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Business Wire
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Business New Haven
2/9/1998
By: Russell Stone
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Factory Expansion
ANSONIA - The Farrel Corp. (NASDAQ: FARL) has completed a $1.1 million renovation of its headquarters plant. According to Rolf Liebergesell, chairman and CEO, the improvement will “greatly enhance assembly efficiencies for our major lines of plastics and rubber compounding equipment.” Solid domestic and international sales resulting from the introduction of new products made the expansion necessary and provided the resources to complete it. In an unrelated announcement, Farrel also announced that it will sell its Derby facilities for $2.5 million.
Stock Split &
Dividend Boost
WATERBURY - Chemical manufacturer MacDermid Inc. (NASDAQ: MACD), in a reaction to its strong price run-up last year, will split its shares three-for-one to holders of record as of January 26. The company's board of directors also agreed to boost its quarterly dividend from five to six cents a share, making the post-split dividend two cents per share.
Japanese Alliance
NEW HAVEN - Vion Pharmaceuticals (NASDAQ: VION), continuing its international search for alliances, has retained Japan's Sumitomo Bank to help it find strategic partners for developing two of its anti-cancer drugs in Japan. Sumitomo's Investment Banking Department has a significant pharmaceuticals presense. Of the two anti-cancer platforms, the first, TAPET, uses genetically engineered Salmonella bacteria to deliver anti-cancer drugs. The same factors that make salmonella so dangerous, including its rapid multiplication and ability to grow with or without oxygen, make it ideal for carrying cancer treatments. The other drug, Triapine, hinders a particular stage of cell division, and targets melanoma as well as lung, breast and colorectal cancers.
Acquisition Finalized
BRANFORD - Echlin Inc. (NYSE: ECH) has completed its previously-announced purchase of General Automotive Specialty Co., a privately held manufacturer of motor vehicle switches and locks.
Radiation for
Coronary Disease
NORWALK - U.S. Surgical Corp. (NYSE: USS) announced positive initial results for its AngioRad system using radiation to treat coronary artery disease. The new technology tries to prevent restenosis, or the renarrowing of blood vessels, following angioplasty. One complication of angioplasty is that after the treatment widens blood vessels to prevent blockage, the vessels may narrow again. If the angioplasty was performed in conjunction with stents (tiny metal scaffolds that keep blood vessels open), the AngioRad system may be able to prevent reclosure. By using a tiny radioactive wire emitting gamma radiation, doctors can reduce muscle growth and lower the risk of vessels reclosing. Initial results from trials in Argentina and Washington, D.C. have been favorable.
In another announcement, U.S. Surgical discussed an alliance for worldwide development and sales of cardiac surgery technology. The company's Vascular Therapies Division will collaborate with Chase Medical, LP of Richardson, Texas in the marketing and sales of existing and new products for minimally invasive heart surgery. Greg Cash, vice president and general manager of Vascular Therapies, sees the alliance with Chase Medical as “making us a full-line supplier for all cardiovascular surgery procedures.” It will also allow U.S. Surgical to tap the $150 million market for cannulae, long tubes used with heart-lung machines and to minimize stress on the hearts of patients undergoing surgery.
Who's Earning What
MIDDLEFIELD - The Zygo Corp. (NASDAQ: ZIGO) announced record sales, earnings and earning per share for the second quarter of its fiscal year ended December 31, 1997. In particular, net sales rose 31.1 percent over the same quarter last year to $27.3 million. This hefty jump is partially attributable to acquisitions, but even taking that into account sales grew 21.2 percent. Gross profit margins fell slightly to 42.4 percent from 48.4 percent, while net earnings were up 19 percent to $3.7 million.
The Asian currency crisis did have some negative effects on Zygo. Order backlog fell more quickly than expected from the first quarter of the fiscal year from $43.8 million to $36.0 million. President and CEO Gary Willis attributed this fall to Zygo's customers seeing “uncertainty in demand” and therefore deciding “to hold back capital spending plans and thus orders for our equipment.”
BRIDGEPORT - Bridgeport Machines Inc. reported a slight decline in sales and net income for the third quarter of fiscal 1998 ended December 27. Net sales fell to $58.7 million from $59.8 million, while net income dropped to $1.7 million from $1.9 million, producing a fall of four cents in earnings per share to 30 cents. These results were better than the previously announced earnings range of 22 to 26 cents per share, thanks to better-than-expected results in the company's German operations and currency gains. Gross margins improved as a result of cost cutting in American operations and the introduction of direct sales in Germany. The order backlog grew $11 million to $40.2 million at the end of the quarter.
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