Acrodyne Communications, Inc. Announces Second Quarter 1999 Results.BLUE BELL, Penn.--(BUSINESS WIRE)--Aug. 17, 1999-- Acrodyne Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACRO acro Acronym ACRO Australian Creative Resources Online ACRO Association of Clinical Research Organizations ACRO American College of Radiation Oncology ACRO Aircraft Crashes Record Office (Geneva, Switzerland) acro acrolein ) today announced its results for the second quarter ending June 30, 1999. For the quarter 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 were $2,379,605 as compared to $3,431,505 for the same period in 1998. Net income was $(481,623), or $(0.0700) per share, on 6,769,523 weighted average common shares outstanding for the three months ended June 30, 1999, as compared to $45,928 or $0.0060 per share, on 5,318,995 weighted average common shares outstanding for the same period in 1998. On January 27, 1999 the company completed a subscription agreement with Sinclair Broadcast Group The Sinclair Broadcast Group (SBG) NASDAQ: SBGI is the operator of the largest number of local television stations in the United States with a total of 59 stations across the country in 38 primarily small and medium markets, many of which are located in the South and . Pursuant to the agreement, Sinclair made a cash infusion of $4.3 million in Acrodyne in receipt of 1,431,333 shares of Acrodyne's common stock and warrants to purchase up to an aggregate of 8,719,225 shares over a term of seven years at prices ranging from $3.00 to $6.00 per share. Of such warrants, 6,000,000 are exercisable only upon the Company's achievement of increased product sales or sales of products with new technology. Sinclair has also acquired an additional 800,000 shares of the Company's common stock previously held by the Scorpion scorpion, any arachnid of the order Scorpionida with a hollow poisonous stinger at the tip of the tail. Scorpions vary from about 1/2 in. to about 6 in. (1–15 cm) long; most are from 1 to 3 in. (2.5–7.6 cm) long. /New Light investment group. Sinclair now holds an aggregate of 2,231,333 shares of the Company, representing approximately 33% of the Company's issued common stock. Net sales for the three months ended June 30, 1999 showed a 31% decrease over net sales for the three months ended June 30, 1998. Management believes that the decrease is attributable to the delay in purchasing Digital transmission equipment by broadcasters, which has further caused a delay or disturbance DISTURBANCE, torts. A wrong done to an incorporeal hereditament, by hindering or disquieting the owner in the enjoyment of it. Finch. L. 187; 3 Bl. Com. 235; 1 Swift's Dig. 522; Com. Dig. Action upon the case for a disturbance, Pleader, 3 I 6; 1 Serg. & Rawle, 298. in the routine purchasing of standard analog equipment. Additionally, nearly $1M of orders scheduled to be shipped in the second quarter were rescheduled by customers to allow time for site preparation and other related construction matters to be completed. Although overall sales volume in dollars is down, the increase in High Power sales and new orders remain on the rise. The company believes that this increase in High Power products is a result of the strategic alliance with Sinclair Broadcast, who has increased Acrodyne's national recognition and has improved Acrodyne's access to major customers. A. Robert Mancuso, Acrodyne's President an 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. commented, "During the second quarter we finalized See finalization. a Strategic Purchase Agreement with the Christian Television Network | Christian Television Network (CTN) is a not-for-profit broadcast television network of small owned-and-operated stations that broadcasts religious programming. It is based in Clearwater, Florida, and the flagship station is WCLF channel 22. (CTN ctn abbr. cotangent ) valued at approximately $2.5 million, received our first 240kW order from the Davis Television Group worth approximately $1.5 million, and announced the opening of our company e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. store (acrodyne.com/store) which offers our customers the opportunity to purchase RF parts/components and broadcast related equipment over the Internet. Our recent announcements concerning the new additions to our management team is further evidence of our commitment to our customers, the industry we serve, and the roll out of digital broadcast technology in America." Acrodyne Industries., the operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Acrodyne Communications, Inc. is an established and respected manufacturer of television broadcast equipment. In business over 25 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has developed the leading position as a technologically advanced, high quality low cost producer of transmitters and translators This is primarily a list of notable Western translators. Please feel free to add translators from other languages, cultures and areas of specialization. Large sublists have been split off to separate articles. used by television stations to broadcast and retransmit Verb 1. retransmit - transmit again channel, transmit, carry, impart, conduct, convey - transmit or serve as the medium for transmission; "Sound carries well over water"; "The airwaves carry the sound"; "Many metals conduct heat" over-the-air signals. Sinclair Broadcast Group, Inc. is a diversified diversified (di·verˑ·s broadcasting company Noun 1. broadcasting company - a company that manages tv or radio stations company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" that currently owns or programs 58 television and 51 radio stations. Upon completion of all pending transactions, Sinclair will own or program 59 television stations in 38 separate markets. Sinclair's television group will reach approximately 24.4% of U.S. television households and includes ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , CBS (Cell Broadcast Service) See cell broadcast. , FOX, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , WB, and UPN affiliates This is a list of stations that were affiliated with UPN in the United States at the time of network closure. UPN shut down on September 15, 2006. Former affiliates of UPN became affiliates of The CW Television Network, MyNetworkTV, another network, or reverted to independent . This 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. which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. -0-
Acrodyne Communications, Inc.
