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AML Communications Reports First Quarter Results.


CAMARILLO, Calif. -- AML Communications, Inc. (OTCBB:AMLJ) today announced results for the first quarter ended June 30, 2005.

Net sales for the quarter were $2.48 million, compared with $2.17 million for the same period a year earlier. The Company reported net earnings for the quarter of $249,000, or $0.02 per share, compared with net earnings of $326,000, or $0.04 per share, for the same period a year ago.

Jacob Inbar, president and chief executive officer, said, "I am pleased that while continuing to invest in our infrastructure, we have been able to maintain a consistent level of profitability. We intend to continue building a strong foundation for AML by adding new customers and expanding our product line."

AML Communications is a designer, manufacturer and marketer of amplifiers and related products that address the Defense microwave and Wireless communications markets. The Company's Web site is located at http://www.amlj.com.

This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's views on future profitability, commercial revenues, market growth, capital requirements and new product introductions, and are generally identified by words such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include: reductions or cancellations in orders from new or existing customers; success in the design of new products; the opportunity for future orders from domestic and international customers, including, in particular, defense customers; general economic conditions; the limited number of potential customers; variability in gross margins on new products; inability to deliver products as forecast; failure to acquire new customers; continued or new deterioration of business and economic conditions in the wireless communications industry; and intensely competitive industry conditions with increasing price competition. The Company refers interested persons to its most recent Annual Report on Form 10-KSB and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. Forward-looking statements are based on information presently available to senior management, and the Company has not assumed any duty to update its forward-looking statements.
AML COMMUNICATIONS, INC.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (unaudited)

                                          Three Month Periods Ended
                                       -------------------------------
                                          June 30,         June 30,
                                            2005            2004
                                       ---------------  --------------

Net sales                                  $2,486,000      $2,174,000
Cost of goods sold                          1,346,000       1,240,000
                                       ---------------  --------------
    Gross profit                            1,140,000        934 ,000

Operating expenses:
    Selling, general & administrative         603,000         409,000
    Research and development                  283,000         183,000
                                       ---------------  --------------
                                              886,000         592,000
                                       ---------------  --------------
Income from operations                        254,000         342,000

    Other income (expense), net                 3,000         (16,000)
                                       ---------------  --------------
Income before provision for income
 taxes                                        257,000         326,000
Provision for income taxes                      8,000             ---
                                       ---------------  --------------

Net income                                   $249,000        $326,000
                                       ===============  ==============

Basic earnings per common share
                                                $0.02           $0.04
                                       ===============  ==============
Basic weighted average number of
 shares of common stock outstanding        10,066,000       8,143,000
                                       ===============  ==============
Diluted earning  per common share               $0.02           $0.03
                                       ===============  ==============
Diluted weighted average number of
 shares of common stock outstanding        12,009,000       9,709,000
                                       ===============  ==============


                       AML COMMUNICATIONS, INC.
                 CONSOLIDATED CONDENSED BALANCE SHEET
                              (unaudited)

                                                June 30, 2005
                                        ------------------------------

ASSETS
----------------------------------------
Current Assets:
     Cash and cash equivalents                             $2,007,000
     Accounts receivable, net of
      allowance for doubtful accounts of
      $55,000                                               1,197,000
     Inventories, net                                       1,739,000
     Other current assets                                     101,000
                                        ------------------------------
     Total current assets                                   5,044,000

     Property and Equipment, at cost                        4,174,000
     Less: Accumulated depreciation and
      amortization                                         (3,207,000)
                                        ------------------------------
     Property and Equipment, net                              967,000
Intangible Assets:
     Technologies, net                                        871,000
     Patents                                                  163,000
     Customer lists, net                                      216,000
     Trademarks                                               181,000
     Other Assets                                              21,000
                                        ------------------------------
 Total Assets                                              $7,463,000
                                        ==============================

LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------

Current Liabilities:
     Line of Credit                                           $75,000
     Accounts payable                                         555,000
     Current portion of capital lease
      obligations                                              25,000
     Accrued expenses:
     Accrued payroll and payroll-related
      expenses                                                338,000
     Accrued  income taxes                                     (1,000)
     Other accrued liabilities                                280,000
                                        ------------------------------
     Total current liabilities                              1,272,000
                                        ------------------------------

Stockholders' Equity:
   Common stock, $0.01 par value;
    15,000,000 shares authorized;
    10,067,116 shares issued and
    outstanding at June 30, 2005.                             101,000

   Capital in excess of par value                          13,389,000
   Accumulated deficit                                     (7,299,000)
                                        ------------------------------
       Total stockholders' equity                           6,090,000
                                        ------------------------------
Total liabilities and stockholder's
 equity                                                    $7,463,000
                                        ==============================
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Aug 18, 2005
Words:744
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