Amtech announces third-quarter 1996 operating results.DALLAS--(BUSINESS WIRE)--Nov. 8, 1996-- New WaveNet(TM) product line receives first significant orders Amtech Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMTC AMTC Applied Media Technologies Corporation AMTC Aerospace Manufacturing Technology Centre (Canada) AMTC American Modeling and Talent Convention AMTC Army Missile Test Center (White Sands Missile Range, NM) ) today announced operating results for the third-quarter and nine-month periods ended Sept. 30, 1996. Separately, the Company also announced that its Interactive Data Group's new WaveNet(TM) wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area product line has secured its first significant customer orders. Revenues for the third quarter ended Sept. 30, 1996, were $27,971,000, up 14% from the revenues of $24,526,000 reported for the comparable quarter in 1995. The Company reported a quarterly net loss of $63,000, or $0.00 per share, compared to a quarterly net loss of $422,000, or $0.03 per share, for the third quarter of 1995. The 1995 third-quarter results included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. purchased in-process research and development charge of $799,000, or $0.05 per share, related to the Company's acquisition of Cardkey Cardkey is the name of the company that started an Industry and were based in Simi Valley, California. They were the first company to develop and widely distribute "Electronic Access Control Systems". Once a division of Greer Hydraulics, Inc. Systems on Aug. 1, 1995. For the nine-month period ended Sept. 30, 1996, revenues totaled $86,114,000, up 67% from the $51,462,000 reported for the same period of 1995. Net income for the first nine months of 1996 was $270,000, or $0.02 per share, compared to a net loss in 1995 of $1,959,000, or $0.13 per share, including the one-time charge for purchased in-process research and development mentioned above. The reported financial results include the operations of Cardkey Systems since its acquisition by the Company, thus impacting comparability of the Company's 1996 results with those of 1995. The Company is currently targeting sales for calendar year 1996 of between $116 and $120 million with net results per share ranging from net income of $0.03 to a net loss of $0.05. Amtech reported its order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at Sept. 30, 1996, at approximately $37 million, compared with $43 million at June June: see month. 30, 1996, and $20 million at Dec. 31, 1995. "Both the Transportation Systems Group and Electronic Security Group continued profitability during the quarter," said G. Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. Mortenson, Amtech's president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The start-up Start-up The earliest stage of a new business venture. Interactive Data Group booked several initial significant orders in the quarter for deliveries before year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . As previously noted, the start-up costs of this group will continue to dilute di·lute v. To reduce a solution or mixture in concentration, quality, strength, or purity, as by adding water. adj. Thinned or weakened by diluting. the results of the Company as a whole through the end of 1996, with significant revenue contributions expected in 1997 from the new product line," Mr. Mortenson said. Amtech said that its Interactive Data Group has renamed its new product line "WaveNet(TM)". Mr. Mortenson noted, "The name WaveNet better communicates the group's position as a wireless local area networking supplier with overall systems capabilities. Together with the radio frequency identification See RFID. technologies from other Amtech groups, WaveNet provides a broad wireless platform for the supply chain management marketplace." Amtech said that the WaveNet(TM) Transaction Network has recently been selected by Kellogg, Alvey (project, body) Alvey - A funding programme for collaborative research in the UK. , Select Beverage, Hundai Motor Company, Hundai Merchant Marine Company, Ssang Yong
“Yung” redirects here. For other uses, see Yung (disambiguation). Motor Company and Korea Express for a variety of transaction intensive applications in warehousing, manufacturing, transportation and distribution to increase productivity and improve efficiency. Initial deliveries of these systems will be made to customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Korea and Taiwan beginning in the fourth quarter. Amtech Corporation is a leading global provider of systems and solutions utilizing the Company's core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. in wireless data and security technologies to serve the intelligent transportation, electronic security, logistics and other markets. The Company is organized into three market-oriented groups: Transportation Systems Group, headed by Amtech Systems Corporation; the Electronic Security Group, encompassing Cotag International and Cardkey Systems product and service lines; and the Interactive Data Group, comprised of WaveNet. The following is a "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: Other than historical information, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on management assumptions and involve risks and uncertainties, including but not limited to, the following: the Interactive Data Group's ability to develop successfully, timely release to manufacturing, and establish market channels for, its product line, and its customers acceptance of such products; the Transportation Systems Group's and Electronic Security Group's ability to increase the sales of their manufactured products; the availability of components from suppliers; the regulatory and trade environment; general domestic and international economic conditions; the impact of competitive products and pricing; the Company's ability to attract and retain key employees; and other risks detailed from time to time in the Company's SEC public filings. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , the Company's actual results could differ materially from the results forecast in the forward- looking statements. -0-
AMTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
-------------------- ---------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1996 1995 1996 1995
-------------------- ---------------------
Sales $ 27,971 $ 24,526 $ 86,114 $ 51,462
Operating costs and
expenses:
Cost of sales 15,961 15,775 50,177 33,582
Research and
development 2,263 2,798 7,384 6,323
Marketing, general
and administrative 10,255 6,629 30,328 14,312
-------- --------- --------- --------
28,479 25,202 87,889 54,217
Operating loss (508) (676) (1,775) (2,755)
Investment income 344 276 2,710 628
Interest expense (49) (66) (219) (66)
-------- --------- --------- --------
Income (loss) before
income taxes (213) (466) 716 (2,193)
Provision (benefit)
for income taxes (150) (44) 446 (234)
-------- --------- --------- --------
Net income (loss) $ (63) $ (422) $ 270 $ (1,959)
======== ========= ========= ========
Earnings (loss) per
share $ 0.00 $ (0.03) $ 0.02 $ (0.13)
======== ========= ========= ========
Shares used in
computing earnings
(loss) per share 14,622 14,666 14,749 14,648
======== ========= ========= ========
AMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, September 30,
1996 1995
--------- --------
ASSETS
Cash and marketable securities $ 19,947 $ 26,891
Accounts receivable, net 21,834 26,997
Inventories 16,311 11,501
Other current assets 3,360 1,998
Property and equipment, net 14,475 12,782
Intangible assets, net 8,309 9,067
Other assets 4,823 3,955
--------- --------
$ 89,059 $ 93,191
========= ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities $ 16,887 $ 15,248
Note payable -- 2,637
Stockholders' equity 72,172 75,306
--------- --------
$ 89,059 $ 93,191
========= ========
WORKING CAPITAL $ 44,565 $ 52,139
========= ========
CONTACT: Amtech Corp. Beverly V. Fuortes, 214/733-6059. |
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