Selas Corporation of America Reports First Quarter 2001 Earnings

Apr 24, 2001, 01:00 ET from Selas Corporation of America

    DRESHER, Pa., April 24 /PRNewswire Interactive News Release/ -- Selas
 Corporation of America (Amex:   SLS) today reported first quarter 2001 net
 income of $298,000 or $0.06 per diluted share on revenues of $28,411,000
 compared to net income of $1,201,000 or $0.23 per diluted share on revenues of
 $30,523,000 for the first quarter of 2000.
     Stephen F. Ryan, Chairman and Chief Executive Officer, who will retire at
 the Company's annual meeting of shareholders later today, said that the
 weakened economy had an adverse impact on performance of all three business
 segments.
     He said that Deuer Manufacturing, the Company's Tire Holders, Lifts and
 Related Products segment, was the most severely affected because its business
 is almost exclusively tied to the automotive industry.  Deuer's sales were off
 36% for the period and the segment reported a loss.
     The other two business segments, Precision Miniature Medical and
 Electronics and Heat Technology, were profitable during the quarter.  Ryan
 said that sales of the Precision Miniature Medical and Electronics segment's
 medical and hearing health products grew more than 25% over the similar
 quarter last year and that the segment expects that growth to continue
 throughout the year.  He also said that the Heat Technology segment has
 received a number of orders for the Selas Low Nox burner and that this should
 help improve performance of this segment later in the year.
     Ryan will be succeeded as CEO of Selas by Mark S. Gorder, President and
 Chief Operating Officer.  At the annual meeting later today, Gorder plans to
 tell shareholders that 2001 will be a year of transition for Selas during
 which the Precision Miniature Medical and Electronics segment will become the
 driving force of the company.
     "The Precision Miniature Medical and Electronics segment is the growth
 area for Selas.  Our vision is to make this segment the leading supplier of
 miniature medical and electronic products for companies in growth markets, and
 to have this segment become the dominant business of Selas Corporation of
 America," Gorder will say.
     Gorder will tell shareholders that he wants to transition Selas from a
 capital goods-driven company to one that is technologically centered.
     Gorder plans to tell shareholders that the long-term strategy is to
 transform the Heat Technology segment's product mix so that it can achieve
 stable cash flow and earnings.
     "Selas' reputation for quality products in heat technology is known
 worldwide, and we believe that we can leverage that reputation," Gorder will
 say.
     Selas is a diversified firm with international operations and sales that
 engages in the design, development, engineering and manufacturing of a range
 of products including precision medical and electronic products, heat
 technology equipment and systems, and cable winch products.
 
     Certain statements herein that include forward-looking terminology such as
 "may," "will," "believe," "expect," "optimistic" or "continue" or the negative
 thereof or other variations thereon are, or could be deemed to be,
 "forward-looking statements" within the meaning of the Securities Exchange Act
 of 1934, as amended.  These forward-looking statements are affected by known
 and unknown risks, uncertainties and other factors that may cause Selas'
 actual results, performance or achievements to differ materially from the
 results, performance and achievements expressed or implied in Selas'
 forward-looking statements.  These risks, uncertainties and factors include
 competition by competitors with more resources than Selas, foreign currency
 risks arising from Selas' foreign operations, and the cyclical nature of the
 market for large heat engineering contracts, and weakening demand for products
 of the Company's other business segments due to general economic conditions.
 Reference is made to Selas' Annual Report on Form 10-K regarding other
 important factors that could cause the actual results, performance or
 achievement of Selas to differ materially from those contained in or implied
 by any forward-looking statement made by or on behalf of Selas, including
 forward-looking statements contained herein.
 
                          FIRST QUARTER REPORT - 2001
 
                          Selas Corporation of America
                         Comparative Operating Results
                                  (Unaudited)
 
                                     Three Months     Three Months
                                         Ended            Ended
                                    March 31, 2001   March 31, 2000
 
