American Technical Ceramics Corp. Announces Second Quarter Earnings.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. 5, 2001 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) ), the Huntington Station-based manufacturer of component and custom packaging solutions for the RF, Microwave and Telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. Industries, today announced earnings for its second fiscal quarter and the six months ended December 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 December 31, 2000 increased 43% to $21,326,000 from $14,935,000 in the quarter ended December 31, 1999. Net income amounted to $2,445,000, or approximately $.31 per common share ($.30 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 December 31, 2000, compared with net income of $1,659,000, or approximately $.22 per common share ($.21 per common share assuming dilution), for the quarter ended December 31, 1999. Net sales for the six month period ended December 31, 2000 increased 57% to $42,223,000 from $26,837,000 in the six month period ended December 31, 1999. Net income amounted to $5,040,000, or approximately $.63 per common share ($.61 per common share assuming dilution), for the six months ended December 31, 2000, compared with net income of $2,489,000, or approximately $.33 per common share ($.32 per common share assuming dilution), for the comparable period ended December 31, 1999. Management stated that the increases in net sales for both the quarter and six month periods were primarily attributable to increases in sales of core domestic and foreign commercial capacitors and Thin Film products. The increase in net income was primarily due to the higher sales volume and the resulting increase in production efficiencies, offset somewhat by increased costs 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. and the commencement of several new product initiatives. The cost of palladium has increased significantly over the past six months which has negatively impacted current results and will continue to impact results for the balance of the fiscal year. Comparing results to those of the immediately preceding quarter, management noted that net income for the current quarter was 6% lower then in the immediately preceding quarter, primarily due to an expected decline in gross margins as a result of increases in the cost of palladium and investments in the infrastructure for newer product lines. Order bookings for the second quarter were $24,101,000, representing a 2% increase over the sequential quarter and a 29% increase over the comparable quarter in fiscal year 2000. Victor Insetta, Chairman of the Company, stated that "Our business continues to develop in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with our plans and expectations. While overall sales were essentially flat for the second quarter, our new lower-cost, high volume 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. products continue to gain acceptance in the market and we are preparing to bring to market our new Low Temperature Co-fired 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). (LTCC LTCC Lake Tahoe Community College LTCC Low Temperature Cofired Ceramic LTCC Long Term Consumer Care, Inc. LTCC London Traffic Control Centre (UK) LTCC Long Term Care Consultation LTCC London Terminal Control Centre ) line targeted at the market for RF custom circuits. These and other new products will form the bases for our continued growth as they gradually gain greater market acceptance." Mr. Insetta further stated that, "Our program of investments accelerated in the second quarter and will continue at a high level during the balance of the current fiscal year. We expect to sustain our current level of business while we continue to invest in our inventory to shorten (audio, compression) Shorten - A form of lossless audio compression. core product delivery times, and continue implementation of a new information technology system to support planned growth and product diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. . We expect fiscal year 2001 to be another strong year for us as core product lines remain steady while newer products ramp to production volume and we continue our investment program to build for our future. With new technologies and products in our pipeline and excellent market access, 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 for continued long-term growth." We invite you to participate in the upcoming conference call with management. The details are as follows:
Tuesday, February 6, 2000
11:00 A.M. Eastern Standard Time
TOLL FREE CALL IN NUMBER: 888-273-9885
A replay of the call will be available beginning shortly after the call ends through February 13, 2001 at 11:59 pm EST EST electroshock therapy. EST abbr. electroshock therapy . To listen to the replay, the number is 1-800-475-6701 (USA) and 320-365-3844 (International). The access code is 565499. There will be a live webcast of the conference call and an immediate replay of the call. This replay will be available thru May 6, 2001. To access the webcast, please go to our 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. American Technical Ceramics website, atceramics.com, contains an investor relations section which includes the Company's news releases and transcripts of teleconferences. American Technical Ceramics Corp. designs, develops, manufactures and markets components and Thin Film products for RF, Microwave and Millimeter-Wave applications. The Company's products are primarily focused on the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. infrastructure, fiber optic, medical electronics, semiconductor manufacturing equipment and satellite communications markets. "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 Sheet Data
December 31, 2000 June 30, 2000
(unaudited)
Accounts Receivable, Net $11,755 $12,686
Inventories 20,242 16,133
Current Assets 39,638 36,696
Total Assets 68,693 59,787
Current Liabilities 10,721 9,609
Total Liabilities 18,438 15,466
Total Stockholders' Equity 50,255 44,321
Condensed Consolidated Statement of Operations Data
Three Months Ended
(unaudited)
December 31, 2000 December 31, 1999
Net Sales (1) $21,326 $14,935
Gross Profit (1) 8,858 6,285
Operating Income 3,787 2,577
Net Income 2,445 1,659
Earnings Per Share (2):
Basic $0.31 $0.22
Diluted $0.30 $0.21
Weighted Average Common Shares
Outstanding (2):
Basic 7,952 7,653
Diluted 8,292 7,847
Condensed Consolidated Statement of Operations Data
Six Months Ended
(unaudited)
December 31, 2000 December 31, 1999
Net Sales (1) $42,223 $26,837
Gross Profit (1) 17,997 10,266
Operating Income 7,795 3,849
Net Income 5,040 2,489
Earnings Per Share (2):
Basic $0.63 $0.33
Diluted $0.61 $0.32
Weighted Average Common Shares
Outstanding (2):
Basic 7,939 7,653
Diluted 8,325 7,812
(1) Net sales and gross profit for the three and six months ended
December 31, 1999 have been revised to reflect the
reclassification of shipping and handling revenues and costs
upon adoption of EITF 00-10, accounting for shipping and
handling fees and costs, effective July 1, 2000.
(2) Share data for 1999 revised to reflect the 2-for-1 stock split
of the Company's Common Stock effected in the form of a 100
percent stock dividend effective April 24, 2000.
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