ALPHA INDUSTRIES announces first quarter results; Continued strength reported in wireless communications market; Increases reported in orders, sales and net income.WOBURN, Mass.--(BUSINESS WIRE)--July 19, 1995--ALPHA INDUSTRIES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (AMEX AMEX See: American Stock Exchange Symbol: AHA) today announced the results for the first quarter ended July 2, 1995. ALPHA continues to gain momentum in its targeted wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. markets as demonstrated by strong first quarter results. Sales and earnings continue on an upward trend along with a significant increase in new orders from the major wireless original equipment manufacturers (OEMs). 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 for the first quarter increased 20 percent and totaled $22.4 million compared with sales of $18.7 million for the same period last year. Net income for the first quarter was $1.1 million or $0.14 per share compared with $603,000 or $0.08 per share for the comparable period last year. The first quarter of fiscal 1996 included a repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. credit of $320,000 or $0.03 per share after income taxes due to the sale of the Methuen facility. As part of the repositioning charges reported during fiscal 1994, a provision was recorded to reduce the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the Methuen facility to its estimated net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. and included the cost of carrying the Methuen plant through the end of fiscal 1996. The repositioning credit resulted from selling the building earlier than anticipated. Research and development spending continues to increase as ALPHA invests in product and process development in order to address the demands of the wireless market. New orders received for the first quarter of fiscal 1996 totaled $26.3 million, an increase of 24 percent over the same period last year. New orders were dominated by commercial wireless contracts with major system OEMs. Military contracts represented only 21 percent of the company's total new orders. Commenting on the first quarter results, M.J. Reid, president and chief executive officer, said, "The first quarter results continue to reflect the growing presence of ALPHA as an established supplier to the wireless communications market. Demand was particularly strong in both the ceramic and Gallium Arsenide An alloy of gallium and arsenic compound (GaAs) that is used as the base material for chips. Several times faster than silicon, it is used in high frequency applications such as cellphones, DVD players and fiber optics. Monolithic Integrated Circuits The common form of chip design, in which the base material (substrate) contains the pathways as well as the active elements that take part in its operation. (GaAs MMICs) product lines which reinforces our optimism in the market's acceptance of ALPHA's products." Reid further commented that "the Motorola ceramic filter contract is progressing but we continued to experience start-up related delays during the quarter. The new ceramic facility in Frederick, Maryland Frederick is the county seat of Frederick County, Maryland. As of the 2006 census estimates, the city has a total population of 58,882 [2], making it the third-largest city in Maryland. , is now fully operational and we anticipate meeting the requirements going forward." Serving the needs of a broad range of commercial and defense markets, ALPHA is a world leading manufacturer of microwave and millimeter-wave monolithic integrated circuits (MMICs), advanced microwave ceramic devices, dielectric resonator A dielectric resonator is an electronic component that exhibits resonance for a narrow range of frequencies, generally in the microwave band. The resonance is similar to that of a circular hollow metallic waveguide, except that the boundary is defined by large change in filters and subassemblies and semiconductor devices. ALPHA is a supplier to all the major commercial wireless markets including cellular telephone and personal communications systems/networks (PCS/PCN). -0- ALPHA INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME
(unaudited) First Quarter Ended
July 2, July 3,
(in thousands, except per share data) 1995 1994
Net sales $ 22,434 $ 18,675
Cost of sales 15,052 13,057
Research and development expenses 1,787 919
Selling and administrative expenses 4,429 3,778
Repositioning credit (320) --
Operating income 1,486 921 Interest expense (209) (195) Interest income and other, net 33 17 Income before income taxes 1,310 743 Provision for income taxes 196 140 Net income $ 1,114 $ 603 Net income per share $ 0.14 $ 0.08 Weighted average common shares and common share equivalents 8,171 7,532 COMPARATIVE BALANCE SHEET (unaudited) July 2, July 3, (in thousands) 1995 1994 Assets Current assets $ 30,599 $ 23,847 Property, plant and equipment, less accumulated depreciation and amortization 20,861 19,055 Other assets 627 2,017 Total assets $ 52,087 $ 44,919 Liabilities and Equity Current liabilities $ 19,915 $13,679 Long-term debt 1,902 4,986 Other long-term liabilities 1,383 1,380 Stockholders' equity 28,887 24,874
Total liabilities and equity $ 52,087 $ 44,919
CONTACT: ALPHA INDUSTRIES Alpha Industries is a clothing manufacturer founded in 1959 in Knoxville, Tennessee. The company makes items such as flight jackets and vests, and has made jackets for the military of the United States like the M65 Jacket. Two models are the MA-1 and CWU-45/P pilot jackets. , Woburn David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Aldrich, 617/935-5150 |
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