     Net Sales                        $28,411,000      $30,523,000
 
     Income before income taxes          $585,000       $2,001,000
 
     Provision for income taxes           287,000          800,000
 
     Net Income                          $298,000       $1,201,000
 
 
     Earnings per share
 
       Basic                                $0.06            $0.23
 
       Diluted                              $0.06            $0.23
 
     Average shares outstanding
 
       Basic                            5,119,000        5,125,000
 
       Diluted                          5,136,000        5,137,000
 
 
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SOURCE Selas Corporation of America
    DRESHER, Pa., April 24 /PRNewswire Interactive News Release/ -- Selas
 Corporation of America (Amex:   SLS) today reported first quarter 2001 net
 income of $298,000 or $0.06 per diluted share on revenues of $28,411,000
 compared to net income of $1,201,000 or $0.23 per diluted share on revenues of
 $30,523,000 for the first quarter of 2000.
     Stephen F. Ryan, Chairman and Chief Executive Officer, who will retire at
 the Company's annual meeting of shareholders later today, said that the
 weakened economy had an adverse impact on performance of all three business
 segments.
     He said that Deuer Manufacturing, the Company's Tire Holders, Lifts and
 Related Products segment, was the most severely affected because its business
 is almost exclusively tied to the automotive industry.  Deuer's sales were off
 36% for the period and the segment reported a loss.
     The other two business segments, Precision Miniature Medical and
 Electronics and Heat Technology, were profitable during the quarter.  Ryan
 said that sales of the Precision Miniature Medical and Electronics segment's
 medical and hearing health products grew more than 25% over the similar
 quarter last year and that the segment expects that growth to continue
 throughout the year.  He also said that the Heat Technology segment has
 received a number of orders for the Selas Low Nox burner and that this should
 help improve performance of this segment later in the year.
     Ryan will be succeeded as CEO of Selas by Mark S. Gorder, President and
 Chief Operating Officer.  At the annual meeting later today, Gorder plans to
 tell shareholders that 2001 will be a year of transition for Selas during
 which the Precision Miniature Medical and Electronics segment will become the
 driving force of the company.
     "The Precision Miniature Medical and Electronics segment is the growth
 area for Selas.  Our vision is to make this segment the leading supplier of
 miniature medical and electronic products for companies in growth markets, and
 to have this segment become the dominant business of Selas Corporation of
 America," Gorder will say.
     Gorder will tell shareholders that he wants to transition Selas from a
 capital goods-driven company to one that is technologically centered.
     Gorder plans to tell shareholders that the long-term strategy is to
 transform the Heat Technology segment's product mix so that it can achieve
 stable cash flow and earnings.
     "Selas' reputation for quality products in heat technology is known
 worldwide, and we believe that we can leverage that reputation," Gorder will
 say.
     Selas is a diversified firm with international operations and sales that
 engages in the design, development, engineering and manufacturing of a range
 of products including precision medical and electronic products, heat
 technology equipment and systems, and cable winch products.
 
     Certain statements herein that include forward-looking terminology such as
 "may," "will," "believe," "expect," "optimistic" or "continue" or the negative
 thereof or other variations thereon are, or could be deemed to be,
 "forward-looking statements" within the meaning of the Securities Exchange Act
 of 1934, as amended.  These forward-looking statements are affected by known
 and unknown risks, uncertainties and other factors that may cause Selas'
 actual results, performance or achievements to differ materially from the
 results, performance and achievements expressed or implied in Selas'
 forward-looking statements.  These risks, uncertainties and factors include
 competition by competitors with more resources than Selas, foreign currency
 risks arising from Selas' foreign operations, and the cyclical nature of the
 market for large heat engineering contracts, and weakening demand for products
 of the Company's other business segments due to general economic conditions.
 Reference is made to Selas' Annual Report on Form 10-K regarding other
 important factors that could cause the actual results, performance or
 achievement of Selas to differ materially from those contained in or implied
 by any forward-looking statement made by or on behalf of Selas, including
 forward-looking statements contained herein.
 
                          FIRST QUARTER REPORT - 2001
 
                          Selas Corporation of America
                         Comparative Operating Results
                                  (Unaudited)
 
                                     Three Months     Three Months
                                         Ended            Ended
                                    March 31, 2001   March 31, 2000
 
     Net Sales                        $28,411,000      $30,523,000
 
     Income before income taxes          $585,000       $2,001,000
 
     Provision for income taxes           287,000          800,000
 
     Net Income                          $298,000       $1,201,000
 
 
     Earnings per share
 
       Basic                                $0.06            $0.23
 
       Diluted                              $0.06            $0.23
 
     Average shares outstanding
 
       Basic                            5,119,000        5,125,000
 
       Diluted                          5,136,000        5,137,000
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X37186591
 
 SOURCE  Selas Corporation of America