Acrodyne Communications, Inc. Announces Third Quarter 1999 results.BLUE BELL, Pa.--(BUSINESS WIRE)--November 16, 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 third quarter ending September September: see month. 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 $2,327,703 as compared to $3,357,391 for the same period in 1998. Net income was $(867,803), or $(0.1300) per share, on 6,791,681 weighted average common shares outstanding for the three months ended September 30, 1999, as compared to $(300,351) or $(0.0600) per share, on 5,321,996 weighted average common shares outstanding for the same period in 1998. Net sales for the three months ended September 30, 1999 showed a 31% decrease over net sales for the three months ended September 30, 1998. Management believes the reduction in sales is mainly due to the delay in purchasing of Digital transmission equipment by broadcasters. This delay is partly a result of the broadcasters' desire to increase transmitted power, which requires further authorization The right or permission to use a system resource; the process of granting access. See access control. from the 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. . In addition, the shipment of an ACT transmitter A device that generates signals. Contrast with receiver. was rescheduled by the customer from the third to fourth quarter of 1999. Although shipments in the quarter are down, new 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. for High Power products continues to increase. The company believes that this increase in High Power demand is a result of the strategic alliance with Sinclair Broadcast, who has increased Acrodyne's national recognition and had improved Acrodyne's access to major customers. A. 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. Mancuso Mancuso may refer to:
Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. in 2000 and finally, the company continues to expand its management and support teams to meet planned growth in 2000 and beyond. These recent announcements are further evidence of our commitment to our customers, and the industry we serve. 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 o·ver-the-air adj. Of, relating to, or being a medium of broadcast transmission, such as radio or television: over-the-air programming. signals. -0-
Acrodyne Communications, Inc.
Consolidated Balance Sheet
September 30, December 31,
1999 1998
-------------- -------------
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 1,800,895 $ 983,695
Accounts receivable,
net of allowance for
doubtful accounts 1,541,246 1,497,197
Inventories 6,451,495 4,235,445
Prepaid expenses and deposits 371,913 170,958
Total current assets 10,165,549 6,977,295
Property, plant and
equipment, net 488,539 504,469
Non-compete agreement, net 379,572 435,822
Goodwill, net 3,938,335 4,055,707
Total assets 14,971,995 11,973,293
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 87,331 75,630
Borrowings under Credit Line 1,613,404 1,275,000
Accounts payable 1,570,681 2,119,604
Accrued expenses 248,747 386,363
Customer advances 2,157,015 161,418
Total current liabilities 5,677,178 4,018,015
Long-term debt 17,050 69,824
Non-compete liability 703,712 712,168
Total liabilities 6,397,940 4,800,007
Shareholders' equity:
Preferred Stock Series
"A" par value $1.00
8% Preferred Redeemable
Convertible Stock - 326,530
Preferred stock, par
value $1.00
8% Convertible Redeemable
Preferred Stock 6,500 6,500
Common stock, par value $.01;
35,000,000 shares authorized
6,791,681 shares issued and
outstanding on September 30, 1999 67,917 53,317
5,331,670 shares issued and
outstanding on December 31, 1998
Additional paid-in-capital 20,764,075 17,720,449
Accumulated deficit (12,264,437) (10,933,510)
Total shareholders' equity 8,574,055 7,173,286
Total liabilities and
shareholders' equity $ 14,971,995 $ 11,973,293
Acrodyne Communications, Inc.
Consolidated Statement of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
---- ---- ---- ----
Net Sales $2,327,703 $3,357,391 $7,730,399 $9,952,871
Cost of Sales 2,074,933 2,300,174 5,600,451 6,542,547
Gross Profit 252,770 1,057,217 2,129,948 3,410,324
Operating Expenses:
Engineering, R & D 220,079 222,316 656,470 650,093
Selling 291,555 580,174 1,072,525 1,424,269
Administration 529,627 459,453 1,484,056 1,315,647
Amortization 57,874 57,874 173,622 173,622
Total Operating
Expenses 1,099,135 1,319,817 3,386,673 3,563,631
Operating Loss (846,365) (262,600) (1,256,725) (153,307)
Other Income (Expense)
Interest Expense, Net (21,600) (37,756) (74,705) (66,094)
Other Income, Net 162 5 502 607
Net Loss (867,803) (300,351) (1,330,928) (218,794)
Dividend on 8%
Preferred Stock (14,028) (14,028) (42,084) (42,084)
Net Loss available to
Common Shares (881,831) (314,379) (1,373,012) (260,878)
Net Loss per Common
share basic $(0.1300) $(0.0600) $(0.2000) $(0.0500)
Weighted average
shares outstanding
basic 6,761,681 5,321,996 6,761,681 5,318,045
Net Loss per Common
share diluted $(0.1300) $(0.0600) $(0.2000) $(0.0500)
Weighted average
shares outstanding
diluted 6,761,681 5,321,996 6,761,681 5,318,045
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