Alpha Industries announces third quarter results; Sales Up 26 percent and net income up 86 percent over last year.WOBURN, Mass.--(BUSINESS WIRE)--Jan. 25, 1996--ALPHA INDUSTRIES, Inc. (AMEX AMEX See: American Stock Exchange :AHA) today announced the results for the third quarter ended Dec. 31, 1995. ALPHA continues to gain momentum in the 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. markets, as demonstrated by a substantial increase in orders, sales and earnings. Orders from the major wireless industry original equipment manufacturers (OEMs) and their suppliers continue to fuel ALPHA's growth. New orders received for the third quarter of fiscal 1996 totaled $26.6 million, an increase of 26 percent over the same period last year. Orders totaled $79.1 million for the first nine months of fiscal 1996, an increase of 30 percent over the comparable period last year, with demand particularly strong in the ceramic This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). components and Gallium Arsenide An alloy of gallium and arsenic compound (GaAs) that is used as the base material for chips. Several times faster than silicon, it is used in high frequency applications such as cellphones, DVD players and fiber optics. Monolithic Integrated Circuits The common form of chip design, in which the base material (substrate) contains the pathways as well as the active elements that take part in its operation. (GaAsMMICs) product areas. 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 third quarter increased 30 percent and totaled $25.2 million compared with sales of $19.4 million for the same period last year. Net sales for the first nine months of fiscal 1996 increased 27 percent and totaled $71.4 million compared with $56.3 million for the nine months ended Jan. 1, 1995. Net income for the third quarter was $1.4 million or $0.16 per share compared with $774,000 or $0.10 per share a 86 percent increase compared with the comparable period last year. Year-to-date net income totaled $3.6 million or $0.43 per share, a 78 percent increase over the same period last year. Per share data reflects a stock offering completed in the third quarter. While sales and profits have achieved substantial growth, there are indications that this rate of growth maybe slowed over the next one or two quarters. Our ceramics ceramics (sərăm`ĭks), materials made of nonmetallic minerals that have been permanently hardened by firing at a high temperature, or objects made of such materials. operation continues to experience demand that outpaces our ability to add capacity, due to equipment lead times and facility constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. . As previously announced, we continue to invest heavily in capital equipment and people and are moving ahead with our new 60,000 sq. ft. manufacturing facility. Our ability to improve operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: by leveraging Gallium Arsenide capacity is highly dependent on securing volume production design wins and on the overall subscriber market demand. Our new GaAs MMIC (Monolithic Microwave IC) An integrated circuit used in high-frequency applications such as mobile phones. Also known as "monolithic microwave/millimeter-wave IC," MMICs combine transistors and passive devices (resistors, capacitors, etc. designs and prototypes are being well received by our targeted customers, as evidenced by year-to-date sales to the top four wireless OEMs having increased by approximately 75 percent over last year, but the timing of the production ramp will not substantially increase until early fiscal year 1997. Capital expenditures in the third quarter totaled $3.0 million, which was heavily concentrated in the expansion of ALPHA's ceramic manufacturing facilities and further automation of semiconductor wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. fab operations. During the quarter, ALPHA successfully completed a secondary stock offering, which raised $25.3 million net of expenses, on the sale of 1,840,000 shares of common stock. The proceeds are being used to fund further capital expansion and to retire certain bank debt. Research and development spending continues to increase as ALPHA invests predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. in the ceramic and GaAs MMIC product lines. Commenting on the third quarter results, M.J. Reid, president and chief executive officer, said, "ALPHA's third quarter results continue to show growth in orders, sales and earnings. The overall market demand for the company's products remains strong. The operational issues affecting us are expected to be resolved in the next one to two quarters. The secondary stock offering completed in the third quarter creates a virtually debt-free ALPHA, with sufficient cash to fund the company's growth for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Serving the needs of a broad range of commercial and defense markets, ALPHA is a world leading manufacturer of microwave and millimeter-wave monolithic integrated circuits (MMICs), advanced microwave ceramic devices, dielectric resonator A dielectric resonator is an electronic component that exhibits resonance for a narrow range of frequencies, generally in the microwave band. The resonance is similar to that of a circular hollow metallic waveguide, except that the boundary is defined by large change in filters and subassemblies and semiconductor devices. ALPHA is a supplier to all the major commercial wireless markets, including cellular telephone and personal communications systems/networks (PCS/PCN). -0- ALPHA INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME
(unaudited) Third Quarter Ended Nine Months Ended
Dec. 31 Jan. 1, Dec. 31 Jan. 1,
(in thousands, except 1995 1995 1995 1995
per share data)
Net sales $ 25,237 $ 19,359 $ 71,404 $ 56,287
Cost of sales 16,684 13,494 47,572 39,407
Research and
development expenses 2,366 924 6,281 2,722
Selling and
administrative
expenses 4,384 3,917 13,121 11,254
Repositioning credit -- (320) --
Operating income 1,803 1,024 4,750 2,904
Interest expense (211) (170) (652) (555)
Interest income and
other, net 98 (15) 175 46
Income before income
taxes 1,690 839 4,273 2,395
Provision for income
taxes 253 65 641 359
Net income $ 1,437 $ 774 $ 3,632 $ 2,036
Net income per share $ 0.16 $ 0.10 $ 0.43 $ 0.26
Weighted average
common shares and
common share
equivalents 8,870 7,815 8,391 7,754
-0- COMPARATIVE BALANCE SHEET (unaudited) Dec. 31, Jan. 1, (in thousands) 1995 1995
Assets
Current assets
Cash and cash equivalents $ 21,247 $ 2,640
Accounts receivables,net 16,522 13,284
Inventories 11,834 9,306
Prepaid expenses and other
current assets 816 393
Property, Plant and equipment,
less accumulated
depreciation and amortization 23,911 19,458
Other assets 692 2,461
Total assets $ 75,022 $ 47,542
Liabilities and Equity
Current liabilities
Current portion of
long-term debt $ 268 $ 3,358
Current maturities of capital
lease obligations 404 371
Accounts payable 5,681 4,781
Accrued liabilities and other
current liabilities 7,242 6,153
Long-term debt 2,709 4,842
Other long-term liabilities 1,643 1,336
Stockholders' equity 57,075 26,701
Total liabilities and equity $ 75,022 $ 47,542
CONTACT: 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. David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Aldrich, 617/935-5150 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or |
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