Global Citizenship: What I’ve Learned About the American PCB Business
Global Sourcing Spotlight: The Best Products to Buy Offshore Through Global Sourcing
Nolan's Notes: The Rise (and Risk) of Data
Sparton Releases 1Q FY2017 Results
November 10, 2016 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. has announced results for the first quarter of fiscal year 2017 ended October 2, 2016. Net sales reached $100.4 million, with gross profit margin of 17.2%. The company reported earnings per share of $0.01, and adjusted EPS of $0.20.
During the first quarter, the company received 64 new program wins in the MDS Segment, with expected annual revenue of $12.2 million when fully ramped up into production. MDS has trailing four quarter win revenue of $62 million, which continues to support the company's future organic growth.
"First quarter revenues came in just above the midpoint of our guidance range. However, during the quarter we remained engaged in activities related to the exploration of a possible sale of the Company and we have not yet achieved the desired level of success in addressing operating performance issues, implementing cost saving initiatives or carrying out new business development activities. We anticipate that progress in these areas will accelerate upon the completion of the current sale process, whether from an agreement for a sale of the Company or from a determination that no such sale will occur," said Joseph J. Hartnett, Interim President & CEO.
Joe McCormack, Senior Vice President and CFO, commented, "We continue to be focused on actively managing our working capital, driving free cash flow, and reducing our debt and leverage. Despite the costs associated with the exploration of a sale of the Company and increasing health care costs, we have been able to keep our overall SG&A expenses at a consistent run-rate through a continued focus on reducing our operating expenses throughout the Company."
As previously announced, the Board of Directors of Sparton is exploring a possible sale of the company. There can be no assurance that such a sale will occur.
About Sparton
Sparton Corporation, now in its 117th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide.
Share on:
Suggested Items
AirBorn Announces Agreement to be Acquired by Molex
11/18/2024 | PRNewswireAirBorn, a global manufacturer of high reliability electronics and components, announced it has entered into an agreement to be acquired by Molex, a leading global connectivity and electronics solutions provider.
RTX's Collins Aerospace to Provide UK Chinook Helicopters with Interoperable Avionics System
11/12/2024 | RTXCollins Aerospace, an RTX business, has received a $19 million contract from the Department of Defense to equip a fleet of new H-47 Chinooks for the UK Royal Air Force with its Common Avionics Architecture System (CAAS) avionics management suite.
Lockheed Martin Skunk Works, the Royal Netherlands Aerospace Centre (NLR) Announce Strategic Collaboration
10/21/2024 | Lockheed MartinSkunk Works®, the renowned advanced development organization within Lockheed Martin Corporation and the Royal Netherlands Aerospace Centre (NLR), a premier knowledge institute and connecting link among science, industry, and government in the Netherlands, announced a strategic collaboration to advance mutual interests for enhanced security at the Netherlands Defense Industry Days event.
Altair Drives Aerospace Innovation at Motivo
10/17/2024 | AltairAltair, a global leader in computational intelligence, is proud to announce its collaboration with Motivo, a product engineering firm focused on translating forward-thinking visions into best-in-class products for clients in the mobility, energy, agriculture technology, and aerospace sectors. Motivo utilizes Altair’s unique combination of engineering consulting and software to drive innovation for organizations in the aerospace industry.
Airbus, Toshiba to Partner on Superconductivity Research
10/16/2024 | AirbusAirbus UpNext, a wholly-owned subsidiary of Airbus, and Toshiba Energy Systems & Solutions Corporation (Toshiba), Toshiba Group’s energy arm, will cooperate and mutualise experience on superconducting technologies for future hydrogen-powered aircraft.