Michael J. Berthelot, TransTechnology's Chairman, President and Chief Executive officer, commented: "Fiscal 2000 was disappointing to us, and was the first time in eight years that we missed our internal financial targets.
This year contained many pluses, including the substantial increase in sales and operating profits at our Aerospace Products units, as well as the very strategic acquisitions of the Engineered Fasteners business from Eaton Corporation
and the Ellison retaining ring business.The Tinnerman acquisition contributed, after goodwill amortization and interest charges, $.08 per-share for the seven months it was owned in fiscal 2000." Mr. Berthelot
continued, "These pluses, however, were not sufficient to offset the negative $.29 per-share comparison at our Aerospace Rivet operation, whose troubles we have discussed at the end of each of the last four quarters, and the long-expected decline in profit contribution from our German hose clamp operation, which had a negative $.07 per-share comparison relative to the prior fiscal year.The Ellison acquisition was dilutive by $.12 per-share as a result of interest charges incurred during the consolidation phase of the acquisition.The strong Pound Sterling and weak German and British economies combined to result in negative comparisons at our German and UK retaining ring businesses.Amortization of bank fees associated with our one-year bridge loan resulted in an additional $.11 per-share reduction."
"Looking ahead, however," Mr. Berthelot
continued, "we are beginning to see improvements in our most troubled business units.
...Michael Berthelot, 908/903-1600