Acrodyne Communications Inc, Announces Year End and Fourth Quarter Results Second Consecutive Quarter of Profits Reported.Business Editors COCKEYSVILLE, Md.--(BUSINESS WIRE)--April 1, 2002 Acrodyne Industries, Inc, the operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Acrodyne Communications, an OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → (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 ) and a leading manufacturer of professional broadcast transmission equipment reported in its 10K filed on April 1, 2002 its results for its fiscal year 2001. After sustaining losses during the first six months of operation in fiscal year 2001 the company reported its second consecutive profitable quarter. For the fiscal year ending December 31, 2001, 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 rose 102% to $13,895,261 over fiscal year 2000. Fourth quarter 2001 sales were a company record of $6,256,687. For the year ended December 31, 2001, net loss was $(2,569,204) or $(0.39) per share, as compared to a net loss of $(12,984,186) or $(1.84) per share for the previous year. Gross margins increased from a negative 27% in 2000 to a positive 29% in 2001. This was due to the successful introduction of the new Quantum product line of high power transmitters in the second half of the year, margin from a terminated program, and the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of unprofitable older product lines. "The return to profitability of Acrodyne is a welcome outcome of the difficult decisions made by the management team during the previous 18 months. The Quantum transmitter line is proving to be an outstanding performer in the field and our strong ongoing sales and marketing efforts are expected to yield continuing favorable results. The efforts of our employees and our loyal customers and our investors are the principle reasons for these results", stated Nat Ostroff, Chairman and Acting 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. . Acrodyne Industries, Inc., the operating subsidiary of Acrodyne Communications, Inc. and a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , has been an established and respected manufacturer of television broadcast equipment for over three decades. Acrodyne is a leading producer of technically advanced, high quality television transmitters. This press release contains "forward-looking statements" concerning future expectation, plans or strategies that involve a number of risks and uncertainties. The Company wishes to caution readers that certain factors may have affected the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statements to reflect subsequently occurring events or circumstances. |
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