AML Communications Reports Fiscal 2002 Fourth Quarter and Year-End Results; Defense Products Result in Increased Sales.Business Editors AML AML - A Manufacturing Language Communications, Inc. (Nasdaq:AMLJ) today announced results for its year ended March 31, 2002. For the fourth quarter, the company reported a net loss of $345,000 or $0.04 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, compared with a net loss of $3.3 million or $0.47 per diluted share, 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 $1.7 million compared with $1.2 million for the prior year. For fiscal 2002, the company reported a net loss of $713,000, or $0.09 per basic and diluted share, compared with a net loss of $7.1 million, or $1.02 per basic and diluted share for the same period a year earlier. Net sales for fiscal 2002 were $5.9 million compared with $5.1 million for the prior year. 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 pleased with the results of fiscal 2002 which reflect the company's adaptation adaptation, in biology, has several meanings. It can mean the adjustment of living matter to environmental conditions and to other living things either in an organism's lifetime (physiological adaptation) or in a population over many many generations (evolutionary of its technological competency COMPETENCY, evidence. The legal fitness or ability of a witness to be heard on the trial of a cause. This term is also applied to written or other evidence which may be legally given on such trial, as, depositions, letters, account-books, and the like. 2. to further penetrate the defense 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. market. Our aggressive focus on the penetration The successful unauthorized breach of a security perimeter. See penetration test. of the defense microwave market has resulted in an increase in defense related sales of 220% year over year and a 16% increase in our total sales from the previous year -- despite the general downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the global 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. These increased sales, along with the effects of our cost cutting measures during fiscal 2002, resulted in a dramatic improvement in our net loss from the previous year and helped us achieve positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the year." Mr. Inbar added, "For fiscal 2003, we hope to continue to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our growth in the defense market, as we continue to believe that there are opportunities within this market." AML Communications is a well-recognized designer, manufacturer and marketer of amplifiers and related products that address the defense communications markets. The Company's Web site and catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. of products 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)
STATEMENTS OF OPERATIONS: Three Months Ended Twelve Months Ended
March 31, March 31,
2002 2001 2002 2001
------ ------ ------ ------
Net sales $1,658 $1,166 $5,875 $5,071
Cost of goods sold 1,549 2,847 4,196 6,580
------ ------ ------ ------
Gross profit 109 (1,681) 1,679 (1,509)
Operating expenses:
Selling, general &
administrative 168 638 1,085 2,385
Research and development 313 923 1,357 2,937
------ ------ ------ ------
Total operating expenses 481 1,561 2,442 5,322
Operating loss (372) (3,242) (763) (6,831)
Other (income), net (27) 46 (50) (18)
------ ------ ------ ------
Loss before provision (benefit)
for income taxes (345) (3,288) (713) (6,813)
Provision for income taxes - - - 288
------ ------ ------ ------
Net loss $(345) $(3,288) $(713) $(7,101)
====== ====== ====== ======
Basic and diluted loss per
share $(0.04) $(0.47) $(0.09) $(1.02)
====== ====== ====== ======
Weighted average common shares
outstanding 7,830 6,932 7,830 6,932
====== ====== ====== ======
BALANCE SHEETS: March 31, March 31,
2002 2001
------ ------
Current assets:
Cash, cash equivalents
and marketable securities $160 $860
Accounts receivable, net 1,445 740
Inventories 1,102 1,138
Other current assets 237 345
------ ------
Total current assets 2,944 3,083
Property and equipment, net 1,293 1,869
Other assets 38 118
------ ------
Total assets $4,275 $5,070
====== ======
Current liabilities:
Accounts payable $882 $1,438
Accrued expenses 386 603
Line of credit 336 143
Current portion of capital
lease obligations 223 185
------ ------
Total current liabilities 1,827 2,369
Notes Payable 50 --
Capital lease obligations, net 330 412
Stockholders' equity 2,068 2,289
------ ------
Total liabilities and
stockholders' equity $4,275 $5,070
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