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. 6, 2002 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) ), 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, 2002 decreased 10% to $12,487,000 from $13,905,000 in the comparable quarter in fiscal year 2002. Net income amounted to $338,000, or approximately $.04 per common share ($.04 per common share assuming dilution), for the quarter ended September 30, 2002, compared with net income of $298,000, or approximately $.04 per common share ($.04 per common share assuming dilution), for the comparable quarter ended September 30, 2001. Management stated that the decrease in sales for the three-month period as compared to the comparable period of the prior fiscal year was a result of lower sales due to continued weakness in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. markets. Net income for the quarter ended September 30, 2002 was essentially the same as for the comparable period of the prior fiscal year, on significantly lower sales. The lower sales level was offset by lower manufacturing costs and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , primarily as a result of cost reduction efforts implemented during the latter part of the fiscal year ended June 30, 2002. Bookings for the first quarter improved significantly from the levels experienced during the comparable quarter of last fiscal year. Improvement was evident in nearly all of the Company's major product lines. Bookings also increased modestly from the immediately preceding fiscal quarter in most product lines. Victor Insetta, President and Chief Executive Officer of the Company, said, "I am pleased to report our return to profitability. We are at the same time cautious of the future as news of the economy is still mixed and our short term outlook remains cloudy cloudy (clou´de) 1. murky; turbid; not transparent. 2. marked by indistinct streaks. . "We have worked continuously to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our business with market conditions, and we believe the results that were achieved in the first quarter reflect these efforts. In the past quarter, we continued these efforts, retiring the remainder of our bank debt and taking other steps we believe are prudent in light of the current business environment. At the same time, we see some opportunities in our markets and are selectively increasing spending to position ourselves to take advantage of these opportunities. We believe we are well positioned to weather the remainder of this economic downturn and to respond when the electronic components market rebounds." The Company invites you to participate in the upcoming conference call with management. The details are as follows:
Thursday, November 7, 2002
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 657463. A live webcast of the call will begin at 11:00 EST EST electroshock therapy. EST abbr. electroshock therapy on November 7, 2002. 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 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 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 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. 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
(in thousands, except per share data)
Condensed Consolidated Balance Sheet Data
September 30, 2002 June 30, 2002
(unaudited)
Cash and Investments $ 7,974 $ 10,154
Accounts Receivable 6,464 6,328
Inventories 14,912 15,417
Current Assets 34,157 36,747
Total Assets 64,290 66,574
Current Liabilities 4,544 8,372
Total Liabilities 11,770 14,382
Total Stockholders' Equity 52,520 52,192
Condensed Consolidated Statement of Operations Data
Three Months Ended
(unaudited)
September 30, 2002 September 30, 2001
Net Sales $ 12,487 $ 13,905
Gross Profit 4,086 4,361
Operating Income 455 488
Net Income 338 298
Earnings Per Share:
Basic $ 0.04 $ 0.04
Diluted $ 0.04 $ 0.04
Weighted Average Common Shares
Outstanding:
Basic 8,071 8,030
Diluted 8,157 8,252
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