Acrodyne Reports Strong Earnings, Files to Deregister Common Stock
Last week Acrodyne Communications, Inc. reported net income in the second quarter of 2003 beat net income in the same quarter in 2002 "by almost five and one-half times." The Acrodyne News Release
said that while net sales were down 7.8 percent, "Dramatically improved earnings resulted from improved manufacturing efficiencies and company-wide cost awareness programs deployed in the second quarter that reduced many operating expenses and eliminated most non-essential expenses. Cost cutting actions resulting from this program generated a 28.5 percent decrease in operating expenses from last year for the three-month period ended June 30, 2003." Net sales for the six-month period ended June 30, 2003 were down 1.7 percent from the same period in 2002.
On Tuesday last week, Acrodyne filed the necessary form with the Securities and Exchange Commission (SEC) to deregister its common stock. This will eliminate the requirement the company file quarterly and annual reports with the SEC. Acrodyne was able to do this because it had less than 300 shareholders of record.