American Technical Ceramics Corp. 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. 24, 1998-- 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) ), today announced earnings for the fourth quarter and fiscal year ended June 30, 1998. 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, 1998 decreased 4% to $9,695,000, from $10,062,000 in the comparable quarter in fiscal year 1997. Net income amounted to $849,000, or approximately $.22 per common share ($.21 per common share assuming dilution), for the fourth quarter ended June 30, 1998, compared with net income of $1,231,000, or approximately $.32 per common share ($.31 per common share assuming dilution), for the comparable quarter ended June 30, 1997. Net sales for the fiscal year ended June 30, 1998 increased 11% to $40,399,000, from $36,529,000 in fiscal year 1997. Net income amounted to $4,202,000, or approximately $1.08 per common share ($1.05 per common share assuming dilution), for the fiscal year ended June 30, 1998, compared with net income of $3,429,000, or approximately $.88 per common share ($.87 per common share assuming dilution), for the fiscal year ended June 30, 1997. Management stated that the decline in net sales for the fourth quarter compared to the comparable quarter in the prior fiscal year was principally due to a continued slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. of 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. sales into foreign markets. Sales of capacitors within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. remained at comparable levels to both last fiscal year's fourth quarter and the previous sequential quarter in this fiscal year, while sales of Thin Film products worldwide continued to grow. Victor Insetta, Chairman of 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 , said "We believe the long-term outlook remains strong in the principal industries that drive our business, including wireless, satellite communications and medical electronics. We intend to continue a vigorous Research and Development program targeted towards specific application areas within these markets. In June, we introduced the first of a series of capacitors designed to operate at higher frequencies than those previously attainable for products compatible with high-volume circuit assembly technologies. We will continue to make the necessary investments in facilities and equipment to support these new products, as well as in our Thin Film product line, which has seen continued growth during the recent market slowdown." New order rates since the end of the fiscal year are continuing at levels comparable to the fourth quarter of the prior fiscal year, with Thin Film accounting for a larger share of orders. For the first quarter of fiscal year 1999, a greater than usual proportion of orders are expected to be for shipment in later quarters, so that net sales for the first quarter are expected to be lower than the first quarter of fiscal year 1998 and the immediately preceding quarter. Management further stated that the decline in net income for the fourth quarter compared to the comparable quarter in the prior fiscal year was due to the lower sales, continued price erosion on the Company's core products and increased 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. . AMERICAN TECHNICAL CERAMICS CORP. designs, develops, manufactures, and markets RF/Microwave/Millimeter-Wave 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). and porcelain porcelain [Ital. porcellana], white, hard, permanent, nonporous pottery having translucence which is resonant when struck. Porcelain was first made by the Chinese to withstand the great heat generated in certain parts of their kilns. 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. "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, 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. -0-
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Three Months Ended
June 30,
------------------------------
1998 1997
---- ----
Net sales $ 9,695,000 $10,062,000
Income from operations 1,322,000 2,116,000
Net income 849,000 1,231,000
Earnings per share:
Basic $ .22 $ .32
Diluted $ .21 $ .31
Weighted average common shares outstanding:
Basic 3,901,000 3,891,000
Diluted 3,955,000 3,977,000
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Years Ended June 30,
---------------------------------
1998 1997
---- ----
Net sales $40,399,000 $36,529,000
Income from operations 6,498,000 5,579,000
Net income 4,202,000 3,429,000
Earnings per share:
Basic $ 1.08 $ .88
Diluted $ 1.05 $ .87
Weighted average common shares outstanding:
Basic 3,897,000 3,897,000
Diluted 4,009,000 3,920,000
CONTACT: Kathleen M. Kelly
Vice President
(516) 622-4710
e-mail: invest@atceramics.com
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