AMTECH ANNOUNCES FIRST-QUARTER RESULTS; STRONG BOOKINGS REPORTED.DALLAS--(BUSINESS WIRE)--April 22, 1996--Amtech Corporation (NASDAQ-AMTC) today reported operating results for the first quarter ended March 31, 1996. Revenues for the first quarter were $28,276,000, up 103 percent from the $13,395,000 reported for the same period in 1995. The Company reported net income of $353,000 ($0.02 per share) in the quarter, which included a previously announced pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.1 million from the sale of the remaining corporate equity securities in its investment portfolio. The financial results include the operations of Cotag International and Cardkey Cardkey is the name of the company that started an Industry and were based in Simi Valley, California. They were the first company to develop and widely distribute "Electronic Access Control Systems". Once a division of Greer Hydraulics, Inc. Systems since being acquired by the Company in February February: see month. and August 1995, respectively, thus impacting comparability of the Company's first-quarter 1996 results with those of 1995. The Company reported its order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at March 31, 1996, at approximately $39.7 million, compared with $21.5 million at March 31, 1995, and $23.8 million at December December: see month. 31, 1995. The Company defines "order backlog" as the aggregate of sales prices of orders received from customers less revenue previously recognized. The majority of backlog is anticipated to be realized as revenue over the next year. Amtech president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. G. Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. Mortenson commented, "Bookings for the first quarter of 1996 totaled a record $44.2 million, including $25.6 million in the Transportation Systems Group (TSG TSG The Smoking Gun (web site) TSG Technology Services Group (UK) TSG Technical Specification Group TSG Timing Signal Generator TSG Technical Support Group TSG Tumor Suppressor Gene TSG ThermoSalinoGraph ) alone. For TSG, this represents the strongest new bookings quarter since first quarter 1993. Also, the Electronic Security Group, including Cardkey Systems and Cotag International, reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the first quarter, continuing the group's strong recovery since the acquisitions by the Company last year," he concluded. Amtech Corporation is a leading global provider of systems and solutions utilizing the Company's core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. in wireless data and security technologies and serving the intelligent transportation, electronic security, logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. and other markets. The Company is organized into three market-oriented groups: Transportation Systems Group, headed by Amtech Systems Corporation; Electronic Security Group, encompassing the Cotag International and Cardkey Systems product and service lines; and Interactive Data Group, comprised of WaveLink Technologies, Inc. The following is a safe harbor' statement under 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: Other than historical information, the matters discussed in this and previous press releases of the Company are 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 are based on management assumptions and involve risks and uncertainties, including but not limited to, the following: the Interactive Data Group's ability to develop successfully, timely release to manufacturing, and establish market channels for, its product line, and customers' acceptance of such products; the Transportation Systems Group and Electronic Security Group increasing the sales of their manufactured products; the availability of components from suppliers; the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and trade environment; general domestic and international economic conditions; the impact of competitive products and pricing; the Company's ability to attract and retain key employees; and other risks detailed from time to time in the Company's SEC public filings. Consequently, if such management assumptions prove to be incorrect Incorrect means to not be correct and may also refer to:
v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , the Company's actual results could differ materially from the results forecast in the forward-looking statements. -0-
AMTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarter Ended March 31,
-----------------------
1996 1995
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Sales $ 28,276 $ 13,935
Operating costs and expenses:
Cost of sales 17,279 9,373
Research and development 2,564 1,642
Marketing, general and administrative 9,607 3,689
--------- ---------
29,450 14,704
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Operating loss (1,174) (769)
Investment income 2,078 453
Interest expense (109) --
--------- ----------
Income (loss) before income taxes 795 (316)
Provision (benefit) for income taxes 442 (36)
--------- ---------
Net income (loss) $ 353 $ (280)
========= =========
Earnings (loss) per share $ 0.02 $ (0.02)
========= =========
Shares used in computing earnings
(loss) per share 14,740 14,704
========= ==========
AMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, March 31,
1996 1995
---------- ----------
ASSETS
Cash and marketable securities $ 21,324 $ 42,786
Accounts receivable, net 27,522 10,252
Inventories 15,510 8,527
Other current assets 2,760 1,787
Property and equipment, net 14,095 10,385
Intangible assets, net 9,064 4,039
Other assets 2,250 4,146
--------- ----------
$ 92,525 $ 81,922
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 21,068 $ 5,282
Deferred license revenues -- 1,569
Stockholders' equity 71,457 75,071
--------- ---------
$ 92,525 $ 8,922
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WORKING CAPITAL $ 46,048 $ 58,070
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CONTACT: Amtech Corporation Beverly Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. V. Fuortes, 214/733-6059; Fax: 214/733-6699 |
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