Signal Technology Reports Q1 1999 Results
Signal Technology Corp. (Danvers, MA) reported its first quarter results, with revenues $3.3 million lower than the same quarter last year, falling from $23.7 million to $20.4 million. Net income for the 1999 first quarter, ended March 31, 1999, improved to $639,000, or $0.08 per diluted share, versus net income of $203,000, or $0.03 per diluted share, reported for the same period last year. George Lombard, Signal Technology's chairman and chief executive officer commented that the favorable trend in profitability was "encouraging," coming as it does following upon two preceding quarters of increased earnings. He credits the turnaround to improved financial controls and a companywide effort to become more efficient.New orders total $28.0 million for the quarter, up 411.7 million in the fourth quarter of 1998. Their Keltec Divison was awarded several significant contracts over the last 90 days, including a $6.0 million contract with Microwave Electronic Systems in Turkey.