American Technical Ceramics Corp. Announces Fourth Quarter Financial Results.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. -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" 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 fourth quarter and the fiscal year ended June 30, 2004. 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 June 30, 2004 increased 45% to $19,009,000 from $13,070,000 in the comparable quarter in fiscal year 2003. Net income amounted to $3,090,000, or approximately $0.38 per common share and $0.36 per common share assuming dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. , for the quarter ended June 30, 2004, compared with a net loss of $210,000, or approximately ($0.03) per common share and common share assuming dilution, for the comparable quarter ended June 30, 2003. Net sales for the fiscal year ended June 30, 2004 increased 25% to $61,183,000 from $49,048,000 in fiscal year 2003. Net income amounted to $2,176,000, or approximately $0.27 per common share and $0.25 per common share assuming dilution, for the fiscal year ended June 30, 2004, compared with a net loss of $501,000, or approximately ($0.06) per common share and common share assuming dilution, for the fiscal year ended June 30, 2003. Management stated that the significant improvement in sales was due to both improved business conditions and increased market share across all product lines and in all of the markets the Company serves, particularly the wireless infrastructure and semiconductor equipment markets. The wireless infrastructure market traditionally has been the Company's largest market. Profit improvements were also driven by gross profit margin 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. increases which resulted primarily from the ability to run production at higher more efficient volumes, in part due to the reengineering efforts previously implemented by the Company, and comparatively lower inventory reserve requirements Reserve Requirements Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank. as a result of the significant increase in bookings. Bookings for the fourth quarter increased to $20,336,000, an increase of 9% over the immediately preceding quarter, and an increase of 77% over the comparable period in the previous fiscal year. Bookings for the full year increased 34% over the prior fiscal year. Improvement was evident in most of the Company's major product lines and markets, particularly in the wireless infrastructure and semiconductor equipment markets. Victor Insetta, President and Chief Executive Officer of the Company, stated, "We are very pleased with the results for the quarter and the full year. Our program of investments has improved our customer service and product delivery capabilities. This, in turn, has enabled us to meet our customers' requirements as demand in our core markets surged." Mr. Insetta added, "Bookings have increased in each of the last four quarters over the sequential quarter. When periods of rapid growth follow an extended downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , customers tend to balance their inventories and production lines. While we expect that this will result in lower bookings and net sales in the first quarter compared to last quarter which, in turn, will diminish our first quarter's results, we also expect our first quarter's bookings and net sales to be up substantially compared to the comparable quarter in the prior fiscal year. We foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. improvements in bookings and sales as the year progresses. In short, we believe fiscal year 2005 will be a good year for ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ." The Company invites you to participate in its upcoming conference call with management. The details are as follows:
Friday, September 10, 2004
11:00 A.M. Eastern Time
TOLL FREE CALL IN NUMBERS:
800-901-5231 (USA) and 617-786-2961 (International)
Passcode 26131017
A replay of the call will be available for approximately two weeks beginning shortly after the call ends. The numbers to call to hear the replay are (888) 286-8010 (USA) and (617) 801-6888 (International). The access code is 88172070. A live webcast of the call will begin at 11:00 a.m., Eastern Time, on Friday, September 10, 2004. 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 the Company'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
(in thousands, except per share data)
Condensed Consolidated Balance Sheet Data
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June 30, June 30,
2004 2003
---------- ---------
Cash and Investments $7,042 $11,696
Accounts Receivable 10,563 6,721
Inventories 22,268 15,144
Current Assets 43,515 36,337
Total Assets 69,853 63,548
Current Liabilities 8,615 5,005
Total Liabilities 15,026 11,595
Total Stockholders' Equity 54,827 51,953
Condensed Consolidated Statement of Operations Data
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Three Months Ended
----------------------
June 30, June 30,
2004 2003
----------- ---------
Net Sales $19,009 $13,070
Gross Profit 8,605 3,509
Operating Income/(Loss) 3,555 (352)
Net Income/(Loss) 3,090 (210)
Income/(Loss) Per Share:
Basic $0.38 $(0.03)
Diluted $0.36 $(0.03)
Weighted Average Common Shares Outstanding:
Basic 8,181 8,078
Diluted 8,639 8,078
Condensed Consolidated Statement of Operations Data
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Fiscal Year Ended
---------------------
June 30, June 30,
2004 2003
----------- ---------
Net Sales $61,183 $49,048
Gross Profit 20,437 14,332
Operating Income/(Loss) 2,528 (755)
Net Income/(Loss) 2,176 (501)
Income/(Loss) Per Share:
Basic $0.27 $(0.06)
Diluted $0.25 $(0.06)
Weighted Average Common Shares Outstanding:
Basic 8,132 8,074
Diluted 8,583 8,074
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