AM Communications Announces First Quarter Fiscal 2002 Results; Reporting Sixth Consecutive Profitable Quarter.Business Editors QUAKERTOWN, Pa.--(BUSINESS WIRE)--Aug. 9, 2001 AM Communications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :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 ) announced the financial results for the first quarter of its fiscal year 2002 ended June 30, 2001. Revenues for the first quarter of fiscal 2002 were $4.0 million, up 8% compared to $3.7 million reported for the first quarter of fiscal 2001. The Company reported net income of $269,000 during the quarter, compared to net income of $200,000 in the comparable period of fiscal 2001. Backlog as of August 9, 2001 was $3.4 million, which is up from $1.8 million as of June 30, 2001. Commenting on the results, Jay Hassan, Chairman, said, "We continue to be pleased with our company's progress and performance. We have now recorded our sixth consecutive quarter of profitability since we implemented our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan in November 1998. Though our revenues declined sequentially from the prior quarter, due to a global slowdown For articles with similar titles, see Slow Down (disambiguation). 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 the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. sectors, our backlog is now rising and our business remains healthy and profitable." "Orders from our multi-year agreement with Charter Communications Charter Communications NASDAQ: CHTR is an American company providing cable television, high-speed Internet, and telephone services to more than 5.7 million customers in 29 states. It is the third-largest publicly traded cable operator in the U.S. have begun to flow in on a regular basis, our manufacturing capacity and lead-times are much improved, and our global marketing efforts have identified new opportunities in established and emerging regions. I'm especially enthusiastic about some of the recent developments in Mac Qurashi's Broadband Services See broadband and broadband service provider. business unit. Mac has made some outstanding additions to his executive management team, and they have identified several very significant business opportunities. Our market research indicates that our customers' budgets for calendar 2002 will be very healthy, and their response to our new portfolio of products and services continues to be extremely positive." "Overall, we continue to be very bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish about our company. We feel that we've weathered the worst of the economic slowdown admirably ad·mi·ra·ble adj. Deserving admiration. ad  mi·ra·ble·ness n.ad , and we're looking forward to improved results in the coming quarters. We're in the right place, at the right time, with the right products, and the right team." AM Communications, Inc., located in Quakertown, Pennsylvania Quakertown is a borough in Bucks County, Pennsylvania, in the United States. The borough is 16 miles (26 km) south of Bethlehem and 29 miles north of Philadelphia, making Quakertown a border town of both the Delaware Valley and Lehigh Valley metropolitan areas. , is a leading supplier of software-driven network reliability solutions for HFC 1. (networking) HFC - Hybrid Fiber Coax. 2. (hardware) HFC - hydrofluorocarbon. 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). network enterprises. AM's advanced systems and service offerings employ leading-edge technologies that embody em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: the company's 25+ years of HFC experience and expertise. Through its exclusive and strategic relationship with Network Systems and Technologies (NeST), AM has access to a skilled manpower pool of over 400 software and hardware engineers as well as 2000 operations support personnel. AM's world-class Quality credentials CREDENTIALS, international law. The instruments which authorize and establish a public minister in his character with the state or prince to whom they are addressed. If the state or prince receive the minister, he can be received only in the quality attributed to him in his credentials. include ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 for engineering, business, and operations procedures, as well as CMM (Capability Maturity Model) A process developed by SEI in 1986 to help improve, over time, the application of an organization's supporting software technologies. Level 5 for software development. Visit us at www.amcomm.com. This news release 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. , including statements regarding the Company's financial performance and results of operations. Actual results may differ materially from those projected in such forward-looking statements due to various factors, including: competitive factors, technological developments, customer acceptance of the Company's products and services, general economic conditions, and market demand. Further information regarding these and other risks of the Company and its business can be found in the Company's filings with the Securities and Exchange Commission (SEC) including the Company's Reports on Forms 10-KSB and Forms 10-QSB. These documents are available at the SEC website: www.sec.gov. (c)Copyright 2001 AM Communications, Inc. The AM logo is a registered trademark of AM Communications, Inc.
AM COMMUNICATIONS, INC.
Condensed Statements of Operations ($000)
-----------------------------------------
Quarters Ended
June 30, July 1,
2001 2000
----------- ----------
(Unaudited) (Unaudited)
Revenues $ 4,026 $ 3,734
Cost of Sales 1,895 1,815
Selling, General & Administrative 899 826
Research and Development 917 864
----------- ----------
Operating Income 315 229
Net Income $ 269 $ 200
=========== ==========
Basic Net Income Per Share $ 0.01 $ 0.01
=========== ==========
Diluted Net Income Per Share $ 0.01 $ Nil
=========== ==========
Shares Used in Computation of Basic
Net Income Per Share 43,365 33,384
=========== ==========
Shares Used in Computation of
Diluted Net Income Per Share 51,070 54,021
=========== ==========
Condensed Balance Sheets ($000)
-------------------------------
June 30, March 31,
2001 2001
----------- ----------
(Unaudited) (Audited)
Cash $ 283 $ 350
Accounts Receivable 3,079 2,654
Due from Affiliate 200 53
Inventory 2,815 2,935
Prepaid Expenses and Other 153 101
--------- ---------
Total Current Assets 6,530 6,093
Equipment and Fixtures, Net 248 267
Other Assets 9 13
--------- ---------
Total Assets $ 6,787 $ 6,373
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Current Portion of Notes
Payable/Capital Leases 32 32
Bank Line of Credit 1,250 1,250
Accounts Payable 1,655 1,731
Accrued Expenses and Other 1,368 1,179
--------- ---------
Total Current
Liabilities 4,305 4,192
--------- ---------
Notes Payable/Capital Leases -
Long Term 53 61
Senior Convertible Preferred
Stock 1,983 1,983
Stockholders' Equity 446 137
--------- ---------
Total Liabilities and
Stockholders' Equity $ 6,787 $ 6,373
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