Aztec Reports Gain in Sales and Net Income

Aztec Manufacturing Co., a manufacturer of electrical products and a provider of galvanizing services, reported third quarter unaudited sales were up 27 percent to $24.7 million compared to sales of $19.4 million for the same period last year. Third quarter net income was up 57 percent to $1.8 million compared to net income of $1.1 million and earning per share increased to 38 cents per share as compared to 20 cents per share in 1998, up 90 percent on a diluted basis.

For the nine month period, Aztec's unaudited sales were up 9 percent to $66.3 million compared to sales of $60.9 million for the same period last year. Net income was up 15 percent to $4.8 million as compared to net income of $4.2 million and earnings per share increased 41 percent to $1.00 as compared to 71 cents in 1998 on a diluted basis.

L.C. Martin, chairman and chief executive officer of Aztec, said, "both revenues and operating income increased dramatically in all segments of our company.

"Revenues of our manufactured products segment for the third quarter were up 37 percent while operating income was up 165 percent. Margins continue to improve in all of our manufactured products facilities and backlogs are at record levels, up 84 percent over this time last year. The acquisition of CGIT on September 1, 1999 also added to this segment.

"Revenues in our services segment were at record levels. Sales for the third quarter increased 15 percent over last year and operating income was up 19 percent. Continued improvements in operating efficiencies as well as strong market conditions in the areas we serve positively impacted our results."