AM Communications, Inc. Announces Third Quarter Fiscal 1999 Results.QUAKERTOWN, Pa.--(BUSINESS WIRE)--Feb. 9, 1999--AM Communications, Inc. (AMCM AMCM Airborne Mine Countermeasures AMCM Autoridade Monetaria de Macau (Monetary and Foreign Exchange Authority of Macau, China) AMCM Advanced Missions Cost Model AMCM Air Mission Coordination Meeting AMCM Advanced Mine Countermeasures ) today announced financial results for the third quarter and first nine months of fiscal 1999 ended December December: see month. 26, 1998. Revenues for the third quarter ended December 26, 1998 were $2.1 million compared to $4.6 million in the comparable quarter ended December 27, 1997. The Company reported a net loss of $689,000 for the recent third quarter compared to a net income of $325,000 in the third quarter ended December 27, 1997. Revenues for the nine months ended December 26, 1998 were $7.0 million compared to $12.2 million for the first nine months ended December 27, 1997. The Company reported a net loss of $1.9 million for the first nine months of fiscal 1999 compared to a net income of $832,000 for the first nine months of fiscal 1998. Commenting on the results, Keith Keith may refer to: People with the given name Keith:
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and activity and competitive issues related to our OmniVU software product. In November November: see month. 1998, we announced several major actions to address this situation including the election of Jay Hassan Hassan (häsän`), d. 1894, sultan of Morocco (1873–94). He brought the weak and disorganized country firmly under his control and held in check attempts by European powers at domination. as Chairman and the NeST strategic partnership. Since then we have added over 50 technical design staff from NeST to the AM team and are undertaking an aggressive development plan to upgrade our systems platform. We are also undertaking additional monitoring product development with the NeST resources. Our goal is to have our product line re-positioned over the next several months which will enable AM to better compete in today's market." "While the net loss for the third quarter was $689,000, management has been focused on reducing AM's operating cash requirements. The NeST relationship provides AM flexibility to pay for services in cash or equity." "The Company also recently announced the addition of Harry Tankin as Vice President, Sales and Marketing. Mr. Tankin brings to AM over 20 years of experience in advanced systems marketing and selling with prior experiences at Digital Equipment Corporation and General Instrument. As a result of Mr. Tankin's addition to the Company, we look forward to re-positioning AM as a much stronger player in the network monitoring The term network monitoring describes the use of a system that constantly monitors a computer network for slow or failing systems and that notifies the network administrator in case of outages via email, pager or other alarms. marketplace with more aggressive sales and marketing strategies and a product portfolio to support this," concluded Mr. Schneck. AM Communications, Inc., founded in 1974, provides network monitoring systems for the broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. AM provides system solutions through its OEM partnerships with key industry leaders (i.e. - General Instrument, Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Broadband Networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , and Scientific-Atlanta Scientific Atlanta Inc, a Cisco company, is a Georgia-based manufacturer of cable television, telecommunications, and broadband equipment. Both Scientific Atlanta and Cisco can trace their roots to academia. ) and directly to end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. customers. Additional information on AM's business activities and technological solutions can be found on its Web Site (http://www.amcomm.com). This news release discusses primarily historical information. Statements included in this release, to the extent they are forward looking, involve a number of risks and uncertainties such as competitive factors, technological developments and market demand. Further information on potential factors that could affect the Company's financial results can be found in the Company's 1998 Form 10-KSB and the Company's most recent Form 10-QSB. -0-
AM COMMUNICATIONS, INC.
Condensed Statements of Operations ($000)
-----------------------------------------
Unaudited Three Months Ended Nine Months Ended
Dec. 26, Dec. 27, Dec. 26, Dec. 27,
1998 1997 1998 1997
---------- ---------- --------- ------------
Revenues $ 2,099 $ 4,570 $ 6,953 $ 12,219
Cost of Sales 1,118 2,658 3,893 6,622
Selling, General
& Administrative 530 669 1,889 1,854
Research and
Development 1,136 892 3,089 2,867
--------- ---------- ---------- ------------
Operating
Income (Loss) (685) 351 1,918 876
Net Income (Loss) $ (689) $ 325 $ (1,924) $ 832
========== ========= =========== =========
Basic Net Income
(Loss) Per Share $ (0.02) $ 0.01 $ (0.06) $ 0.03
========== ======== =========== =========
Diluted Net Income
(Loss) Per Share $ (0.02) $ 0.01 $ (0.06) $ 0.02
========== ========= =========== =========
Shares Used in
Computation of Basic
Net Income (Loss)
Per Share 31,072 31,052 31,072 31,052
====== ====== ====== ======
Shares Used in
Computation of
Diluted Net Income
(Loss) Per Share 31,072 33,925 31,072 33,955
====== ======== ====== ======
Condensed Balance Sheet ($000)
------------------------------
Dec. 26, March 28,
1998 1998
--------- ----------
(Unaudited) (Audited)
Cash $ 133 $ 710
Accounts Receivable 1,355 1,851
Inventory 1,529 2,073
Prepaid Expenses and Other 67 63
--------- ---------
Total Current Assets 3,084 4,697
Equipment and Fixtures, Net 440 734
Other 17 19
--------- --------
Total Assets $ 3,541 $ 5,450
========= =========
Current Portion of Capitalized Leases $ 56 $ 108
Current Portion of Notes Payable 30 ---
Bank Line of Credit 250 ---
Accounts Payable 818 991
Advances --- 194
Accrued Expenses 1,075 987
--------- --------
Total Current Liabilities 2,229 2,280
--------- --------
Capitalized Leases - Long Term --- 39
Notes Payable - Long Term 105 ---
Senior Convertible Preferred Stock 2,583 2,583
Common Stock 3,107 3,107
Capital in Excess of Par 31,269 31,269
Accumulated Deficit (35,752) (33,828)
--------- ---------
Stockholders' Equity (Deficit) (1,376) 548
---------- ---------
Total Liabilities and
Stockholders' Equity $ 3,541 $ 5,450
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