American Technical Ceramics Corp. Announces Fourth 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)--Sept. 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 :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 fourth fiscal quarter and fiscal year end. 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, 2003 increased 8% to $13,070,000 from $12,142,000 in the comparable quarter in fiscal year 2002. Net loss amounted to $210,000, or approximately ($.03) per common share and 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, 2003, compared with net loss of $2,446,000, or approximately ($.30) per common share and common share assuming dilution, for the comparable quarter ended June 30, 2002. Net sales for the fiscal year ended June 30, 2003 decreased 1% to $49,048,000 from $49,585,000 in fiscal year 2002. Net loss amounted to $501,000, or approximately ($.06) per common share and common share assuming dilution, for the fiscal year ended June 30, 2003, compared with net loss of $4,243,000, or approximately ($.53) per common share and common share assuming dilution, for the fiscal year ended June 30, 2002. Management stated that, while sales were essentially flat for the year, the loss decreased significantly compared to the previous year. The improvement was due in part to cost reduction measures implemented by the Company in fiscal year 2002 in response to the industry downturn and increased precious metal recovery, as well as the lack of inventory write-downs to net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. and a loss on the sale of palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. , both of which occurred in fiscal 2002. In June 2002, the Company sold a portion of its palladium inventory to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. inventory levels with anticipated demand. The results for the fourth quarter of fiscal year 2002 included the loss on the palladium sale and other net charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and fixed asset writeoffs totaling $1,643,000, or approximately $.21 per share. The improvement quarter-to-quarter was due in part to these factors and the increase in sales. Bookings for the fourth quarter of approximately $11,500,000 were essentially level with the immediately preceding quarter and the comparable period in the previous fiscal year. Bookings for the full year improved significantly from the levels experienced during the prior fiscal year. Improvement was evident in all of the Company's major product lines. Victor Insetta, President and Chief Executive Officer of the Company, stated that, "While the electronic components industry continued to be impacted by the slow economy and difficult market conditions, our results for fiscal year 2003 demonstrate that we were able to grow customer relationships, stem the declines in sales and, through effective management, greatly reduce our losses. The results of this past quarter were similar to recent quarters reflecting the continued depressed economic climate. Our customers continue to order on very short-term horizons. In light of the traditional vacation summer months that mark our first fiscal quarter, we are experiencing a continuation of the soft business environment at the beginning of fiscal year 2004." Mr. Insetta added that, "During this period, we continue to invest in new products and business development. As a result of these efforts, 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 is continuing to meet the needs of its customers and is involved in the development of new systems. In addition, we are seeing some signs that the beginning of the next calendar year will bring improved business levels. We continue to believe that ATC is well positioned to participate in any increase in demand in our industry." The Company invites you to participate in the upcoming conference call with management. The details are as follows: Thursday, September 4, 2003 11:00 A.M. Eastern Standard Time TOLL FREE CALL IN NUMBER: 800-450-0785 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 800-475-6701 (USA) and 320-365-3844 (International). The access code is 695282. A live webcast of the call will begin at 11:00 EST EST electroshock therapy. EST abbr. electroshock therapy on September 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 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
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June 30, June 30,
2003 2002
-------- --------
Cash and Investments $11,696 $10,154
Accounts Receivable 6,721 6,328
Inventories 15,144 15,417
Current Assets 36,490 36,747
Total Assets 63,548 66,574
Current Liabilities 5,005 8,372
Total Liabilities 11,595 14,382
Total Stockholders' Equity 51,953 52,192
Condensed Consolidated Statement of Operations Data
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Three Months Ended
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June 30, June 30,
2003 2002
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Net Sales $13,070 $12,142
Gross Profit 3,509 287
Operating (Loss)/Income (352) (3,942)
Net (Loss)/Income (210) (2,446)
(Loss)/Earnings Per Share:
Basic $( 0.03) $( 0.30)
Diluted $( 0.03) $( 0.30)
Weighted Average Common Shares Outstanding:
Basic 8,078 8,064
Diluted 8,078 8,064
Condensed Consolidated Statement of Operations Data
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Fiscal Year Ended
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June 30, June 30,
2003 2002
--------- ---------
Net Sales $49,048 $49,585
Gross Profit 14,332 9,624
Operating (Loss)/Income (755) (6,596)
Net (Loss)/Income (501) (4,243)
(Loss)/Earnings Per Share:
Basic $( 0.06) $( 0.53)
Diluted $( 0.06) $( 0.53)
Weighted Average Common Shares Outstanding:
Basic 8,074 8,050
Diluted 8,074 8,050
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