SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 4, 1996
Fluke Corporation
(Exact Name of Registrant as Specified in Charter)
Washington 1-5590 91-0606624
(State of Other Jurisdiction (Commission (IRS Employer Identification Number)
of Incorporation) File Number)
6920 Seaway Boulevard, Everett, Washington 98203
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (206) 347-6100
Item 5. Other Events.
On June 4, 1996 Fluke Corporation issued the attached news release, attached
as Exhibit 99.1 and incorporated herein, regarding the fourth quarter and
fiscal 1996 operating results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Fluke Corporation
(Registrant)
Date 6/4/96 By /s/ George M. Winn
George M. Winn
President/COO
Exhibit 99.1
FOR IMMEDIATE RELEASE For further information:
June 4, 1996 Gary V. Ball
Manager, Investor Relations
and Public Affairs
(206) 356-5262
FLUKE REPORTS OPERATING RESULTS FOR
FOURTH QUARTER AND FISCAL YEAR 1996
Earnings up 43% for the year
EVERETT, Washington - Fluke Corporation (NYSE:FLK), a leader in compact,
professional electronic test tools, announced operating results for its 1996
fourth quarter and fiscal year ended April 26, 1996. Revenues for the 1996
fiscal year were $413.5 million, up 8 percent from $382.1 million last fiscal
year. Net income for the 1996 fiscal year was $21.3 million, up 43 percent
from $14.9 million earned in fiscal year 1995. Earnings per share for the
1996 fiscal year were $2.58 as compared to $1.86 per share last fiscal year.
Total orders for fiscal year 1996 were $405.0 million, up 4 percent from the
$389.8 million for 1995. Orders for the full year in the United States were
$163.5 million, down 3 percent from last years $167.7 million. European
orders for fiscal year 1996 were $162.2 million, a 6 percent increase from
$152.9 million reported for 1995. Orders for fiscal year 1996 from the
Intercontinental region were a record $79.3 million, a 14 percent increase
from $69.3 million last year. International business, especially in the
Pacific Rim region, continues to grow very well. China, Vietnam, Korea and
Singapore were a few of the particularly fast-growing countries.
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FLUKE REPORTS OPERATING RESULTS FOR FOURTH
QUARTER AND FISCAL YEAR 1996
Page two
Revenues for the fourth quarter were $106.2 million up from $105.4 million for
the same period a year ago. Total orders for the fourth quarter of fiscal year
1996 decreased 6 percent to $104.6 million from the $111.8 million booked
during the same period of 1995. Orders in the United States for the fourth
quarter declined 6 percent to $44.1 million verses $47.0 million reported a
year ago. European orders for the fourth quarter 1996 were $41.0 million, a 7
percent decrease from $44.3 million for the comparable quarter last year.
Fourth quarter orders from the Intercontinental countries (excluding Europe
and the U.S.) decreased 5 percent to $19.5 million from the strong $20.5
million reported a year ago.
Net income for the fourth quarter 1996 was $6.1 million, up 20 percent from
$5.1 million for the fourth quarter ended April 28, 1995. Earnings per share
improved 17 percent to 74 cents per share for the fourth quarter compared with
63 cents per share for the comparable quarter last year.
"Fiscal year 1996 was another year of improved profitability. We continued to
improve our gross margins and hold the line on expenses. We invested over 9
percent of revenues on new product development, which resulted in 12 new
products that are now shipping in volume to customers throughout the world,"
said Bill Parzybok, chairman and chief executive officer. "We are
disappointed that order levels, especially in the United States, fell short of
our goals. We have several initiatives directed at improving our order
levels. These include new marketing programs, improved sales effectiveness
and increased emphasis on bringing more new products to market."
"We remain committed to continuing to improve our overall level of
profitability and grow our revenue by maintaining a strong flow of new
products, emphasizing our international business and continuing to look at
opportunities to form alliances, joint ventures or even acquisitions, such as
the one recently announced with Forte' Networks," added Parzybok.
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FLUKE REPORTS OPERATING RESULTS FOR FOURTH
QUARTER AND FISCAL YEAR 1996
Page three
<TABLE>
In thousands, except shares and per share amounts
<CAPTION>
Quarter Ended Quarter Ended % Change
4/26/96 4/28/95
<S> <C> <C> <C>
Revenues $106,238 $105,407 +0.8%
Pretax Income 9,868 8,246 +19.7%
Net Income 6,147 5,113 +20.2%
Earnings Per Share 0.74 0.63 +17.5%
Average Shares & Common
Share Equivalents 8,314,703 8,092,323
Net Income as %
of Revenues 5.79% 4.85%
Orders $104,646 $111,831 -6.4%
</TABLE>
<TABLE>
In thousands, except shares and per share amounts
<CAPTION>
Four Four
Quarters Ended Quarters Ended % Change
4/26/96 4/28/95
<S> <C> <C> <C>
Revenues $413,525 $382,066 +8.2%
Pretax Income 33,612 24,034 +39.9%
Net Income 21,343 14,901 +43.2%
Earnings Per Share<F1> 2.58 1.86 +38.7%
Average Shares & Common
Share Equivalents 8,285,151 7,992,804
Net Income as %
of Revenues 5.16% 3.90%
Orders $404,995 $389,849 +3.9%
<FN>
<F1> The sum of the earnings per share on a quarterly basis will not
necessarily equal the earnings per share reported for the year since the
average shares and share equivalents outstanding used in the earnings per
share computation change throughout the year.
</FN>
</TABLE>
Fluke's mission is to be the leader in compact, professional electronic test
tools. Fluke's products are used by technicians and engineers in
installation, maintenance, service, manufacturing test and quality functions
in a variety of industries throughout the world. Fluke, founded in 1948, has
over 2,500 employees worldwide and distributes its products in over 100
countries. The company's worldwide headquarters are in Everett, Washington,
USA with European sales and service headquarters located in Eindhoven, The
Netherlands.
