American Technical Ceramics Corp. Announces Record Third 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)--May 2, 2000 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 record sales and earnings for the third quarter ended March 31, 2000. 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 March 31, 2000 increased 85% to $18,424,000 from $9,954,000 in the comparable quarter in fiscal year 1999. Net income amounted to $3,202,000, or approximately $.83 per common share ($.78 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 March 31, 2000, compared with net income of $966,000, or approximately $.25 per common share ($.25 per common share assuming dilution), for the comparable quarter ended March 31, 1999. Net sales for the nine months ended March 31, 2000 increased 67% to $45,180,000, from $27,097,000 in the comparable period in fiscal year 1999. Net income amounted to $5,691,000, or approximately $1.48 per common share ($1.42 per common share assuming dilution), for the nine months ended March 31, 2000, compared with net income of $1,400,000, or approximately $.36 per common share ($.36 per common share assuming dilution), for the comparable period ended March 31, 1999. 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 core domestic commercial capacitors and Thin Film products. Driving this demand was the continued strong growth in the wireless and cellular infrastructure markets as well as other broad band communications system In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. markets. 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 24% increase in sales. The sequential quarter increase in net sales was principally the result of an overall increase in demand for the Company's core commercial products and an increase in Thin Film shipments. The Company commenced shipments in this quarter on the large Thin Film order received last November. Victor Insetta, Chairman of the Company, stated "We achieved our second consecutive record quarter in both net sales and net income due in large part to our ability to rapidly expand our manufacturing capabilities and sales presence. The increases in market activity observed in the second quarter of the current fiscal year has strengthened and broadened. The strong level of orders and net sales the Company enjoyed in the third quarter has continued at about the same level into the early weeks of the fourth quarter and as a result we expect to sustain the current level of business for the balance of the fiscal year." Mr. Insetta further stated that "The Company is increasing its internal investments with a view toward both short and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. results. This includes further expansion of manufacturing capacity planned to come on line this calendar year, new materials and process capabilities to build additional product lines for future growth, expansion of our sales presence, and development of our information technology infrastructure to handle the increasing complexity of the business. Results so far include a doubling of our unit 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. output in the last 12 months, substantial increases in Thin Film operations, encouraging results from our newly established European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales offices, and the introduction earlier this year of the 600 Series capacitors, a new line of super-performance high-Q products for the wireless industry. We believe that 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 ideally positioned to be a key part of the communications infrastructure markets by continuing to provide value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products to its customers." We are pleased to invite you to participate in the upcoming conference call with management. The details are as follows: Wednesday, May 3, 2000 11:00 A.M. Eastern Standard Time TOLL FREE CALL IN NUMBER: 1-800-450-0819 American Technical Ceramics Corp. (ATC) 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, 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.
American Technical Ceramics Corp. and Subsidiaries
(in thousands, except per share data)
Condensed Consolidated Balance Sheets
-------------------------------------
March 31, 2000
(Unaudited) June 30, 1999
----------------- ------------------
Accounts Receivable 9,662 5,274
Inventories 14,281 12,436
Current Assets 33,068 24,620
Total Assets 53,809 43,622
Current Liabilities 9,665 5,460
Total Liabilities 15,377 11,237
Total Stockholders' Equity 38,432 32,385
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
-------------------------------
2000 1999
------------ -----------
$
Net sales $ 18,424 $ 9,954
Gross profit 9,393 4,288
Operating income 4,996 1,536
Net income 3,202 966
Earnings per share:
Basic $ 0.83 $ 0.25
Diluted $ 0.78 $ 0.25
Weighted average common shares
outstanding:
Basic 3,844 3,786
Diluted 4,087 3,786
Condensed Consolidated Statements of Operations
(Unaudited)
Nine Months Ended
March 31,
--------------------------------
2000 1999
------------ --------------
Net sales $ 45,180 $ 27,097
Gross profit 19,723 9,743
Operating income 8,845 1,996
Net income 5,691 1,400
Earnings per share:
Basic $ 1.48 $ 0.36
Diluted $ 1.42 $ 0.36
Weighted average common shares
outstanding:
Basic 3,832 3,835
Diluted 4,000 3,835
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