AML Communications Reports Year-End Results; Fourth Quarter Sales Up 57 Percent; Net Income Triples.CAMARILLO, Calif.--(BUSINESS WIRE)--May 7, 1998--AML Communications, Inc. (Nasdaq:AMLJ) Thursday announced results for its fiscal year ended March 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 fourth quarter climbed 57 percent to $3.9 million compared with $2.5 million one year ago. Net income more than tripled to $189,000, or $0.03 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 $52,000, or $0.01 per diluted share, for the same period one year earlier. Included in the results for the fourth quarter was $150,000 reserve, or approximately $0.02 per diluted share, to cover contingency legal expenses with respect to a shareholder lawsuit filed against the company in March 1998. Net sales for fiscal 1998 were $12.8 million compared with $14.1 million in the prior year. Net income for the same period was $686,000, or $0.11 per diluted share, compared with $2.1 million, or $0.34 per diluted share, in fiscal 1997. Jacob Inbar, president and chief executive officer, said: "Fiscal 1998 was a period of transition for AML AML - A Manufacturing Language Communications, as the company focused greater attention on marketing to original equipment manufacturers and diversifying its overall customer base. "Activities over the past year also reflect additional investments in second generation products, as well as an ongoing commitment to the research and development of more efficient and technologically advanced telecommunications products." Inbar highlighted the company's introduction in fiscal 1998 of its new M30 multicarrier amplifier, orders aggregating over $5.0 million from an original equipment manufacturer (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 ) serving the Brazilian 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, and a new production order, received during the fourth quarter, valued at approximately $2.2 million from PageMart Wireless for paging amplifiers. Inbar also noted the company's conceptual introduction of a more powerful M150 multicarrier amplifier during fiscal 1998. The amplifier, introduced at the CTIA (1) See CompTIA. (2) (Cellular Telecommunications & Internet Association, Washington, DC, www.ctia.org, www.wow-com.com) A membership organization founded in 1984 that is involved with regulatory and public affairs issues in the wireless industry. Wireless '98 show in Atlanta, in February, utilizes Lateral Diffused Metal Oxide Semiconductor See MOS. (electronics) Metal Oxide Semiconductor - (MOS) The three materials used to form a gate in the most common kind of Field Effect Transistor - a MOSFET. (LDMOS LDMOS Laterally Diffused Metal Oxide Semiconductor LDMOS Lateral DMOS LDMOS Lightly-Doped Drain Metal-Oxide Semiconductor LDMOS Lateral Diffusion Mosfet ) technology. Its control and monitor features are Windows '95 compatible and is planned to offer improvements in efficiency and size. FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval is expected sometime in the second quarter. Subsequent to year-end, the company announced it has received orders for cellular multicarrier power amplifiers Power amplifier The final stage in multistage amplifiers, such as audio amplifiers and radio transmitters, designed to deliver appreciable power to the load. from operators in Israel and Russia. "These orders underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. the company's strategy of increasing its sales and marketing efforts for wireless communications solutions internationally," Inbar said. Shipments associated with these contracts are expected to be completed by the end of June. 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, 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. -0- 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 risk and uncertainties, such as the statements of the company's plan, 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 actual fulfillment of the contracts noted herein inclusive of inclusive of prep. Taking into consideration or account; including. timely delivery, risks associated with completion, certification and introduction of a new product, the opportunity for future orders from the two international operators noted herein, economic conditions, both domestically and internationally, lack of visibility in acquiring new customers, potential 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, intense competition in the industry with increasing price competition, continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. business conditions and growth in the wireless communications market, and those factors discussed in the company's Form 10-KSB and Form 10-QSB on file with the SEC. No assurances can be given that the international sales strategy will develop into additional orders and no assurances can be given that FCC approval of the M150 multicarrier amplifier will be obtained. Additionally, the company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. -0-
AML COMMUNICATIONS, INC.
Selected Financial Information
(In $000s except for per share information)
Three Months Ended Twelve Months Ended
March 31, March 31,
1998 1997 1998 1997
INCOME STATEMENTS:
Net sales $ 3,861 $ 2,460 $ 12,786 $ 14,091
Cost of goods sold 2,178 1,496 7,111 6,892
Gross profit 1,683 964 5,675 7,199
Operating expenses:
Selling, general
& administrative 840 557 2,848 2,534
Research and development 508 386 1,962 1,510
Legal fees incurred in
connection with
shareholder lawsuit 150 -- 150 --
Total operating expenses 1,498 943 4,960 4,044
Operating income 185 21 715 3,155
Other income, net (95) (50) (353) (208)
Income before provision
for income taxes 280 71 1,068 3,363
Provision for income taxes 91 19 382 1,237
Net income $ 189 $ 52 $ 686 $ 2,126
Basic earnings per share $ 0.03 $ 0.01 $ 0.11 $ 0.36
Weighted average common
shares outstanding 6,292 6,043 6,213 5,913
Diluted earnings per share $ 0.03 $ 0.01 $ 0.11 $ 0.34
Weighted average common
shares outstanding 6,366 6,343 6,332 6,295
BALANCE SHEETS: 1998 1997
Current assets:
Cash, cash equivalents and marketable securities $ 8,608 $ 8,025
Accounts receivable, net 1,628 1,910
Inventories 2,726 1,961
Other current assets 152 203
Total current assets 13,114 12,099
Property and equipment, net 2,096 1,963
Other assets 469 481
Total assets $15,679 $14,543
Current liabilities:
Accounts payable $ 766 $ 857
Accrued expenses 953 603
Income taxes payable 195 244
Current portion of capital lease obligations 19 40
Total current liabilities 1,933 1,744
Capital lease obligations, net 38 62
Stockholders' equity 13,708 12,737
Total liabilities and stockholders' equity $15,679 $14,543
CONTACT: AML Communications, Camarillo Kirk A. Waldron, 805/388-1345, Ext. 201 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson Gary S. Maier/Cecilia Wilkinson, 310/207-9300 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion