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Harmon Industries, Inc. NASDAQ: HRMN For Immediate Release |
Charles M. Foudree (816) 229-3345 |
Harmon Announces Second Quarter Results Company Reports Record Orders and Backlog
BLUE SPRINGS, Mo. (Monday, July 31, 1995) -- Harmon Industries, Inc., a leading supplier of signal and train control products to railroads and transit systems throughout North America and the world, today announced results for the second quarter ended June 30, 1995.
For the three months ended June 30, sales were $32.9 million compared with $32.2 million in 1994. Net earnings were $2.1 million for the quarter, compared with $2.3 million in 1994. Earnings per share were $0.30 in the second quarter, compared with $0.36 for the same period in 1994.
For the six months ended June 30, sales increased 7.2 percent to $62.3 million from $58.1 million in 1994. Net earnings were $2.8 million compared with $3.8 million in 1994. Earnings per share were $0.41 in the first six months, compared with $0.58 in the same period last year.
The relocation of the transportation division of Servo Corporation of America, acquired by Harmon in 1994, from Long Island, New York to Riverside, California is complete. While the relocation resulted in additional one-time costs for the quarter, all major costs have now been incurred and Harmon will begin to see the financial benefits from the acquisition in the third quarter of 1995.
Orders for the first half of 1995 are $73.2 million, up 33.7 percent over 1994 and the backlog entering the third quarter is $55 million, a 51 percent increase from this point last year. Strong orders from freight customers, especially for signalling and carborne products, were a major reason for this increase.
"Our order rate and backlog for the first six months have been solid, particularly in those product areas where we have strong technological leadership," said Björn Olsson, president and chief executive officer. "We are in an excellent position as we enter the second half of the year."
Harmon Industries, Inc., a leading supplier of signal and train control products to railroads and transit systems throughout North America and the world, is traded on the Nasdaq Stock Market under the symbol "HRMN." For further information, please contact Charles M. Foudree, executive vice president-finance and chief financial officer, Harmon Industries, Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is (816) 229-3345.
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