AM announces first quarter fiscal 1997 results.QUAKERTOWN, Pa.--(BUSINESS WIRE)--Aug. 6, 1996--AM Communications Inc. (AMCI AMCI Advanced Micro Controls Inc. AMCI Automotive Marketing Consultants, Inc. AMCI Air Mobility Command Instruction AMCI Associazione Italiana Medici Cattolici (Italian Association of Catholic Physicians) ) Tuesday Tuesday: see week. announced the financial results for the first quarter of fiscal 1997 ended June June: see month. 29, 1996. Revenues for the first quarter of fiscal 1997 were $2.5 million, up 91% from the $1.3 million reported for the first quarter of fiscal 1996. The company reported a net income of $132,000 during the recent quarter, compared to a net loss of $156,000 in the comparable period in fiscal 1996. Commenting on the results, Keith Keith may refer to: People with the given name Keith:
"Gross profit for the quarter was 57% and reflects a higher portion of direct sales versus 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 sales, but also reflects our focus on implementing manufacturing improvements to increase profitability. The company continues to increase its development spending in response to increased market interest. "We believe this is a prudent investment as our recently announced joint OEM Agreement with 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. demonstrates. "The worldwide prospects for monitoring systems continue to grow, but have yet to be translated into purchase commitments. We are marketing aggressively, both through our direct sales organization and through our OEM relationships. However, our short term outlook will be impacted by increased development costs, seasonal summer 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. , and a drop-off of revenues from Lucent Technologies as previously announced. Overall, we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op regarding annual revenue growth for fiscal 1997," concluded Schneck. AM Communications Inc., founded in 1974, is one of the world's leading suppliers of 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. systems for 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). communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . AM products are sold directly to cable system operators and through original equipment manufacturers including General Instrument, Scientific Atlanta, Lucent Technologies, and 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. . -0- 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-QSB for its first quarter ended June 29, 1996. -0-
AM Communications Inc.
Condensed statements of operations ($000)
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Unaudited Quarters Ended
June 29, July 1,
1996 1995
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Net revenues $ 2,462 $ 1,290
Cost of sales 1,068 550
Selling, general & administrative 532 448
Research and development 729 580
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Operating (loss) income 133 (288)
Other (income) expense 1 (20)
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Income (loss) before income taxes 132 (268)
Income tax provision (benefit) -- (112)
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Net income (loss) $ 132 $ (156)
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Earnings per share $ Nil $ Nil
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Equivalent shares outstanding (000)
used in computing earnings per share 35,329 33,791
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Condensed balance sheets ($000)
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June 29, March 30,
1996 1996
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(Unaudited) (Audited)
Cash $ 416 $ 664
Accounts receivable 1,598 1,588
Inventory 2,296 2,334
Prepaid expenses and other 154 112
Deferred tax asset 229 229
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Total current assets 4,693 4,927
Equipment and fixtures, net 527 565
Intangibles, net of accumulated
amortization 57 54
Deferred software, net of accumulated
amortization 129 162
Deferred tax asset, net 707 707
Other 20 20
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Total assets $ 6,133 $ 6,435
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Current portion of capital lease
obligations $ 63 $ 63
Accounts payable 872 1,233
Advances 18 39
Accrued and other expenses 318 375
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Total current liabilities 1,271 1,710
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Capitalized leases - long term 95 110
Senior convertible preferred stock 2,583 2,583
Common stock 3,101 3,096
Capital in excess of par 30,955 30,940
Accumulated deficit (31,872) (32,004)
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Stockholders' equity 4,767 4,615
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Total liabilities and
stockholders' equity $ 6,133 $ 6,435
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CONTACT: AM Communications Inc., Quakertown Keith D. Schneck, president, 215/538-8704 or 800/248-9004 |
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