AML Communications Inc. Announces Results for First Quarter, Fiscal 1998.CAMARILLO Camarillo (kă'mərē`yō), city (1990 pop. 52,303), Ventura co., S Calif.; inc. 1964. It is the center of a fertile farm area where citrus fruits and flowers are grown. , Calif.--(BUSINESS WIRE)--July 23, 1997--AML Communications Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMLJ) Wednesday announced operating results for the first quarter ending June 30, 1997. Revenues for the quarter were $2,515,000, compared with revenues of $3,676,000 for the three-month comparable period in the prior fiscal year. Net income for the first quarter was $113,000, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on 6,599,000 weighted average shares outstanding compared with net income of $628,000, or 10 cents per share, on 6,499,000 weighted average shares outstanding for the three-month period ending June 30, 1996. Jacob Jacob (jā`kəb), in the Bible, ancestor of the Hebrews, the younger of Isaac and Rebecca's twin sons; the older was Esau. In exchange for a bowl of lentil soup, Jacob obtained Esau's birthright and, with his mother's help, received the blessing Inbar, chairman and chief executive officer of AML AML - A Manufacturing Language Communications, commented on the results by saying: "We are pleased with the fact that our revenue and earnings are in line with internal expectations for the quarter. Additionally, it validates our intentions to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our revenue base into other amplifier related opportunities and demonstrates our decreasing dependency on the cellular business as that portion of the revenue contribution was only 57 percent. "During the transition period that began in the fourth quarter of fiscal 1997, AML has made aggressive attempts to penetrate other amplifier markets. We are pleased with the initial results as we have added new customers, received our first wireless contract from overseas and have made further progress towards more 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 based customers. "Additionally, AML has been actively demonstrating our new PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. products to new customers, both domestically and internationally. Our strategy in the upcoming quarter and remainder of the fiscal year is to stay focused on product introductions for PCS operators and OEM customers, both of which we believe are instrumental for our future." The company also announced Wednesday that its annual meeting of stockholders will be held on Aug. 27, 1997, at 10 a.m. (PT) at the Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. Hotel, 4994 Verdugo Way, Camarillo, Calif., 93012. The record date for stockholders entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive notice of the meeting is July 15, 1997. The company expects the only matter to come before the meeting will be the election of directors. AML Communications designs, manufactures and markets multicarrier amplifiers, masthead mast·head n. 1. Nautical The top of a mast. 2. The listing in a newspaper or periodical of information about its staff, operation, and circulation. 3. amplifiers and repeaters for the cellular, PCS, paging and other communications markets. Statements in this news release that relate to future plans, financial results or projections, events or performance are 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. and fall within the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The company's actual results and financial position could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including but not limited to economic conditions, changing trends within the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. industry, impact of competition, continued opportunities in the cellular, PCS, satellite communications and OEM markets, the successful execution of the company's product expansion plans including the timely development and market acceptance of new products, and other risks and uncertainties described in detail under the "Additional Factors That May Affect Future Results" section and elsewhere in the company's 1997 Form 10-KSB as well as in the company's other filings with the Securities and Exchange Commission. -0-
AML COMMUNICATIONS INC.
Selected Financial Information
(in $000s, except for per share information)
Income Statement: For the Three Months
ended June 30,
1997 1996
Net sales $2,515 $3,676
Cost of goods sold 1,270 1,708
Gross profit 1,245 1,968
Operating expenses:
Selling, general & administrative 663 707
Research and development 483 308
Total operating expenses 1,146 1,015
Operating income 99 953
Other income, net (80) (43)
Income before provision for
income taxes 179 996
Provision for income taxes 66 368
Net income $113 $628
Earnings per share $0.02 $0.10
Weighted average common
shares outstanding 6,599 6,499
Balance Sheet: June 30, March 31,
1997 1997
Current Assets:
Cash and cash equivalents $8,020 $8,025
Accounts receivable, net 1,964 1,910
Inventories 1,843 1,961
Other current assets 148 203
Total current assets 11,975 12,099
Property and equipment, net 1,890 1,963
Other assets 481 481
Total assets $14,346 $14,543
Current Liabilities:
Accounts payable $644 $857
Accrued expenses 415 603
Income taxes payable 311 244
Current portion of capital lease
obligations 36 40
Total current liabilities 1,406 1,744
Capital lease obligations, net 56 62
Stockholders' equity 12,884 12,737
Total liabilities and
stockholders'equity $14,346 $14,543
CONTACT: AML Communications Inc., Camarillo Kirk A. Waldron, 805/388-1345 or Coffin Communications Group, Sherman Oaks Steven B. Johnson, 818/789-0100 |
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