AML Communications Reports Third-Quarter Results.CAMARILLO, Calif.--(BUSINESS WIRE)--Jan. 25, 1999--AML Communications Inc. (Nasdaq:AMLJ) Monday announced results for the third fiscal quarter ended Dec. 31, 1998. 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 $2.0 million, compared with $3.6 million for the same period a year earlier. The company reported a net loss for the quarter of $520,000, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with net income of $261,000, or 4 cents 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, for the same period a year ago. Net sales for the nine months were $6.7 million, compared with $8.9 million for the same period a year earlier. For the nine months of fiscal 1999, the company reported a net loss of $955,000, or 15 cents per share, compared with net income of $497,000, or 8 cents per diluted share, a year earlier. Jacob Inbar, president and chief executive officer, said: "Results for the third quarter continued to be impacted by delays or cancellation of orders from several original equipment manufacturers and telecommunications operator customers and slowdown in demand for our cellular products. "During the quarter, the company continued the accelerated pace of R&D for a number of key products to be delivered to the wireless local loop customer base. Successful completion of these key products, their acceptance by the customers, and finally, the successful deployment of such systems, are pivotal in restoring growth to our company." Inbar continued: "WLL See wireless local loop and PHS-WLL. telephony systems are increasingly being adopted in developing markets to quickly implement telephone communications services. Wireless telephony telephony without wires, usually employing electric waves of high frequency emitted from an oscillator or generator, as in wireless telegraphy. A telephone transmitter causes fluctuations in these waves, it being the fluctuations only which affect the receiver. See also: Wireless systems provide an attractive alternative to copper and fiber optic cable-based systems, with the potential to be implemented expediently ex·pe·di·ent adj. 1. Appropriate to a purpose. 2. a. Serving to promote one's interest: was merciful only when mercy was expedient. b. and at a lower cost than wireline telephone systems." Inbar noted that during the quarter, AML AML - A Manufacturing Language began initial delivery of transmit and receive amplifier systems for a previously announced contract from a major European 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 infrastructure supplier. The products are being deployed for wide band B-CDMA B-CDMA Broadband-Code Division Multiple Access applications in the emerging WLL marketplace. Inbar highlighted the company's progress in developing its M150 high-power multicarrier amplifier, which the company believes exceeds existing standards for the cellular 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. industry. He indicated that the M150 was submitted for approval to the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. during the quarter. In addition, he noted the company's balance sheet remains strong, R&D efforts continue and management is working toward 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. certification during fiscal 2000. The company also announced that during the quarter, it purchased approximately 63,000 shares of its outstanding common stock, pursuant to a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program of up to 400,000 shares announced last August. To date, the company has repurchased approximately 115,000 shares. AML Communications designs, manufactures and markets multicarrier amplifiers and masthead mast·head n. 1. Nautical The top of a mast. 2. The listing in a newspaper or periodical of information about its staff, operation, and circulation. 3. amplifiers for the cellular, WLL, PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , paging and satellite communication markets. The information contained in this news 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, but not limited to, the opportunity for future orders from the domestic and international customers referred to herein; 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 (including, specifically without limitation, WLL products) or 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 existing products; timing and success of WLL deployment; 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 market, as well as those factors discussed in the company's Form 10-KSB and Form 10-QSB on file with the SEC. -0-
AML COMMUNICATIONS INC.
Selected Financial Information
(In $000's, except for per share information)
INCOME STATEMENTS: Three Months Ended Nine Months Ended
(Unaudited) December 31, December 31,
1998 1997 1998 1997
Net sales $ 2,005 $ 3,605 $ 6,653 $ 8,925
Cost of goods sold 1,339 2,069 4,216 4,933
Gross profit 666 1,536 2,437 3,992
Operating expenses:
Selling, general &
administrative 740 726 2,116 2,008
Research and development 801 497 2,090 1,454
Total operating expenses 1,541 1,223 4,206 3,462
Operating income (loss) (875) 313 (1,769) 530
Other (income), net (87) (100) (307) (258)
Income (loss) before provision
for income taxes (788) 413 (1,462) 788
Provision (benefit)
for income taxes (268) 152 (507) 291
Net income (loss) $ (520) $ 261 $ (955) $ 497
Basic earnings (loss)
per share $ (0.08) $ 0.04 $ (0.15) $ 0.08
Weighted average common
shares outstanding 6,288 6,247 6,286 6,186
Diluted earnings (loss)
per share $ (0.08) $ 0.04 $ (0.15) $ 0.08
Weighted average common
shares outstanding 6,288 6,374 6,286 6,324
BALANCE SHEETS: December 31, March 31,
1998 1998
(Unaudited) (Audited)
Current assets:
Cash, cash equivalents and
marketable securities $ 6,982 $ 8,608
Accounts receivable, net 1,375 1,628
Inventories 2,154 2,511
Income taxes receivable 572 --
Other current assets 423 367
Total current assets 11,506 13,114
Property and equipment, net 2,251 2,096
Other assets 469 469
Total assets $ 14,226 $ 15,679
Current liabilities:
Accounts payable $ 652 $ 766
Accrued expenses 552 953
Income taxes payable 190 195
Current portion of capital
lease obligations 58 19
Total current liabilities 1,452 1,933
Capital lease obligations, net 210 38
Stockholders' equity 12,564 13,708
Total liabilities and
stockholders' equity $ 14,226 $ 15,679
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