American Technology Corp. reports record revenues and profit for fiscal 1994.SAN DIEGO--(BUSINESS WIRE)--Dec. 12, 1994--American Technology Corp. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :ATCO ATCO Air Traffic Control Officer ATCO Association of Transport Coordinating Officers (UK) ATCO Air Tanker/Fixed Wing Coordinator ATCO Aviation Transportation Coordination Office ATCO Air Taxi and Commercial Operator ) reported record revenues and net income for the fiscal year ended Sept. 30, 1994. The company reported record sales of $825,000 and net income of $320,000 or 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the fiscal year ended Sept. 30, 1994. This compares with sales of $15,000 and a net loss of $105,000, or 1 cent per share, for fiscal 1993. The company ended fiscal 1994 with working capital of $1,496,000 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $1,515,000, or 20 cents per share. The company has 7.3 million shares outstanding. Robert Putnam Robert David Putnam (born 1941 in Rochester, New York) is a political scientist and professor at Harvard University. Putnam developed the influential two-level game theory that assumes international agreements will only be successfully brokered if they also result in domestic , president, reported: "Our patented FM Sounds, the World's Smallest Radio, introduced in September 1993, has been a great success both in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and internationally. Distribution is continuing to expand with the recent addition of retail outlets such as Sharper Image, Rite Aide and CompUSA. "Sales for our miniature in-the-ear radio are at a record pace for 1995's first quarter ending Dec. 31. We expect second-quarter results will be aided by the introduction of our patented AM Sounds, the World's Smallest AM Radio, targeted at the rapidly growing talk and sports radio Sports radio (or sports talk radio) is a radio format devoted entirely to discussion and broadcasting of sporting events. A popular format with an almost exclusively male demographic in most areas, sports radio is characterized by an often-boisterous on-air style and markets. "With a backlog of innovative in-house technology, it is our plan to continue investing in product development, new product introduction and market expansion." The company's first profitable year resulted in part from the sale of securities received in exchange for the sale of proprietary technology developed by American Technology. The company retains marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has valued at more than $1.1 million. The company's research and development activities include Wireless Sounds -- a combination wireless headphone See headphones. and assistive listening device; Sonic Generator -- a revolutionary sound reproduction technology designed to produce pinpoint sound in space without speakers; Tracker -- an innovative low-cost electronic tracking system; and new medical electronic technology. American Technology is a San Diego-based electronics company specializing in the development, manufacturing and marketing of proprietary ultra-miniature consumer and medical electronic products. -0-
AMERICAN TECHNOLOGY CORP.
Financial Highlights
Fiscal Year Ended
Sept. 30,
1994 1993
Statement of Operations:
Net sales $ 825,816 $ 15,418
Pre-tax income (loss) 335,340 (104,627)
Net income (loss) 320,340 (104,627)
Net income (loss) per share
of common stock 4 cents (1 cent)
Average weighted number of
common shares outstanding 7,291,228 7,291,228
Sept. 30,
1994
Balance Sheet:
Working capital $ 1,496,298
Stockholders' equity 1,515,481
Total assets 1,971,610
CONTACT: American Technology Corp., San Diego Robert Putnam, 619/679-3101 |
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