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Wednesday, 6 August 2003
August 6, 2003 DRS Technologies, Inc. (DRS)
O.K. so I wasn't too excited about my last post. (Sunrise). This one I like a bit more and IS a stock that I own and have in my trading account.

DRS Technologies "...is a diversified, high-technology company serving government and commercial niche markets worldswide. The Company develops and manufactures a variety of systems and components used for the processing and storage of data." according to Cnn.money.

DRS is having a good day trading at $27.98 up $1.47 or 5.55% on the day. Like many of our recent posts, the stock jumped on news of its first quarter earnings that was reported yesterday, August 5, 2003.

Briefly, according to the NYTimes on the Web, Fiscal 2004 first quarter revenues were $167.2 million, a 27% increase over revenues of $131.2 million for last years first quarter. Operating income was $16.4 million representing a 29% higher income than the $12.7 million reported in 2003.

Net earnings were $7.3 million or $.32/diluted share an increase of 34% from last year's $5.4 million net income or an increase of 3% ver last year's $.31/share reported in 2003.
(Diluted shares outstanding were 30% higher at 22.9 million due to a 5.5 million share offering in 2003.

The Morningstar.com site: http://quicktake.morningstar.com/Stock/Financials.asp?Country=USA&Symbol=DRS&sktab=fiin&hsection=
shows a beautiful series of revenue reports from $180.8 million in 1998, $265.8 million in 1999, $391.5 million in 2000, $428 million in 2001, $517 million in 2002 and $676 million in 2003.

Free cash flow has been steady at $18 million in 2001, $14 million in 2002, and $30 million in 2003.

Assets and liabilities not quite as pretty but fairly well balanced with $95.9 million in cash on hand with $293.4 million in other current assets balanced by $289.3 million in current liabilities and $244.7 million in long-term liabilities.

The market cap is $595.3 million with 22.5 million shares outstanding with 22.2 million that float. No dividend is paid. The p/e is a reasonable 16.84 and there are 1.19 million shares out short representing 5.4% of float or 6.46 trading days based on an average day of 184,000 shares trading. (data per Yahoo as of 7/8/03).

Overall, for a defense contractor, this is a pretty picture and worth your consideration. It has already gotten my attention as I bought some shares earlier this year (see my trading account listed elsewhere on bobsadviceforstocks.tripod.com.

Regards to All!

Bob


Posted by bobsadviceforstocks at 12:05 PM CDT | Post Comment | Permalink

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