AM announces second quarter fiscal 1997 results.QUAKERTOWN, Pa.--(BUSINESS WIRE)--Oct. 31, 1996--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 ) Thursday Thursday: see week. announced the financial results for the second quarter and first six months of fiscal 1997 ended Sept. 28, 1996. Revenues for the second quarter of fiscal 1997 were $2.6 million, up 28% from the $2.0 million reported for the second quarter of fiscal 1996. The company reported a net loss of $672,000 during the recent quarter, compared to a net loss of $150,000 in the comparable period in fiscal 1996. Revenues for the six months ended Sept. 28, 1996 were $5.0 million, up 53% from the $3.3 million reported in the comparable year ago period. The net loss was $540,000 for the six months ended Sept. 28, 1996 compared to a net loss of $306,000 in the comparable year ago period. Commenting on the results, Keith Keith may refer to: People with the given name Keith:
"During the second quarter, Lucent was billed $865,000, reflecting final settlement for inventory related to these orders. Gross profit for the quarter was 30% which reflects the impact of the Lucent inventory settlement and would have been 45%, excluding such billing. "During the quarter, the company made a strategic decision to increase the amount of research and development spending to aggressively respond to new and increased market demand for its products. Accordingly, R & D spending rose almost 20% from our first quarter of fiscal 1997. "We are very encouraged with the market response to our new OmniStat System and the expansion of our 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 partner relationships to include 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 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. Communications. However, because we are providing a new system level solution and marketing worldwide, there is a significant amount of marketing and engineering support required." "We are booking new business as a result of these efforts, though not in time to have an impact on this quarter. 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. has risen from $2.0 million at June June: see month. 30, 1996 to over $4.0 million at the present time and reflects increased demand from existing customers and expanded customer base. We continue to remain encouraged with these efforts and the increase in new opportunities we are pursuing worldwide. However, continued development efforts are critical to position AM for success which will affect operating results in the near-term near-term adj. Of, for, or involving a short period of time in the near future. ," concluded Schneck. AM Communications Inc., (AMCM), founded in 1974, is a market leader in the design, development and integration 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 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 the industry leaders (i.e. -- ADC, 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. , Scientific Atlanta, SEE Telecom) and directly to end-customers. Additional information on AM's business activities and technological solutions can be found on its Web Site (http://www.amcomm.com). -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 second quarter ended Sept. 28, 1996. -0-
AM Communications Inc.
Condensed Statements of Operations ($000)
-----------------------------------------
Unaudited
Three Months Ended Six Months Ended
Sept. 28, Sept. 30, Sept. 28, Sept. 30,
1996 1995 1996 1995
---- ---- ---- ----
Net revenues $2,586 $2,020 $5,049 $3,310
Cost of sales 1,807 1,265 2,875 1,815
Selling, general &
administrative 594 482 1,127 930
Research and development 870 535 1,599 1,115
----- ----- ----- -----
Operating (loss) income (685) (262) (552) (550)
Other (income) expense (13) (3) (12) (23)
----- ----- ----- -----
Income (loss) before
income taxes (672) (259) (540) (527)
Income tax provision
(benefit) -- (109) -- (221)
----- ----- ----- -----
Net income (loss) $ (672) $ (150) $ (540) $ (306)
===== ===== ===== =====
Earnings (loss) per
weighted average
common & common
equivalent share $(0.02) $ Nil $(0.02) $(0.01)
===== ===== ===== =====
Weighted average
common & common
equivalent shares
outstanding (000)
used in computing
earnings per share 31,000 36,408 31,000 35,036
====== ====== ====== ======
-0-
Condensed Balance Sheet ($000)
------------------------------
Sept. 28, March 30,
1996 1996
---- ----
(unaudited) (unaudited)
Cash $ 79 $ 664
Accounts receivable 2,037 1,588
Notes receivable 359 --
Inventory 1,760 2,334
Prepaid expenses and other 139 112
Deferred tax asset 229 229
----- -----
Total current assets 4,603 4,927
Equipment and fixtures, net 838 565
Intangibles, net of accumulated
amortization 61 54
Deferred software, net of
accumulated amortization 100 162
Deferred tax asset, net 707 707
Other 20 20
----- -----
Total assets $6,329 $6,435
====== ======
Current portion of capital lease
obligations $ 109 $ 63
Accounts payable 1,193 1,233
Advances 17 39
Accrued and other expenses 420 375
------ ------
Total current liabilities 1,739 1,710
------ ------
Capitalized leases -- long term 186 110
Senior convertible preferred stock 2,583 2,583
Common stock 3,103 3,096
Capital in excess of par 31,262 30,940
Accumulated deficit (32,544) (32,004)
------ ------
Stockholders' equity 4,404 4,615
------ ------
Total liabilities and
stockholders' equity $6,329 $6,435
====== ======
CONTACT: AM Communications Inc. Keith D. Schneck, 215/538-8704 |
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