AM Communications Announces Third Quarter Fiscal 2001 Results Revenues Up 34% From A Year Ago.Business Editors/Hi-Tech Writers QUAKERTOWN, Pa.--(BUSINESS WIRE)--Feb. 8, 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 today the financial results for the third quarter and first nine months of its fiscal year 2001 ended December December: see month. 30, 2000. Revenues for the third quarter of fiscal 2001 were $3.6 million, up 34% compared to $2.7 million reported for the third quarter of fiscal 2000. The Company reported net income of $150,000 during the recent quarter, compared to a net loss of $401,000 in the comparable period in fiscal 2000. Revenues for the nine months ended December 30, 2000 were $11.2 million, up 64% from the $6.8 million reported in the comparable period a year ago. Net income was $700,000 for the nine months ended December 30, 2000, compared to a net loss of $1.2 million in the comparable nine-month period a year ago. Commenting on the results, Javad 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. , Chairman, said, "We have continued to make progress in growing our business year over year, though we experienced a slight decline in revenues sequentially from the $3.9 million reported in the past September September: see month. 2000 quarter. Our revenue levels in the December quarter were impacted by manufacturing issues including component and capacity limitations. We have increased purchase levels of longer lead time components and expect NeSTronix, our manufacturing partner, to increase capacity in the next several months, which we anticipate will allow revenues to grow sequentially for the March 2001 quarter. Concurrently with the issuance of this earnings release, we issued a release announcing a major new customer relationship 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. . This relationship is a multi-year program with Charter Communications to install OmniStat(TM) monitoring systems in some 80 operating sites and the development and integration of multiple 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. and management systems. We estimate that revenues from this program could exceed $15 million over a multi-year period, making this the largest customer commitment in the Company's history. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was at $4.1 million as of December 30, 2000, up from $3.9 million a year ago, but has subsequently declined to $3.7 million as of February February: see month. 2, 2001. The drop in backlog since December 30, 2000 is due to a 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 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 bookings during the first several weeks of January January: see month. 2001, which is considered seasonally slow. The backlog does not include new bookings that we expect to receive from the new Charter business. We also are expecting to see a ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of revenues from our two new strategic business units, the AM Broadband Services See broadband and broadband service provider. and AM Network Integration Solutions groups. Both of these groups have closed new business recently and will report revenue in the March 2001 quarter. While we have identified several new customers and revenue segments, our revenue growth could be tempered due to general economic conditions and other factors which could limit our customers' rollout of new services and purchase of AM products. We have continued to leverage AM's market recognition, customer base and strategic technical and manufacturing relationships in order to position the Company to become one of the world's leading 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). reliability companies to enable 'just in time' maintenance and service. We are excited about our recent successes with Charter and our new business groups, which we view as evidence that our strategy is being accepted by the customer base." AM will be hosting a conference call with interested investors on Friday, February 9, 2001, beginning at 10:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Anyone interested in participating may contact us at 800/248-9004 to register for the call. A digitized replay will be available from 1:30 p.m. on February 9 to 11:59 p.m. on February 12, 2001 by calling 800/475-6701, access code 570071. 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 provider of plant, headend, and hub management solutions to the broadband industry. AM's solutions provide network operators with greater control over their networks' performance levels and reliability, giving them a competitive edge in today's deregulated communications environment. Through partnerships and close working relationships with leading network technology companies including Philips, Scientific-Atlanta, Motorola and ADC (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. , AM Communications has emerged as a true open systems company capable of supporting multi-vendor networks through cooperative engineering. Registered under ISO- iso- or is- pref. 1. Equal; uniform: isobar. 2. Isomeric: isopropyl. 3. 9001, AM's 25+ years of quality, dependability dependability - software reliability , and service are key to designing, building, and implementing management solutions for the broadband network. AM Communications is an OTC company traded under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "AMCM". More information is available at AM's Web site: 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 Reports on Forms 10-KSB and Forms 10-QSB, which are filed by the Company with the Securities and Exchange Commission (SEC). (c) Copyright 2000 AM Communications, Inc. The AM logo and OmniStat name are registered trademarks of AM Communications, Inc.
AM COMMUNICATIONS, INC.
Condensed Statements
of Operations ($000)
-----------------------
(Unaudited) Three Months Ended Nine Months Ended
Dec. 30, Jan. 1, Dec. 30, Jan. 1,
2000 2000 2000 2000
--------- --------- --------- ---------
Revenues $ 3,574 $ 2,669 $ 11,195 $ 6,838
Cost of Sales 1,725 1,610 5,482 3,642
Selling, General
& Administrative 774 675 2,298 1,946
Research and
Development 891 763 2,618 2,441
--------- --------- --------- ---------
Operating Income
(Loss) 184 (379) 797 (1,191)
Net Income (Loss) $ 150 $ (401) $ 700 $ (1,248)
========= ========= ========= =========
Basic Net Income
(Loss) Per Share $ Nil $ (0.01) $ 0.02 $ (0.04)
========= ========= ========= =========
Diluted Net Income
(Loss) Per Share $ Nil $ (0.01) $ 0.01 $ (0.04)
========= ========= ========= =========
Shares Used in
Computation of
Basic Net Income
(Loss) Per Share 34,021 32,367 33,611 31,948
========= ========= ========= =========
Shares Used in
Computation of
Diluted Net
Income (Loss)
Per Share 53,619 32,367 52,962 31,948
========= ======== ========= =========
Condensed Balance Sheets
($000)
------------------------ December 30, April 1,
2000 2000
------------ ------------
(Unaudited) (Audited)
Cash $ 14 $ 79
Accounts Receivable 2,620 2,439
Inventory 2,341 1,694
Prepaid Expenses and Other 312 131
------- -------
Total Current Assets 5,287 4,343
Equipment and Fixtures, Net 227 216
Other Assets 9 16
------- -------
Total Assets $ 5,523 $ 4,575
======= =======
Current Portion of Debt 1,055 782
Accounts Payable 1,716 1,650
Accrued Expenses and Other 925 1,149
------- -------
Total Current Liabilities 3,696 3,581
------- -------
Long Term Debt 69 93
Deferred Revenue 102 126
Senior Convertible Preferred
Stock 1,983 2,583
Stockholders' Equity (Deficit) (327) (1,808)
------- -------
Total Liabilities and
Stockholders' Equity $ 5,523 $ 4,575
======= =======
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