure gauges, parking aids and distance estimators.

Schaevitz is a widely recognised sensor brand name. The company pioneered LVDT sensor technology and has over 50 years' experience in the design and development of robust transducers for a variety of pressure measurement applications. Its products are known for high quality, reliability, advanced design and superior engineering.