AML Communications Reports First Quarter Results.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)--July 31, 2002 AML AML - A Manufacturing Language Communications, Inc. (Nasdaq:AMLJ) today announced results for the first quarter ended June June: see month. 30, 2002. 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 $1.3 million compared with $1.9 million for the same period a year earlier. The Company reported a net loss for the quarter of $16,000 or $0.00 per share, compared with a net income of $51,000 or $0.01 per share, for the same period a year ago. 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, president and chief executive officer, said, "We are very pleased with the results of the quarter. Sales of our Defense serving, Microwave microwave, electromagnetic wave having a frequency range from 1,000 megahertz (MHz) to 300,000 MHz, corresponding to a wavelength range from 300 mm (about 12 in.) to 1 mm (about 0.04 in.). Like light waves, microwaves travel essentially in straight lines. Integrated Circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for (MIC) products have become our dominant product, accounting for 92% of net sales during the quarter compared to 42% of net sales in the first quarter of the previous year. The decrease in net sales during the quarter in comparison to the same period for the prior year reflects a dramatic reduction in wireless revenues. This decrease was partially offset by an increase in our gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. that resulted from our MIC product lines' generally lower material cost as a percentage of sales. Additionally, our new customer acquisition rate has doubled over the trailing 12 months on the strength of our defense serving products. We anticipate these trends to continue during fiscal 2003." AML Communications is a designer, manufacturer and marketer of amplifiers and related products that address the defense microwave and 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. markets. The Company's Web site is located at 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 including: 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; general economic conditions; 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 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 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 Financial Information
(In $000's, except for per share information)
INCOME STATEMENTS: Three Months Ended
(Unaudited) June 30,
2001 2001
Net sales $1,332 $1,854
Cost of goods sold 708 1,136
Gross profit 624 718
Operating expenses:
Selling, general & administrative 300 276
Research and development 322 368
Total operating expenses 622 644
Operating income 2 74
Other (income), net 18 23
Income (loss) before provision for income taxes (16) 51
Provision (benefit) for income taxes -- --
Net income (loss) $(16) $51
Basic and diluted earnings (loss) per share $0.00 $0.01
Weighted average common shares outstanding 7,829 6,932
(Unaudited) (Audited)
BALANCE SHEETS: June 30, March 31,
2002 2002
Current assets:
Cash, cash equivalents and marketable
securities $309 $160
Accounts receivable, net 999 1,445
Inventories 1,113 1,102
Other current assets 166 237
Total current assets 2,587 2,944
Property and equipment, net 1,192 1,293
Other assets 38 38
Total assets $3,817 $4,275
Current liabilities:
Accounts payable $356 $882
Line of credit 572 336
Accrued expenses 230 241
Customer deposit 12 145
Current portion of capital lease obligations 268 223
Total current liabilities 1,438 1,827
Notes payable-officer 50 50
Capital lease obligations, net 276 330
Stockholders' equity 2,053 2,068
Total liabilities and stockholders' equity $3,817 $4,275
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