American Technical Ceramics Corp. Announces First Quarter Results.Business Editors 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)--Nov. 3, 2003 American Technical 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. 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) ), a leading manufacturer of high-performance electronic components, including capacitors and thin film circuits thin film circuits: see microelectronics. for a broad range of commercial and military applications, today announced financial results for the first fiscal quarter. 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 September 30, 2003 were $12,549,000, essentially flat compared to $12,487,000 in the comparable quarter in fiscal year 2003. Net loss amounted to $783,000, or approximately ($.10) per common share and per common share assuming dilution, for the quarter ended September 30, 2003, compared with net income of $338,000, or approximately $.04 per common share and per common share assuming dilution, for the comparable quarter ended September 30, 2002. Management stated that the net loss for the quarter ended September 30, 2003 compared to the net income recorded in the comparable period of the prior fiscal year was primarily due to lower gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . Gross margins decreased due to higher labor and overhead costs overhead costs see fixed costs. and lower precious metal recovery, partially offset by lower raw material costs. Management further stated that the decrease in net sales and net income compared to the immediately preceding sequential quarter was the result of a continuation of the soft business environment coupled with a decline in business levels during the traditional vacation summer months. In addition, net income declined due to reduced precious metal recovery and a reduction in the Company's expected tax benefit. Victor Insetta, President and Chief Executive Officer of the Company, said, "The results of last quarter were as expected. We had foreseen fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. that, since most customers are still operating under very short time horizons, business levels would probably decline during the traditional vacation summer months. Bookings for the quarter were approximately $12.3 million, essentially flat compared to the first fiscal quarter of last fiscal year, but 7% greater than the immediately preceding sequential quarter. Based upon what we saw in the first month of the current quarter, I believe this positive bookings trend will continue this quarter." The Company invites you to participate in the upcoming conference call with management. The details are as follows:
Tuesday, November 4, 2003
11:00 A.M. Eastern Standard Time
Toll Free Call in Number: 1-888-428-4479
A replay of the call will be available for approximately two weeks, beginning shortly after the call ends. To hear the replay, the number is 1-800-475-6701 (USA) and 320-365-3844 (International). The access code is 702611. A live webcast of the call will begin at 11:00 a.m. Eastern Standard Time on November 4, 2003. To access the webcast, go to the Company's website, www.atceramics.com, and click on the webcast icon in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. This webcast will be available for two weeks. American Technical Ceramics Corp. designs, develops, manufactures and markets electronic components, including 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). multilayer capacitors and custom thin film circuits. The Company's products are utilized in a broad range of commercial and military applications, including wireless infrastructure, 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 , medical electronics, semiconductor manufacturing equipment and satellite equipment. "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 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. that are subject to risks and uncertainties, including, but not limited to, economic and political conditions, the impact of competitive products, product demand and market acceptance risks, changes in product mix, costs and availability of raw materials, fluctuations in operating results, delays in development of highly-complex products, risks associated with international sales and sales to the U.S. military, risk of customer contract or sales order The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. cancellation and other risks detailed from time to time in American Technical Ceramics Corp.'s filings with the Securities and Exchange Commission, including, without limitation, those contained under the caption "Item 1. Business - Cautionary Statements Regarding Forward-Looking Statements" 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. . 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, the Company. Any forward-looking statements represent the Company's expectations or forecasts only as of the date they were made and should not be relied upon as representing its expectations or forecasts as of any subsequent date. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, even if its expectations or forecasts change.
American Technical Ceramics Corp. and Subsidiaries
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(in thousands, except per share data)
Condensed Consolidated Balance Sheet Data
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September 30, 2003 June 30, 2003
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(unaudited)
Cash and Investments $11,331 $11,696
Accounts Receivable 6,496 6,721
Inventories 15,336 15,144
Current Assets 36,115 36,490
Total Assets 62,682 63,548
Current Liabilities 4,863 5,005
Total Liabilities 11,358 11,595
Total Stockholders' Equity 51,324 51,953
Condensed Consolidated Statement of Operations Data
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Three Months Ended
(unaudited)
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September September
30, 2003 30, 2002
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Net Sales $12,549 $12,487
Gross Profit 2,876 4,086
Operating (Loss)/Income (1,039) 506
Net (Loss)/Income (783) 338
(Loss)/Earnings Per Share:
Basic $(0.10) $0.04
Diluted $(0.10) $0.04
Weighted Average Common Shares Outstanding:
Basic 8,096 8,071
Diluted 8,096 8,157
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