American Technical Ceramics Announces Fourth Quarter and Year End 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. , N.Y.--(BUSINESS WIRE)--Aug. 20, 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 earnings for the fourth quarter and fiscal year ended June 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 fourth quarter ended June 30, 1997 increased 6% to $10,062,000, compared with net sales of $9,448,000 for the comparable quarter in fiscal year 1996. The company recorded net income of $1,235,000 for the fourth quarter ended June 30 1997, or approximately $.32 per common and common equivalent share, compared with net income of $820,000, or approximately $.21 per common and common equivalent share, for the comparable quarter ended June 30, 1996. Net sales for the fiscal year ended June 30, 1997 increased 8% to $36,529,000, compared with net sales of $33,884,000 in fiscal year 1996. The company recorded net income of $3,433,000 for the fiscal year ended June 30, 1997, or approximately $.88 per common and common equivalent share, compared with net income of $2,063,000, or approximately $.53 per common and common equivalent share, for the fiscal year ended June 1996. Management stated that the improved financial results for the fourth quarter and fiscal year ending June 30, 1997 were primarily the result of increased sales, continued improvement of its manufacturing processes and production yields, lower manufacturing overhead costs overhead costs see fixed costs. and a more favorable product sales mix sales mix See product mix. for core capacitor capacitor or condenser, device for the storage of electric charge. Simple capacitors consist of two plates made of an electrically conducting material (e.g., a metal) and separated by a nonconducting material or dielectric (e.g. products. 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 detailed from time to time in American Technical Ceramics Corp.'s 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
June 30,
1997 1996
Net sales $ 10,062,000 $ 9,448,000
Income from operations 2,005,000 1,420,000
Net income 1,235,000 820,000
Net income per share $ .32 $ .21
Weighted average common
and common equivalent
shares outstanding 3,891,000 3,884,000
Years Ended June 30,
1997 1996
Net sales $ 36,529,000 $ 33,884,000
Income from operations 5,468,000 3,178,000
Net income 3,433,000 2,063,000
Net income per share $ .88 $ .53
Weighted average common
and common equivalent
shares outstanding 3,887,000 3,880,000
CONTACT: American Technical Ceramics Corp. Kathleen M. Kelly Vice President 516/547-5710 |
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