Aeroflex Incorporated Reports Record Second Quarter Sales and Operating Results.Business Editors PLAINVIEW Plainview. 1 Uninc. city (1990 pop. 26,207), Nassau co., SE N.Y., on Long Island. It is chiefly residential. 2 City (1990 pop. 21,700), seat of Hale co., NW Tex., on the Llano Estacado; inc. 1907. , N.Y.--(BUSINESS WIRE)--Jan. 31, 2001 Net Income Before Acquisition Charge Increased 545% On 39% Sales Increase Earnings Per Share Grew to $.11 From $.02 Aeroflex Incorporated (Nasdaq Symbol: ARXX), a leading designer, developer and manufacturer of microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. and automated testing (testing) automated testing - Software testing assisted with software tools that require no operator input, analysis, or evaluation. solutions for the broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). communications market, today announced record operating results for its second quarter ended December December: see month. 31, 2000. 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 for the second quarter ended December 31, 2000 increased 39% to $58,448,000 compared with $41,912,000 for the same period of last year. The Company reported that net income for the current quarter increased 545% to $6,615,000 ($.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. acquisition charge (see Note (a)), versus $1,025,000 ($.02 per diluted share) in 1999. Net sales for the six months ended December 31, 2000 increased 30% to $109,576,000 compared with $84,547,000 for the same period of last year. The Company reported net income for the six months ended December 31, 2000 of $11,836,000 ($.19 per diluted share) excluding a one-time acquisition charge (see Note (a)) versus $3,804,000 ($.08 per diluted share) in 1999 representing an increase of 211%. "We are very pleased to report such strong operating results for the quarter," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Gorin Gorin is an air base in Amur Oblast, Russia located 75 km northwest of Komsomolsk-na-Amure. It contains a 1 km long remote tarmac on the north side. A noteworthy major, but remote airfield. It may have been intended for dispersion of intermediate-range bombers during a Sino-Soviet conflict. , President. "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. reached another record total of $147 million. Manufacturing margins and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. both grew substantially over last year's results, reflecting a continuing demand for Aeroflex's proprietary products - particularly those in the fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber area. Gross profit and operating income were 42.5% and 16.3% of sales, respectively, compared to 32.3% and 5.7% of sales for the year-ago period. On a sequential quarter increase of 14.3% in sales, operating income in the second quarter grew 36.8%. Aeroflex continues to benefit from strong bookings, the successful launch of new and innovative products, expanding margins and a robust backlog. We are well positioned to expect a strong second half of the fiscal year." Per share amounts in 1999 have been restated to reflect the 5 for 4 stock split effective July July: see month. , 2000 and the 2 for 1 stock split effective November, 2000. As a result of the acquisition of Aeroflex Altair Cybernetics cybernetics [Gr.,=steersman], term coined by American mathematician Norbert Wiener to refer to the general analysis of control systems and communication systems in living organisms and machines. Corp. in October, 2000, all prior period amounts have been restated to reflect pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free accounting. About Aeroflex Aeroflex Incorporated, through its subsidiaries, designs, develops and manufactures state-of-the-art microelectronic The miniaturization of electronic circuits. See chip. module, integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for , interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. and testing solutions used in broadband communication applications. The Company's common stock trades on the Nasdaq National Market System under the symbol ARXX and is included in the S&P SmallCap 600 index. Additional information concerning Aeroflex Incorporated can be found on the company's Web site: www.aeroflex.com. (All statements other than statements of historical fact included in this press release regarding Aeroflex's financial position, business strategy and plans and objectives of its management for future operations 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. . When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Aeroflex or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of Aeroflex's management, as well as assumptions made by and information currently available to its management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , technological change or difficulties, product development risks, commercialization difficulties and general economic conditions. Such statements reflect our current views with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Aeroflex's financial condition, results of operations, growth strategy and liquidity.)
AEROFLEX INCORPORATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
For the Quarter Ended
12/31/00 12/31/00(a) 12/31/99
Net Sales $58,448 $58,448 $41,912
Cost of Sales 33,621 33,621 28,377
-------- -------- --------
Gross Profit 24,827 24,827 13,535
Selling, General and
Administrative Costs 10,828 10,828 8,501
Research and Development Costs 4,454 4,454 2,646
Acquisition Related Charge
(see Note a) 1,500 - -
-------- -------- --------
Operating Income 8,045 9,545 2,388
Interest and Other Income
(Expense), net 455 455 (638)
-------- -------- --------
Income Before Income Taxes 8,500 10,000 1,750
Provision for Income Taxes 2,875 3,385 725
-------- -------- --------
Net Income $ 5,625 $ 6,615 $ 1,025
======== ======== ========
Net Income Per Share:
Basic $0.10 $0.11 $0.02
----- ----- -----
Diluted $0.09 $0.11 $0.02
===== ===== =====
Weighted Average Number of Shares
Outstanding - Basic 57,658 57,658 46,728
======== ======== ========
- Diluted 61,601 61,601 48,051
======== ======== ========
For the Six Months Ended
12/31/00 12/31/00(a) 12/31/99
Net Sales $109,576 $109,576 $ 84,547
Cost of Sales 65,284 65,284 55,765
--------- --------- ---------
Gross Profit 44,292 44,292 28,782
Selling, General and
Administrative Costs 20,293 20,293 15,945
Research and Development Costs 7,478 7,478 5,200
Acquisition Related Charge
(see Note a) 1,500 - -
--------- --------- ---------
Operating Income 15,021 16,521 7,637
Interest and Other Income
(Expense), net 1,193 1,193 (1,533)
--------- --------- ---------
Income Before Income Taxes 16,214 17,714 6,104
Provision for Income Taxes 5,500 6,010 2,300
--------- --------- ---------
Income Before Cumulative Effect of
a Change in Accounting 10,714 11,704 3,804
Cumulative Effect of a Change in
Accounting, net of tax 132 132 -
--------- --------- ---------
Net Income $ 10,846 $ 11,836 $ 3,804
========= ========= =========
Net Income Per Share-Basic
Income Before Cumulative Effect $0.19 $0.21 $0.08
Cumulative Effect of a Change in
Accounting - - -
----- ----- -----
Net Income $0.19 $0.21 $0.08
===== ===== =====
Net Income Per Share-Diluted
Income Before Cumulative Effect $0.18 $0.19 $0.08
Cumulative Effect of a Change in
Accounting - - -
----- ----- -----
Net Income $0.18 $0.19 $0.08
===== ===== =====
Weighted Average Number of Shares
Outstanding - Basic 57,136 57,136 46,871
========= ========= =========
- Diluted 60,808 60,808 49,153
========= ========= =========
(a) Excluding one-time charge of $1.5 million ($990,000, net of
tax) for in-process research and development costs related to
the Company's acquisition of RDL, Inc. in October, 2000
BALANCE SHEET DATA
(In thousands)
December 31, June 30,
2000 2000
Working Capital $ 134,562 $ 133,586
Total Assets 273,192 249,495
Total Debt 13,989 14,549
Stockholders' Equity 228,557 201,644
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