Alpha Industries Announces Record-Level Financial Performance in First Quarter.WOBURN, Mass.--(BUSINESS WIRE)--July 13, 1999-- ALPHA INDUSTRIES Alpha Industries is a clothing manufacturer founded in 1959 in Knoxville, Tennessee. The company makes items such as flight jackets and vests, and has made jackets for the military of the United States like the M65 Jacket. Two models are the MA-1 and CWU-45/P pilot jackets. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 :AHAA AHAA Association of Hispanic Advertising Agencies AHAA American Hearing Aid Associates AHAA Adolescent Health and Academic Achievement Study ) today announced its results for the first fiscal quarter ended June 27, 1999. The Company reported net income for the first quarter of $4.4 million or $0.25 per share, up more than 55% compared with adjusted net income for the same period last year. Adjusted net income for last year's period of $2.8 million or $0.18 per share assumes a tax rate of 36%, the same as for this year's quarter. Reported net income for last year's period was $4.0 million or $0.25 per share. 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 quarter were $38.6 million, up by 29% over $30.0 million for the same period last year. New orders received in the quarter totaled $42.0 million, up from $27.7 million for the same period last year. The Company's Wireless Semiconductors segment had sales of $24.0 million and generated $3.7 million in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. at a 45.7% gross margin. Application Specific Products had sales of $6.6 million and generated $1.7 million in operating profit at a 50.4% gross margin. Ceramic Products had sales of $8.0 million and generated $900 thousand in operating profit at a 35.2% gross margin. Deliveries to one major customer were 32.2% of total sales for the quarter. Tom Leonard Tom Leonard is the name of several notable people:
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. by 350% over last year. We are increasing our penetration of major wireless equipment OEMs. We see continued strength in the wireless telephony telephony without wires, usually employing electric waves of high frequency emitted from an oscillator or generator, as in wireless telegraphy. A telephone transmitter causes fluctuations in these waves, it being the fluctuations only which affect the receiver. See also: Wireless markets. "Wireless voice and data applications are converging, and we have made the strategic decision to focus on this dynamic market opportunity. Wireless OEMs have already begun introducing a stream of innovative wireless phones with data capabilities, as well as new data applications. These new products will increase the size of our target markets, and their RF complexity will increase the need for Alpha's products. We expect this trend to continue and strengthen, and we intend to be a major supplier to the markets it will create. Company Summary - Alpha Industries designs, develops, manufactures and markets proprietary radio frequency, microwave frequency and millimeter wave frequency integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and discrete semiconductors for wireless voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. . The primary applications for our products include wireless handsets for cellular and personal communications services See PCS. , or PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. . We also produce integrated circuits, discrete components and ceramic resonators and ferrites used in wireless base station equipment, cable television, wireless local loop, wireless personal digital assistants and wireless local area networks. Additional information is available at Alpha's Website - www.alphaind.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement - Except for the historical information contained herein, this news release contains forward-looking statements that constitute the Company's current intentions, hopes, beliefs, expectation or predictions of the future which are, therefore, inherently subject to risks and uncertainties. The Company's actual results could differ materially from those anticipated in the Company's forward-looking statements based on various factors, including without limitation: cancellation or deferral of customer orders, dependence on a small number of large customers, difficulties in the timely development and market acceptance of new products, market developments that vary from the current public expectations concerning the growth of wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , difficulties in manufacturing new or existing products in sufficient quantity or quality, increased competitive pressures, decreasing selling prices for the Company's products, or changes in economic conditions. Further information on factors that could affect the Company's performance is included in the Company's periodic reports filed with the SEC, including but not limited to the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 28, 1999, and subsequent Forms 10-Q. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstance on which any such statement is based. -0-
ALPHA INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(unaudited) First Quarter Ended
June 27, June 28,
(in thousands, except per share data) 1999 1998
Net sales $ 38,605 $ 29,955
Cost of sales 21,500 17,132
Research and development expenses 4,386 3,022
Selling and administrative expenses 6,434 5,497
Operating income 6,285 4,304
Interest expense (57) (89)
Interest income and other, net 630 201
Income before income taxes 6,858 4,416
Provision for income taxes 2,469 442
Net income(a) $ 4,389 $ 3,974
Net income per share basic(a) $ 0.26 $ 0.25
Net income per share diluted(a) $ 0.25 $ 0.25
Weighted average common shares basic 16,932 15,708
Weighted average common shares diluted 17,866 16,098
COMPARATIVE BALANCE SHEET
(unaudited) June 27, March 28,
(in thousands) 1999 1999
Current assets
Cash, cash equivalents and
short-term investments $129,619 $ 23,760
Accounts receivable, net 24,682 22,972
Inventories 9,928 8,773
Prepaid expenses and other current assets 5,728 7,318
Property, plant and equipment, less
accumulated depreciation and amortization 46,209 42,497
Other assets 1,432 1,361
Total assets $217,598 $106,681
Liabilities and Equity
Current liabilities
Current portion of long-term debt $ 387 $ 912
Accounts payable 9,523 10,700
Accrued liabilities and other current
liabilities 6,860 8,524
Long-term debt 462 713
Other long-term liabilities 4,991 4,818
Stockholders' equity 195,375 81,014
Total liabilities and equity $217,598 $106,681
-0- (a) Note - Alpha began reporting earnings on a fully taxed basis at an effective rate of 36%, beginning with the first quarter of fiscal 2000. Reported earnings for the first quarter of fiscal 1999 reflect a 10% tax rate, due to the utilization of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. . At an assumed tax rate of 36%, net income for the first quarter of fiscal 1999 would have been $2.8 million or $0.18 per share. |
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