Consolidated Balance Sheet
(Unaudited)
______________________________________________________________________
June 30, December 31,
Assets 1999 1998
Current assets:
Cash and cash equivalents $1,721,415 $ 983,695
Accounts receivable, net of
allowance for doubtful accounts 1,516,044 1,497,197
Inventories 5,934,487 4,325,445
Prepaid expenses and deposits 71,596 170,958
--------------------------
Total current assets 9,243,542 6,977,295
Property, plant and equipment, net 522,139 504,469
Non-compete agreement, net 398,322 435,822
Goodwill, net 3,977,459 4,055,707
--------------------------
Total assets $14,141,462 11,973,293
==========================
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt $75,630 $75,630
Borrowings under Line of Credit 1,600,000 1,275,000
Accounts payable 1,244,847 2,119,604
Accrued expenses 459,931 386,363
Customer advances 548,098 161,418
--------------------------
Total current liabilities 3,928,506 4,018,015
Long-term debt 49,034 69,824
Non-compete liability 706,594 712,168
--------------------------
Total liabilities 4,684,134 4,800,007
--------------------------
Shareholders' equity:
Preferred Stock Series
"A" par value $ 1.00 - 0 - 326,530
8% Redeemable Convertible
Preferred Stock
Preferred stock, par value
$1.00; 1,000,000 shares authorized,
8% Convertible Redeemable
Preferred Stock 6,500 6,500
Common stock, par value $.01;
35,000,000 shares
authorized, 5,331,670 shares
issued and outstanding 67,695 53,317
on December 31, 1998, and
6,769,523 on March 31,1999
Additional paid-in capital 20,779,766 17,720,449
Accumulated deficit (11,396,633) (10,933,510)
--------------------------
Total liabilities and
shareholders' equity $14,141,462 $11,973,293
==========================
Acrodyne Communications, Inc.
Consolidated Statement of Operations
(Unaudited)
Three Months Ended June 30,
1999 1998
Net Sales $2,379,605 $3,431,505
Cost of Sales 1,594,169 2,108,935
--------------------------
Gross Profit 785,436 1,322,570
--------------------------
Operating Expenses:
Engineering, R & D 211,912 208,339
Selling 429,778 506,258
Administration 526,317 470,760
Amortization of intangibles 57,874 57,874
--------------------------
Total operating expenses 1,225,881 1,243,231
--------------------------
Operating Profit $(440,445) $79,339
Other income (expense)
Interest expense, net (41,187) (34,011)
Other income, net 9 600
Net income (481,623) 45,928
Dividend on 8% Convertible Redeemable (14,028) (14,028)
Preferred Stock
Net income applicable to
common shares $(495,651) $31,900
==========================
Net income per common
share basic $(0.0700) $0.006
==========================
Weighted average shares
outstanding basic 6,769,523 5,318,995
==========================
Net income per common
share diluted $(0.0700) $0.006
==========================
Weighted average shares
outstanding diluted 6,769,523 5,666,154
==========================
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