AML Communications Reports Third Quarter Results; Loss Narrows for Nine Month Period.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. 25, 2000 AML AML - A Manufacturing Language Communications, Inc. (Nasdaq:AMLJ) today announced results for the third quarter ended December December: see month. 31, 1999. For the third quarter, the company reported a net loss of $494,000 or $0.08 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 $520,000 or $0.08 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 $1.5 million compared with $2.0 million for the same period a year earlier. For the first nine months of fiscal 2000, the company reported a net loss of $770,000, or $0.12 per diluted share, compared with a net loss of $955,000 or $0.15 per diluted share for the same period a year earlier. Net sales for the nine months were $6.1 million compared with $6.7 million for the same period a year earlier. Kirk A. Waldron, president and chief executive officer, said, &uot;At the beginning of this current fiscal year we set an aggressive strategic course of action to develop relationships with targeted OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers for volume opportunities, to increase our production capacity and efficiency, and to implement and sustain cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures. Although we are disappointed with the revenues for the current quarter, we believe we have made substantial progress with our original objectives. We are encouraged with our current development projects, with new sales opportunities, and with the completion of the redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re of our manufacturing floor, all of which offer strong long term growth potential for the Company. &uot;In closing, the market in which we compete continues to be very buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. . AML endeavors to take advantage of the market's dynamics in order to position itself for long term growth and profitability.&uot; 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. , wireless local loop, personal communications services See PCS. , two way paging, low earth orbit (communications) low earth orbit - (LEO) The kind of orbit used by communications satellites that will offer high bandwidth for video on demand, television, and Internet communications. satellite networks, and custom wireless applications. The information contained in this press release may contain 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 but not limited to, the ability of the Company to maintain ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certification; the inability of the Company to continue to realize production efficiencies due to its reconfiguration of the production floor; the opportunity for future orders from domestic and international customers; 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 or the redesign of existing products; the ability to manufacture in quantity such new or redesigned 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 Financial Information
(In $000's except for per share information)
STATEMENTS OF OPERATIONS:
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
Net sales $ 1,514 $ 2,005 $ 6,066 $ 6,653
Cost of goods sold 1,083 1,339 3,886 4,216
Gross profit 431 666 2,180 2,437
Operating expenses:
Selling, general
&administrative 554 740 1,916 2,116
Research and development 436 801 1,229 2,090
Total operating expenses 990 1,541 3,145 4,206
Operating loss (559) (875) (965) (1,769)
Other (income), net (65) (87) (195) (307)
Loss before benefit for
income taxes (494) (788) (770) (1,462)
Benefit for income taxes -- (268) -- (507)
Net loss $ (494) $ (520) $ (770) $ (955)
Basic loss per share $ (0.08) $(0.08) $ (0.12) $ (0.15)
Weighted average common
shares outstanding 6,266 6,288 6,266 6,286
Diluted loss per share $ (0.08) $(0.08) $ (0.12) $ (0.15)
Weighted average common
shares outstanding 6,266 6,288 6,266 6,286
BALANCE SHEETS:
(Unaudited) (Audited)
December 31, March 31,
1999 1999
Current assets:
Cash, cash equivalents and
marketable securities $ 4,857 $ 6,597
Accounts receivable, net 1,100 427
Inventories 2,400 1,783
Income taxes receivable 537 537
Other current assets 533 118
Total current assets 9,427 9,462
Property and equipment, net 1,887 2,082
Other assets 302 402
Total assets $ 11,616 $ 11,946
Current liabilities:
Accounts payable $ 1,183 $ 558
Accrued expenses 587 753
Current portion of capital
lease obligations 69 60
Total current liabilities 1,839 1,371
Capital lease obligations, net 154 185
Stockholders' equity 9,623 10,390
Total liabilities and
stockholders' equity $ 11,616 $ 11,946
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