AM Reports First Quarter Results; 83% Revenue Increase.Business Editors/Hi-Tech Writers QUAKERTOWN, Pa.--(BUSINESS WIRE)--Aug. 3, 2000 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 ) reported today that its revenues for the first quarter fiscal 2001, ended July July: see month. 1, 2000, increased 83% over prior year first quarter fiscal 2000 levels. The Company also reported net income of $200,000 compared to a loss of $559,000 in the prior year first quarter. Commenting on the results, 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. , Chairman, said, "We are very pleased with our second consecutive quarter of profitability. Our operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. is starting to show the results we were anticipating as a result of the major 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). efforts we have been undertaking over the past several quarters. Our Omni2000(TM) software platform and the enhancements to our OmniStat(TM) monitoring products continue to be well received in the customer base. As a result we are competing in larger and more sophisticated opportunities. Our gross profit is up given the lower manufacturing costs structure resulting from the NeSTronix outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. arrangement announced in January January: see month. , and overall, we have a much more efficient engineering development team." "Much of the revenue growth over the past year has been generated by our strong 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 relationships with major 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). suppliers like 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. , Scientific Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. and Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. , primarily for international opportunities. We have been focusing on broadening our marketing efforts to expand our domestic customer base and have recently won several new contracts. Our 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 $4.4 million as of July 30, 2000, which is up 110% compared to the $2.1 million reported as of July 1, 1999. We have also experienced a significant increase in the number and size of the new opportunities we are quoting as our product portfolio continues to expand. We are able to offer a broader suite of services made available, however, the sales cycle of such opportunities can be extensive." "While our business levels have improved dramatically over the past several quarters our primary focus has been on what we called Phase 1 of rebuilding the fundamentals of the Company. We realize there are higher expectations for the Company and after experiencing the recent improved operating results, we are now formulating several strategic growth initiatives, which we hope to announce in the near term. As part of this, we are pleased to formally announce that Ms. Jill Felix joined the AM Board of Directors. Ms. Felix is President, 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. and director of the University Science Center, a high technology center that assembles educational, industry and government resources to support over 200 technology businesses in Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . We expect Ms. Felix to be a valuable contributor in the evolution of AM." 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 network's performance levels and reliability, giving them a competitive edge in today's deregulated communications environment. Through partnerships with leading network technology companies including Philips, Scientific-Atlanta, Motorola, Barco, 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. , Alpha Technologies, and Invensys, 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. Visit us at 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 Form 10-KSB for the fiscal year 2000. (c) Copyright 2000 AM Communications, Inc. The AM logo is a registered trademark of AM Communications, Inc. Omni2000 is a registered trademark of AM Communications, Inc.
AM COMMUNICATIONS, INC.
Condensed Statements of Operations ($000)
----------------------------------------
Quarters Ended
July 1, July 3,
2000 1999
(Unaudited) (Unaudited)
-------- ----------
Revenues $ 3,734 $ 2,043
Cost of Sales 1,815 1,066
Selling, General &
Administrative 826 633
Research and Development 864 887
-------- ----------
Operating Income (Loss) 229 (543)
Net Income (Loss) $ 200 $ (559)
======== ==========
Basic Net Income (Loss)
Per Share $ 0.01 $ (0.02)
======== ==========
Diluted Net Income (Loss)
Per Share $ Nil $ (0.02)
======== ==========
Shares Used in Computation of
Basic Net Income (Loss) Per
Share 33,384 31,209
======== ==========
Shares Used in Computation of
Diluted Net Income (Loss)
Per Share 54,021 31,209
======== ==========
Condensed Balance Sheets ($000) July 1, April 1,
-------------------------------
2000 2000
------- --------
(Unaudited) (Audited)
Cash $ 264 $ 79
Accounts Receivable 2,544 2,439
Due from Affiliate 129 52
Inventory 1,800 1,694
Prepaid Expenses and Other 121 79
------- -------
Total Current Assets 4,858 4,343
Equipment and Fixtures, Net 188 216
Other Assets 15 16
------- -------
Total Assets $ 5,061 $ 4,575
======= =======
Current Portion of Capital
Lease Obligations $ 2 $ 2
Current Portion of Notes
Payable 30 30
Bank Line of Credit 750 750
Accounts Payable 1,935 1,650
Advances --- 126
Accrued Expenses 1,265 1,149
------- -------
Total Current Liabilities 3,982 3,707
------- -------
Capital Lease Obligations -
Long Term 3 3
Notes Payable - Long Term 90 90
Senior Convertible Preferred
Stock 2,583 2,583
Stockholders' Equity (Deficit) (1,597) (1,808)
------- -------
Total Liabilities and
Stockholders' Equity $ 5,061 $ 4,575
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