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DATE:April 22, 1999
FROM:
Winland Electronics, Inc.
1950 Excel Drive
Mankato, Minnesota 56001
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CONTACT:
W. Kirk Hankins, Chairman and CEO
(507) 625-7231
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FOR IMMEDIATE RELEASE
WINLAND ELECTRONICS 23RD FASTEST
GROWING PUBLIC COMPANY IN MINNESOTA CORPORATE REPORT MAGAZINE
MANKATO, Minn., April 22, 1999:
- Winland Electronics, Inc. (Nasdaq: WLET) was listed
as Minnesotas 23rd fastest growing public company in the April
1999 issue of Corporate Report magazine. The listing was included
in the magazines special ranking of Minnesotas 25 fastest
growing public companies during the period of 1993-1998. Winlands
35.5 percent, five-year annualized growth rate earned the
company its current ranking. The magazines April issues cover
story 200 Giants, highlighted Minnesotas 200 largest public
companies, moving Winland to No. 148 on the list from its
rank of 175, last year.
New to Corporate Reports Public 200 was Select
Comfort Corporation (No. 64), the highest debuting company
on the list this year, and ranked No. 4 on the 25 Fastest
Growing list. Select Comfort Corporation (NASDAQ: AIRB), one
of the lists few IPOs during the last year, was the subject
of a feature story in the April issue and is Winlands largest
OEM customer.
Winlands recent results continue to demonstrate
rapid sales and earnings growth. In the first quarter ended
March 31, 1999, sales were $6,615,048, a 50.2 percent increase
from $4,402,960 reported in the quarter last year. Net income
in the first quarter increased 152.9 percent to $443,223,
or $0.150 per diluted share, from $175,276, or $0.061 per
diluted share, in the quarter last year. For the year ended
December 31, 1998, sales increased 47 percent to $18,175,509,
from $12,382,878 in 1997, and net income increased 51 percent,
to $855,595, or $0.290 per diluted share, from $566,687, or
$0.020 per diluted share in 1997.
During the past several months, Winlands success
has been widely recognized. The company is currently one of
three finalists for the 1999 Technology Company of Minnesota
by Minnesota Technology, Inc. During September 1998, Winland
was named to Deloitte & Touche's Minnesota Fast 50, a ranking
of the state's 50 fastest-growing technology companies based
on the non-compounded percentage of growth in revenues from
1993-1997. Also, in November 1998, the company was selected
by IW Growing Companies, the leading management magazine for
small to mid-sized manufacturers, to be in the inaugural class
of the IW Growing Companies 25, America's Most Successful
Small Manufacturers. As provided for under the Private Securities
Litigation Reform Act of 1995, the company wishes to caution
investors that the following important factors, among others,
in some cases have affected and in the future could affect
the company's actual results of operations and cause such
results to differ materially from those anticipated in forward-looking
statements made in this document and elsewhere by or on behalf
of the company.
Winland Electronics, based in Mankato, Minn.,
designs and manufactures custom electronic control products
and systems, as well as proprietary products for the security/industrial
marketplace. The companys stock is traded on the NASDAQ Small
Cap Market under the symbol WLET. |
