American Technical Ceramics Corp. Makes Announcement.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)--March 6, 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) ) reported today that it is not expecting sales for the third quarter to continue at the rates experienced during the first two quarters of the fiscal year. Victor Insetta, President and Chief Executive Officer of the company, stated that "after reviewing order results for the first two months of this quarter, it is apparent that there has been a slowing of activity in our marketplace. We are unable to predict how long this may last. What is clear from conversations with some of our customers and other market contacts is that some customers are deferring or reducing product requirements in response to the current situation in Asia." Mr. Insetta added that, "while we currently anticipate some growth compared to the third quarter of fiscal '97, we expect it will be quite modest." Stuart Litt, Senior Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company, stated that "since we are typically several levels down the supply chain, market trends can take some time to manifest themselves in our order rates. This is often compounded by the fact that our order rates can fluctuate significantly even week-to-week." He added that, "while only a small fraction of our sales are directly to Asia, the products of some of our customers have their end use there." Mr. Insetta concluded by stating that "we see no evidence that we are suffering any loss of market share. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the long-term prospects of our business." CONTACT: Kathleen M. Kelly Vice President - Administration 516/547-5710 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion