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Press Releases 08-30-99 Bethlehem Corporation

 
 
 
For 4:00 PM Release, Contact: Ms. Antoinette L. Martin, CFO
Monday August 30, 1999   The Bethlehem Corporation
  @ 610.258.7111
 
 
THE BETHLEHEM CORPORATION ANNOUNCES
EARNINGS FOR FISCAL 1999
 
 
Easton, PA – August 30, 1999 -- The Bethlehem Corporation (AMEX-BET) today announced earnings for Fiscal 1999.

The Company reported net income of $409,000 for the year ended May 31, 1999 compared with net income of $531,000 for the year ended May 31, 1998. For the year ended May 31, 1999, The Bethlehem Corporation announced net sales of $13,710,000 compared with net sales of $16,271,000 in 1998. Diluted earnings per share for the year ended May 31, 1999 were $.12 on 3,304,000 shares outstanding compared to $.15 on 3,435,000 shares outstanding for the year ended May 31, 1998.

According to Company President and CEO, Alan H. Silverstein, "Last year we took a stand for our core business and chose to only provide process solutions, equipment and systems to our customers. Our decrease in revenues was, in part, attributable to our commitment to focus on our core business and to turn away from contract machining and fabrication. We stand by that decision as we move forward in a more focused manner and concentrate our energies on building and expanding our core business.

We look forward to growing our thermal systems business in the drill cuttings treatment market with our exclusive representative, Oiltools International Group, the technology leader in the field of solids control and drilling production waste management services. I am also particularly enthusiastic about our new venture with our major shareholder, Universal Process Equipment, Inc. and VerticalNet, Inc. (Nasdq:VERT) to build business-to-business sales of plants and equipment to the process industries over the Internet. VerticalNet, Inc. (www.verticalnet.com) is the Internet’s premier owner and operator of business-to-business communities of commerce."

Headquartered in Easton, PA, The Bethlehem Corporation provides thermal and filtration process solutions, equipment, systems and technology. The Company’s wholly owned subsidiary, Bethlehem Advanced Materials ("BAM") designs and manufactures high-temperature furnaces for sale and for its own use in the processing of specialty carbon, graphite and ceramic materials for semiconductor and aerospace applications. In addition, the Company, through Bethlehem Thermal, LLC ("Bethlehem Thermal") provides metallized coatings for a variety of industries using totally automated thermal spray systems.

Financial Highlights
(amounts in thousands, except per share data)

Year to date

Fiscal 1999

Year to date

Fiscal 1998

Net Sales

$ 13,710

$ 16,271

Gross Profit

4,539

5,119

Selling, General and Administrative Expense

3,539

3,473

Stock Compensation Expense

-0-

126

Non-Employee Stock Option Expense

116

32

Operating Income

884

1,488

Other (Expense)

(395)

(771)

Financing Charge – Issuance of Stock Options

(100)

(296)

Income before Income Taxes

389

421

Income Tax Benefit

20

110

Net Income

$ 409

$ 531

Earnings per share data:

Basic

$ .18

$ .27

Diluted

$ .12

$ .15

Weighted average common and common equivalent shares outstanding:

Basic

2,295

1,975

Diluted

3,304

3,435


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The Bethlehem Corporation
25th and Lennox Streets
Easton, Pennsylvania 18045
(610) 258-7111
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