ASTeX announces record fiscal 1996 first quarter revenues and earnings.WOBURN Woburn, village, England Woburn (w  `bərn), village, Bedfordshire, S central England. , Mass.--(BUSINESS WIRE)--November 7, 1995--Applied Science and
Technology, Inc. ("ASTeX") (Nasdaq:ASTX) today reported record
results for the fiscal 1996 first quarter ended September September: see month. 30, 1995.
Total revenues for the first quarter increased 65% to $5.64 million, versus $3.42 million reported in the first quarter of fiscal 1995. Net earnings for the quarter rose 136% to a record $298,520 or $0.07 per share, compared to $126,618, or $0.03 per share, for the comparable first quarter of fiscal 1995. Dr. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Post, President and Chief Executive Officer, stated, "Demand for our ozone generators, which represented 35% of total product sales for the quarter, continues to exhibit strong market acceptance by the industry. Our strong revenue growth and new product development efforts have not overshadowed our commitment to operating profitability, and as a result, our earnings from operations were $232,292, a 495% increase over the $39,040 in the same period a year ago." Dr. Post continued, "During the quarter, we signed a technology development agreement with Applied Materials Applied Materials, Inc. NASDAQ: AMAT (HKSE: 4336 ) is the global leader in nanomanufacturing technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel solar displays, solar , Inc. for approximately $2.5 million, and a one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants supply agreement with Quester Technology, estimated at $1.2 million. We were also able to extend our ARPA ARPA - Defense Advanced Research Projects Agency contract to develop CVD CVD Cardiovascular disease, see there diamond production technology, receiving new funding of $0.9 million. As part of our continued growth strategy, in mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" we invested $250,000 in Low Entropy Systems, which has developed a new "smart sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. " monitoring system for the semiconductor manufacturing process. We expect that these strategic alliances will enable us to develop and make available cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , future process technologies." "In early October October: see month. , we appointed two new board directors, Messrs. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. R. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic and Hans-Jochen Kahl. We believe that their combined experience and industry expertise will enhance our board representation and help us to grow the Company to our goal of $100 to $200 million in revenues within the next five years. To accommodate our continued growth, we have completed the construction of a new 7,000 sq. ft. state-of-the-art clean room manufacturing facility for ozone generators, which will greatly enhance our internal manufacturing processes," Dr. Post concluded. ASTeX is a leading manufacturer of systems and components for production of advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, such as semiconductors and CVD diamond. ASTeX markets its systems to producers of CVD diamond, while its microwave power generators, plasma sources Plasma sources generate plasmas. Excitation of a plasma requires partial ionisation of neutral atoms and/or molecules of a medium. There are several ways to cause ionisation: collisions of energetic particles, strong electric fields acting on bond electrons, or ionising and ozone generators and subsystems are marketed to the world's leading semiconductor capital equipment manufacturers. Typical semiconductor applications include stripping, etching etching, the art of engraving with acid on metal; also the print taken from the metal plate so engraved. In hard-ground etching the plate, usually of copper or zinc, is given a thin coating or ground of acid-resistant resin. , CVD and physical vapor deposition  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. . -0-
APPLIED SCIENCE AND TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30, October 1,
1995 1994
(Unaudited) (Unaudited)
Product sales, net $5,087,837 $2,540,618 Research contract revenue 207,621 710,311 Other revenue 343,957 167,655 Total revenue $5,639,415 $3,418,584
Cost of sales and revenue:
Product sales and
other revenue 3,523,331 1,575,760
Research contracts 66,412 367,476
Total cost
of sales and revenue 3,589,743 1,943,236
Gross profit 2,049,672 1,475,348
Operating expenses:
Research and development
expenses 662,356 603,365
Selling expenses 532,990 436,593
General and administrative
expenses 622,034 396,350
Total operating expenses 1,817,380 1,436,308
Earnings from operations 232,292 39,040
Other expense (income):
Interest income (200,837) (158,227)
Other expense 4,609 3,649
Total other income (196,228) (154,578)
Earnings before
income taxes 428,520 193,618
Income tax expense 130,000 67,000
Net earnings $ 298,520 $ 126,618
Earnings per share $ 0.07 $ 0.03 Weighted average common shares outstanding 4,072,411 3,951,528
APPLIED SCIENCE AND TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Assets September 30, July 1,
1995 1995
(Unaudited)
Current assets:
Cash and cash equivalents $2,084,042 $2,303,645
Short-term investments 7,071,195 9,253,545
Accounts receivable, trade, net 5,580,848 4,531,789
Inventories 4,805,807 4,179,644
Prepaid expenses and other assets 247,296 157,440
Deferred income taxes 327,380 327,380
Total current assets 20,116,568 20,753,443
Property and equipment:
Equipment 4,950,690 4,146,421
Furniture and fixtures 268,196 209,029
Leasehold improvements 683,687 651,908
5,902,573 5,007,358
Less accumulated depreciation and
amortization (2,314,739) (2,096,325)
Net property and equipment 3,587,834 2,911,033
Other assets:
Patents, net 102,642 101,017
Other, net 41,795 51,664
Long-term investments 1,973,542 973,110
Note receivable 276,319 287,267
Total other assets 2,394,298 1,413,058
$26,098,700 $25,077,534
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 1,836,056 $ 1,687,383
Accrued expenses 311,656 421,799
Accrued compensation expense and
related costs 429,238 615,027
Accrued income tax expense 140,085 228,835
Customer advances 14,418 0
Commissions payable 63,756 129,343
Total current liabilities 2,795,209 3,082,387
Deferred income taxes 101,383 101,383
Total liabilities 2,896,592 3,183,770
Stockholders' equity:
Common stock 39,847 43,637
Additional paid-in capital 21,014,750 21,279,929
Retained earnings 2,389,837 2,091,317
Less: Treasury stock at cost 0 (1,446,619)
Notes receivable for common
stock purchases (242,326) (74,500)
Total stockholders' equity 23,202,108 21,893,764
$26,098,700 $25,077,534
CONTACT: John Tarrh Applied Science and Technology, Inc. Senior Vice President and Chief Financial Officer (617) 937-5135 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Donna N. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , APR/Evan Smith Morgen-Walke Associates, Inc. (212) 850-5600 or Press Contact: Lee Foley fo·ley n. 1. A technical process by which sounds are created or altered for use in a film, video, or other electronically produced work. 2. A person who creates or alters sounds using this process. Morgen-Walke Associates, Inc. (212) 850-5600 |
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