American Technical Ceramics Corp. Announces Record Second 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)--Feb. 2, 2000 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) ), today announced record sales and earnings for the second quarter ended December December: see month. 31, 1999. 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 second quarter ended December 31, 1999 increased 75% to $14,893,000, from $8,504,000 in the comparable quarter in fiscal year 1999. The Company reported net income of $1,659,000, or approximately $.43 per common share ($.43 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 second quarter ended December 31, 1999, compared with net income of $516,000, or approximately $.13 per common share ($.13 per common share assuming dilution), for the same quarter in fiscal year 1999. Net sales for the six months ended December 31, 1999 increased 56% to $26,756,000, from $17,143,000 in the comparable period in fiscal year 1999. Net income amounted to $2,489,000, or approximately $.65 per common share ($.64 per common share assuming dilution), for the six months ended December 31, 1999, compared with net income of $434,000, or approximately $.11 per common share ($.11 per common share assuming dilution), for the comparable period ended December 31, 1998. Management stated that the increase in net sales was attributable to broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased increases in virtually all product areas, with the strongest growth in Thin Film products and core domestic commercial capacitors. The increase in net income was primarily due to the higher sales volume, particularly in Thin Film products, and the resulting increase in efficiencies. Management noted that net income for the quarter was almost twice the net income in the immediately preceding quarter, primarily due to a 25% increase in sales. Management indicated that orders in the second quarter increased compared to both the second quarter last fiscal year and the immediately preceding quarter. These increases reflect continued growth in core product demand, particularly in the wireless infrastructure market, as well as the receipt of a previously announced large Thin Film order. Overall sales activity during the early weeks of the current quarter continues at levels achieved during the second quarter. Victor Insetta, Chairman of the Company, stated, &uot;We are very pleased that our efforts to build up our sales presence and manufacturing capabilities are paying off in record orders, sales and net income. We believe that by continuing to expand production capacity and investing in new product development, coupled with our long standing relationships with customers who are leaders in their fields, we are well positioned to meet the expanding requirements of the markets in which we operate. Given what we perceive to be the current trends in these markets, we feel we should be able to sustain our current level of business throughout the balance of the fiscal year.&uot; We are pleased to invite you to participate in the upcoming conference call with management. The details are as follows: Thursday Thursday: see week. , February February: see month. 3, 2000 11:00 A.M. Eastern Standard Time TOLL FREE CALL IN NUMBER: 1-800 450-0785 American Technical Ceramics Corp. (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 ) 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. &uot;Safe Harbor&uot; statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act 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, 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 &uot;Item 1. BUSINESS - CAUTIONARY STATEMENTS REGARDING FORWARD - LOOKING STATEMENTS&uot; 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.
American Technical Ceramics Corp. and Subsidiaries
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(in thousands except per share data)
Condensed Consolidated Balance Sheets
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Dec. 31, 1999
(Unaudited) June 30, 1999
------------- -------------
Accounts Receivable 7,393 5,274
Inventories 12,664 12,436
Current Assets 28,997 24,620
Total Assets 49,040 43,622
Current Liabilities 8,433 5,460
Total Liabilities 14,172 11,237
Total Stockholders' Equity 34,868 32,385
Condensed Consolidated Statements of Operations
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(Unaudited)
Three Months Ended
December 31,
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1999 1998
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Net sales $ 14,893 $ 8,504
Gross profit 6,330 3,038
Operating income 2,577 606
Net income 1,659 516
Earnings per share:
Basic $ .43 $ .13
Diluted $ .43 $ .13
Weighted average common
shares outstanding:
Basic 3,827 3,829
Diluted 3,923 3,829
Condensed Consolidated Statements of Operations
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(Unaudited)
Six Months Ended
December 31,
-----------------------------
1999 1998
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Net sales $ 26,756 $ 17,143
Gross profit 10,330 5,455
Operating income 3,849 460
Net income 2,489 434
Earnings per share:
Basic $ .65 $ .11
Diluted $ .64 $ .11
Weighted average common
shares outstanding:
Basic 3,827 3,859
Diluted 3,906 3,859
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