AML Communications Reports Third Quarter Results; -- Defense Microwave Sales Continue to Increase --.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)--Jan. 30, 2003 AML AML - A Manufacturing Language Communications, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMLJ) today announced results for the third quarter ended December December: see month. 31, 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 $972,000 for the same period a year earlier. The Company reported a net loss for the quarter of $200,000, or $0.03 per share, compared with a net loss of $249,000, or $0.03 per share, for the same period a year ago. Net sales for the nine months ended December 31, 2002 were $3.6 million, compared with $4.2 million for the same period last year. The net loss for the nine months ended December 31, 2002 was $694,000, or $0.09 per share, compared with a net loss of $368,000, or $0.05 per share, for the same period last 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, "Our results continue to reflect the expansion of our sales in the defense markets. Our defense sales for the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. increased from the same periods a year ago by 82% and 38%, respectively. However, the defense sales increases have not fully replaced the lost revenues from the wireless market, thereby rendering See render. (graphics, text) rendering - The conversion of a high-level object-based description into a graphical image for display. For example, ray-tracing takes a mathematical model of a three-dimensional object or scene and converts it into a bitmap image. the net loss for the quarter and year. We anticipate that our revenue trend of increased sales to the defense marketplace will continue into fiscal 2004." AML Communications is a designer, manufacturer and marketer of amplifiers and related products that address 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. 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. This press release contains 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. made in reliance upon 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. provisions 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. Forward-looking statements include, but are not limited to, the Company's views on future profitability, commercial revenues, market growth, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , 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 de·te·ri·o·ra·tion n. The process or condition of becoming worse. 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.
Selected Condensed Financial Information
(In $000s except for per share information)
STATEMENTS OF Three Months Ended Nine Months Ended
OPERATIONS: December 31, December 31,
(Unaudited) 2002 2001 2002 2001
Net sales $ 1,266 $ 972 $ 3,638 $ 4,217
Cost of goods sold 857 643 2,252 2,647
Gross profit 409 329 1,386 1,570
Operating expenses:
Selling, general
& administrative 287 256 928 917
Research and
development 313 311 949 1,044
Total operating
expenses 600 567 1,877 1,961
Operating loss (191) (238) (491) (391)
Other expense
(income), net 9 11 33 (23)
Loss before benefit
from income taxes (200) (249) (524) (368)
Adjustments-One time -- -- (170) --
Benefit for income
taxes -- -- -- --
Net loss $ (200) $ (249) $ (694) $ (368)
Basic and diluted
loss per share $ (0.03) $ (0.03) $ (0.09) $ (0.05)
Basic and diluted
weighted average
number of shares
of common stock
outstanding 7,829 7,416 7,829 7,416
(Unaudited) (Audited)
BALANCE SHEETS: December 31, March 31,
2002 2002
Current assets:
Cash, cash equivalents and
marketable securities $ 319 $ 160
Accounts receivable, net 695 1,445
Inventories 964 1,102
Other current assets 209 237
Total current assets 2,187 2,944
Property and equipment, net 772 1,293
Other assets 47 38
Total assets $ 3,006 $ 4,275
Current liabilities:
Accounts payable $ 448 $ 882
Line of credit 412 336
Accrued expenses 360 241
Customer deposit 5 145
Current portion of capital lease
obligations 208 223
Total current liabilities 1,433 1,827
Notes Payable-Officers 50 50
Capital lease obligations, net 149 330
Stockholders' equity 1,374 2,068
Total liabilities and stockholders'
equity $ 3,006 $ 4,275
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