ACRODYNE COMMUNICATIONS, INC. ANNOUNCES SECOND QUARTER AND SIX MONTHS RESULTS.BLUE BELL, Pa.--(BUSINESS WIRE)--August 15, 1996--Acrodyne Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACRO acro Acronym ACRO Australian Creative Resources Online ACRO Association of Clinical Research Organizations ACRO American College of Radiation Oncology ACRO Aircraft Crashes Record Office (Geneva, Switzerland) acro acrolein ) today reported its results for the second quarter and six months ended June 30, 1996. For the three months ended June 30, 1996, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 25.5% to $3,204,107 compared to $2,553,367 for the same period of the prior year. For the six months ended June 30, 1996, net sales rose 14.5% to $5,414,457 compared to $4,725,469 for the same period of the prior year. The net loss for the three months ended June 30, 1996 was $89,039, or a loss of $0.03 per share, compared to a net loss of $111,344, or a loss of $0.05 per share, for the same period of the prior year. The net loss for the six months ended June 30, 1996 was $208,337, or a loss of $0.07 per share, compared to a net loss of $297,821, or a loss of $0.12 per share, for the same period of the prior year. During the quarter, the Company called for the redemption of all of its outstanding Redeemable Common Stock Purchase Warrants (ACROW). At this writing, the Company has received the proceeds from this exercise of $5.23 million. A. Robert Mancuso, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "The second quarter of 1996 represented the best selling quarter in Acrodyne's history. Sales of the Company's new line of high power transmitters accounted for a significant portion of the 25.5% growth rate versus the same period last year. However, the margins achieved during this period were below expectations as a direct result of the Company's previous undercapitalization Undercapitalization refers to any situation where a business owner cannot acquire the funds they need. Usually, this refers to a business that cannot afford current operational expenses due to a lack of capital, which can trigger bankruptcy. which resulted in high power transmitter A device that generates signals. Contrast with receiver. pricing pressures to facilitate sales to first time buyers." "As a result of the warrant conversion, the Company is now adequately capitalized and we believe we will see gradual margin improvements in the high power product lines. Our current backlog, primarily for products in the high power arena, is approximately $5 million." "Our recently announced agreement with Zenith Electronics Zenith Electronics Corporation is an American manufacturer of televisions headquartered in Lincolnshire, Illinois. It was the inventor of the modern remote control, and it introduced HDTV in North America. Corporation will allow us to meet our HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates (High Definition Advanced Television) product line introduction goals well ahead of the industry's proposed switch to this digital format in early 1997. We will continue to commercialize our MMDS (Multichannel Multipoint Distribution Service or Microwave Multipoint Distribution Service) A digital wireless transmission system that works in the 2.2-2.4 GHz range. (Multichannel Multipoint Distribution Service
Multichannel multipoint distribution service, also known as MMDS or Wireless Cable ) product line as the broadcast industry continues to migrate toward digital technology for television broadcast and wireless cable formats," concluded Mr. Mancuso. The Company notes that the above contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events or the future financial performance of the Company. Actual results or events may differ materially. Please refer to the Company's last filed Form 10K and/or 10Q with the Securities and Exchange Commission for important factors that could cause the actual results to differ materially from those contained in these forward-looking statements. Acrodyne Industries, Inc., the operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Acrodyne Communications, Inc., is an established and respected manufacturer of television broadcast equipment. In business over 25 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has developed the leading position as a technologically advanced, high quality low cost producer of transmitters and translators This is primarily a list of notable Western translators. Please feel free to add translators from other languages, cultures and areas of specialization. Large sublists have been split off to separate articles. used by television stations to broadcast and retransmit Verb 1. retransmit - transmit again channel, transmit, carry, impart, conduct, convey - transmit or serve as the medium for transmission; "Sound carries well over water"; "The airwaves carry the sound"; "Many metals conduct heat" over-the-air signals. -0-
ACRODYNE COMMUNICATIONS, INC.
SUMMARY OF RESULTS
(Unaudited)
Six Months Ended June 30,
1996 1995
Acrodyne Acrodyne
Communications, Inc. Holdings, Inc.
Revenues $5,414,457 $4,725,469 Gross Profit 1,713,829 1,625,283 Total Operating Expenses 1,815,977 1,857,399 Operating Profit/(Loss) (102,148) (232,116) Other Income/(Expense) (87,528) (65,705) Dividend on 8% Convertible Redeemable Preferred Stock (18,661) -- Net Income/(Loss) $(208,337) $(297,821) Net Income/(Loss) Per Share $(0.07) $(0.12) Weighted Average Common 2,851,000 2,385,280 Shares Outstanding -0-
Three Months Ended June 30,
1996 1995
Acrodyne Acrodyne
Communications, Inc. Holdings, Inc.
Revenues $3,204,107 $2,553,367 Gross Profit 1,019,652 966,001 Total Operating Expenses 1,045,524 1,041,244 Operating Profit/(Loss) (25,872) (75,243) Other Income/(Expense) (44,506) (36,101)
Dividend on 8% Convertible
Redeemable Preferred Stock (18,661) --
Net Income/(Loss) $(89,039) $(111,344) Net Income/(Loss) Per Share $(0.03) $(0.05) Weighted Average Common 3,100,000 2,385,280 Shares Outstanding NOTE: The business of Acrodyne Communications, Inc., formerly known as Acrodyne Holdings, Inc., is conducted through its sole operating subsidiary Acrodyne Industries, Inc. Acrodyne Industries, Inc. was acquired by Acrodyne Holdings, Inc. pursuant to a stock acquisition agreement on October 24, 1994. Prior thereto, Acrodyne Communications, Inc. had no operations. Acrodyne Holdings, Inc. changed its name to Acrodyne Communications, Inc. on June 9, 1995. -0- CONTACT: A. Robert Mancuso, Chairman and CEO ACRODYNE COMMUNICATIONS, INC. (215) 542-7000 http://www.acrodyne.com OR Stephen D. Axelrod, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Mona J. Walsh Susan T. Bolen (Media) WOLFE AXELROD ASSOCIATES (212) 370-4500; (212) 370-4505 e-mail: 76015.440@compuserve.com |
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