Applied Signal Technology, Inc. Announces First Quarter Operating Results.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif. -- Applied Signal Technology, Inc. (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 :APSG APSG Antisymmetrized Product of Separated Geminals ) announced its operating results for the first quarter of fiscal year 2006 ended January January: see month. 27, 2006. New orders received during the first quarter of fiscal year 2006 were $33,006,000 compared to fiscal year 2005 first quarter new orders of $11,126,000. The significant increase is due to new orders received for certain airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. signal intelligence requirements. Revenues for the first quarter of fiscal year 2006 were $33,553,000 compared with revenues of $30,110,000 recorded during the first quarter of fiscal year 2005 representing an 11% increase. During the first quarter of fiscal year 2006, we incurred approximately $2.5 million of precontract PRECONTRACT. An engagement entered into by a person, which renders him unable to enter into another; as a promise or covenant of marriage to be had afterwards. When made per verba de presenti, it is in fact a marriage, and in that case the party making it cannot marry another person. costs that we anticipate will convert to revenue during fiscal year 2006. Precontract costs represent costs incurred in anticipation of specific expected future contract awards and costs incurred in connection with ongoing contracts for which contract modifications have not been defined. Precontract costs are recorded on the balance sheet as a component of prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. and other current assets Other Current AssetsA balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. until the contract award or modification is received. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of fiscal year 2006 was $2,526,000 compared with operating income of $3,272,000 recorded during the first quarter of fiscal year 2005. Net income for the first quarter of fiscal year 2006 was $1,312,000 or $0.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared with net income of $2,027,000 or $0.17 per diluted share recorded during the first quarter of fiscal year 2005. The decrease in both operating and net income is due to the impact of the adoption of Statement of Financial Accounting Standard (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 123R, "Share-Based Payment". The stock based compensation expense and reduction to operating income for the first quarter of fiscal year 2006 due to the adoption of SFAS 123R was approximately $1,141,000. Our effective tax rate for fiscal year 2006 is estimated to be 48.5% compared to our fiscal year 2005 effective tax rate of 40.3%. This increase in the estimated effective tax rate is due to the effect of SFAS 123R. Regarding the first quarter operating results, Mr. Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Yancey Yancey may refer to:
Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. precontract costs on certain delivery orders." "We are continuing to observe emphasis on Intelligence, Surveillance, and Reconnaissance An activity that synchronizes and integrates the planning and operation of sensors, assets, and processing, exploitation, and dissemination systems in direct support of current and future operations. This is an integrated intelligence and operations function. Also called ISR. (ISR (Interrupt Service Routine) Software routine that is executed in response to an interrupt. ) for global security. The Company is recognized as a major resource for ISR solutions and I feel that our marketplace will remain strong into the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future as we deliver these solutions." The Company will host a conference call on February February: see month. 28, 2006 to discuss first quarter results. If you wish to participate in the conference call, please dial 1-877-407-8035 for domestic callers or 1-201-689-8035 for international callers on February 28, 2006 at 5:00 p.m. eastern time/2:00 p.m. pacific time. There is no pass code required. This call may be listened to simultaneously over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through World Investor Links' Vcall Website, located at www.vcall.com. A rebroadcast of the call will be available upon its completion and will remain available for a limited time. Applied Signal Technology, Inc. provides advanced digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). products, systems and services in support of intelligence, surveillance, and reconnaissance for global security. For further information about Applied Signal Technology's products and services visit our website at www.appsig.com. Except for historical information contained herein, matters discussed in this news release may contain 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 involve risks and uncertainties that could cause actual results to differ materially from those expected. Statements as to the Company's ability to hire qualified employees to be able to meet all our commitments; and future orders for additional equipment are forward-looking statements. The risks and uncertainties associated with these statements include whether precontract costs will be recovered, orders will be issued by procurers, including the U. S. Government; the timing of any orders placed by procurers; whether we will be successful in obtaining contracts for these orders if they are forthcoming; whether any contracts obtained by us will be profitable and whether any such contracts might be terminated prior to completion; whether we will be able to hire qualified staff as needed as needed prn. See prn order. ; and other risks detailed from time to time in our SEC reports including our latest 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. filed for the fiscal year ended October 31, 2005.
APPLIED SIGNAL TECHNOLOGY, INC.
CONDENSED STATEMENTS OF INCOME
FOR THE PERIODS ENDING JANUARY 27, 2006 AND JANUARY 28, 2005
(Unaudited)
(In thousands except per share data)
Three Months Ended
-------------------------
January 27, January 28,
2006 2005
-------------------------
Revenues from contracts $ 33,553 $ 30,110
Operating expenses:
Contract costs 22,068 19,839
Research and development 3,589 3,177
General and administrative 5,370 3,822
-------------------------
Total operating expenses 31,027 26,838
-------------------------
Operating income 2,526 3,272
Interest income/(expense), net 22 163
-------------------------
Income before provision
for income taxes 2,548 3,435
Provision for income taxes 1,236 1,408
-------------------------
Net income $ 1,312 $ 2,027
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Net income per share - basic $0.11 $0.18
Average shares - basic 11,617 11,293
Net income per share - diluted $0.11 $0.17
Average shares - diluted 11,919 11,863
APPLIED SIGNAL TECHNOLOGY
CONDENSED BALANCE SHEETS
(in thousands)
ASSETS
January 27, October 31,
2006 2005
------------- ------------
(unaudited)
Current assets:
Cash and cash equivalents $ 11,207 $ 18,920
Short term investments 7,403 10,615
------------- ------------
Total cash, cash equivalents,
and short term investments 18,610 29,535
Accounts receivable 48,320 48,466
Inventory 9,563 5,269
Prepaid and other current assets 7,797 6,307
------------- ------------
Total current assets 84,290 89,577
Property and equipment, at cost 69,458 68,619
Accumulated depreciation and amortization (53,278) (52,328)
------------- ------------
Net property and equipment 16,180 16,291
Goodwill 19,785 19,785
Intangible assets 2,270 2,270
Less accumulated amortization (464) (265)
------------- ------------
Intangible assets, net 1,806 2,005
Long-Term Deferred Tax Asset, net 6,081 5,821
Other assets 723 844
------------- ------------
Total assets $ 128,865 $ 134,323
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued payroll and
benefits $ 14,284 $ 22,719
Notes payable 1,429 1,429
Income taxes payable 575 633
Other accrued liabilities 1,797 1,608
------------- ------------
Total current liabilities 18,085 26,389
Long-Term Liabilities:
Long-Term notes payable 7,857 8,215
Other Long-Term liabilities 1,805 1,787
------------- ------------
Total Long-Term liabilities $ 9,662 $ 10,002
Shareholders' equity 101,118 97,932
------------- ------------
Total liabilities and shareholders' equity $ 128,865 $ 134,323
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