American Technical Ceramics Announces Fiscal 1998 First Quarter Earnings.HUNTINGTON STATION Huntington Station, uninc. town (1990 pop. 28,247), Suffolk co., SE N.Y., on the north shore of Long Island. The town has a diverse manufacturing base and is located near a popular vacation and fishing area on Long Island's north shore. , NY--(BUSINESS WIRE)--Nov. 5, 1997--American Technical Ceramics Corp. (AMEX AMEX See: American Stock Exchange Symbol:AMK AMK Ammattikorkeakoulu AMK Ang Mo Kio AMK Angkor Mikroheranhvatho Kampuchea (Cambodia microfinance) AMK Angkatan Muda Keadilan (Malaysia) ), today announced sales and earnings for the first quarter ended Sept. 30, 1997. 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 ended Sept. 30, 1997 increased 20 percent to $9,958,000, from $8,289,000 in the comparable quarter of fiscal 1997. Net income amounted to $1,044,000 for the quarter ended Sept. 30, 1997, or approximately $.27 per common and common equivalent share, compared with net income of $335,000, or approximately $.09 per common and common equivalent share, for the comparable quarter ended Sept. 30, 1996. Management reported that these sales and earnings results are both records for the first quarter of the Company's fiscal year. Management stated that the increase in sales for the quarter ended Sept. 30, 1997 was the result of a significant increase in demand for commercial capacitors in both domestic and international markets. Management stated further that the higher net income for the quarter ended Sept. 30, 1997 was primarily the result of the increase in sales and a return to more historical manufacturing margins compared to the comparable period in the prior fiscal year when the Company reported it was experiencing process difficulties, which negatively affected profit margins. The Company corrected most of these process difficulties in the second quarter of the prior fiscal year. In a separate development, the Company announced that, on Oct. 29, 1997 its principal manufacturing facility in Huntington Station, New York This article is about the place in New York. For the Metro station in Virginia, see Huntington (Washington Metro). Huntington Station is a hamlet (and census-designated place) in Suffolk County, New York, United States. , achieved registration to the ISO- iso- or is- pref. 1. Equal; uniform: isobar. 2. Isomeric: isopropyl. 3. 9002 international quality standard. American Technical Ceramics Corp. designs, develops, manufactures, and markets RF/Microwave/Millimeter-Wave ceramic and porcelain capacitors and Thin Film Products. The Company's products are focused primarily in the high reliability market for UHF (Ultra High Frequency) The range of electromagnetic frequencies from 300 MHz to 3 GHz. In the U.S., analog television has used UHF channels 52 to 69 in the 700 MHz band. and microwave applications. -0- "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 under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release may contain forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, fluctuations in operating results, delays in development of highly-complex products and other risks including, without limitation, those set forth in the Company's Annual Report on 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 fiscal year ended June 30, 1997 under the caption "Cautionary Statements Regarding Forward-Looking Statements" and in American Technical Ceramics Corp.'s other filings with the Securities and Exchange Commission. These risks could cause American Technical Ceramics Corp.'s actual results for future periods to differ materially from those expressed in any forward looking statements made by, or on behalf of, American Technical Ceramics Corp. -0-
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Three Months Ended
Sept. 30,
(Unaudited)
1997 1996
Net sales $ 9,958,000 $ 8,289,000
Income from operations 1,665,000 575,000
Net income 1,044,000 335,000
Net income per share $ .27 $ .09
Weighted average common
and common equivalent
shares outstanding 3,893,000 3,884,000
CONTACT: American Technical Ceramics Corp. Kathleen M. Kelly Vice President 516/547-5710 |
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