AML Communications Reports First Quarter Results; Strong Bookings, Backlog To Date at a Record $6.8 Million.Business Editors 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)--Aug. 7, 2000 AML AML - A Manufacturing Language Communications Inc. (Nasdaq:AMLJ) today reported a net loss of $779,000, or $0.12 per share, for the first fiscal quarter ended June 30, 2000 compared with a net loss of $187,000 or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the same period a year ago. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter were $1.5 million compared with $2.3 million for the same period a year earlier. Kirk A. Waldron, president and chief executive officer, said, "The loss for the quarter was largely attributable to the low level of revenue generated due to delays in shipping to a key customer. Deliveries are now proceeding at a satisfactory rate. We are very pleased with the growth of our order 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. , which to date stands at a record $6.8 million. The present backlog is approximately double the size it has ever been in AML's history." He noted that given the lead times associated with the design and material procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. for these new orders, deliveries are expected to begin in the third fiscal quarter. "With recent developments, increased levels of quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. activity, field demonstrations and new customers, the opportunities for growth are exciting and we look forward to benefiting from the continued execution of the strategic objectives established at the beginning of the fiscal year," Waldron added. AML Communications Inc. is a designer, manufacturer and marketer of amplifiers and related products for the global wireless industry. The company currently focuses on the following sectors of the wireless market: cellular telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. , broadband wireless See wireless broadband. access, personal communications services See PCS. , wireless messaging, low-earth orbit See LEO. satellite networks, and hybrid microwave circuit applications. http://www.amlj.com. The information contained in this press release contains certain 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. that involve risks and uncertainties, such as the statements of the Company's plans, objectives, expectations and intentions. The Company's actual results could differ materially from those indicated by such statements as a result of various factors: the ability to attract and retain qualified, knowledgeable employees; economic conditions; reductions or cancellations in orders from new or existing customers; limited number of potential customers; variability in gross margins on new products; success in the design of new products; failure to acquire new customers; continued or new deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of business and economic conditions in the Company's customers' marketplaces; intensely competitive industry conditions with increasing price competition; business conditions; and, growth in 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. market, as well as those factors discussed in the Company's Form 10-KSB and Form 10-QSB on file with the SEC.
AML COMMUNICATIONS INC.
Selected Condensed Financial Information
(In $000s, except for per share information)
STATEMENTS OF OPERATIONS: Three Months Ended
(Unaudited) June 30,
2000 1999
Net sales $ 1,547 $ 2,277
Cost of goods sold 1,066 1,454
Gross profit 481 823
Operating expenses:
Selling, general & administrative 618 691
Research and development 665 382
Total operating expenses 1,283 1,073
Operating loss (802) (250)
Other (income), net (23) (63)
Loss before provision for income taxes (779) (187)
Provision for income taxes -- --
Net loss $ (779) $ (187)
Basic and diluted loss per share $ (0.12) $ (0.03)
Weighted average common shares
outstanding 6,316 6,266
(Unaudited) (Audited)
BALANCE SHEETS: June 30, March 31,
2000 2000
Current assets:
Cash, cash equivalents and
marketable securities $ 3,915 $ 4,659
Accounts receivable, net 911 1,134
Inventories 2,622 2,341
Other current assets 481 512
Total current assets 7,929 8,646
Property and equipment, net 1,825 1,833
Other assets 303 302
Total assets $ 10,057 $ 10,781
Current liabilities:
Accounts payable $ 1,152 $ 844
Accrued expenses 609 712
Current portion of capital
lease obligations 74 65
Income taxes payable -- 190
Total current liabilities 1,835 1,811
Capital lease obligations, net 171 141
Stockholders' equity 8,051 8,829
Total liabilities and stockholders'
equity $ 10,057 $ 10,781
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