Income Taxes -- The current-year quarter included a $450,000 deferred tax charge, principally
resulting from a decline in the value of certain assets considered in the company's tax planning strategies, compared to a similar $1.
For the six months ended June 30, 1993, the gross margin of $1,712,669 reflects an increase of approximately $591,823 from $1,120,846 for the corresponding 1992 period, principally
reflecting higher revenues partially offset by amortization associated with product enhancement costs and higher royalty expense.
Encore Wire, founded in 1989 and based in McKinney, is a manufacturer of copper electrical wire, principally
NM cable for interior wiring in homes, apartments and manufactured housing.
Power Systems: Operating profit was much improved on slightly lower revenues, principally
as a result of productivity from cycle-time improvements.
This loss was principally
due to the Company reassessment of its mortgage loans held for sale portfolio in light of the more stringent requirements of the U.
Winthrop Growth and Income Fund -- seeks long-term growth of capital and continuity of income by investing principally
in dividend paying common stocks and other equity securities.
The company will focus its resources toward core relationship acquisition and expansion, which principally
generate lower cost of funds, namely with business and cash management requirements.
TECHNICAL PRODUCTS AND SERVICES operating profit was somewhat higher on flat revenues as strong productivity improvements in the Medical Systems business more than offset lower operating results principally
in the mobile communications joint venture.
Given its moderate size and client-favorable partner-to-associate ratio, Morrison Cohen clients work principally
with senior, seasoned attorneys at cost effective and sensitive pricing.
Esterline (NYSE:ESL) is a specialized manufacturing company serving principally
aerospace/defense and medical markets.
currently in its 121st year of business, is one of the largest domestic distributors of millwork, building materials and wood products used principally
in new residential construction and in home improvement, remodeling and repair work.
The decrease in R&D expense is due principally
to a contract credit associated with our Phase II DAVANAT(R)/5-FU colorectal cancer trial, offset by the addition of our Chief Scientist and, to a lesser degree, to the expensing of employee stock options using the fair value method as now required by SFAS 123R.