Applied Signal Technology, Inc. Announces First Quarter Operating Results.Business Editors/High-Tech Writers 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.--(BUSINESS WIRE)--Feb. 18, 2003 Applied Signal Technology, Inc. (Nasdaq:APSG APSG Antisymmetrized Product of Separated Geminals ) announced its operating results for the first quarter of fiscal year 2003 ended January January: see month. 31, 2003. Revenues for the first quarter of fiscal year 2003 were $18,178,000 representing a 12% increase compared with revenues of $16,231,000 recorded during the first quarter of fiscal year 2002. The increase in revenues recorded during the first quarter of fiscal year 2003, when compared to the first quarter of fiscal year 2002, is due to increased revenues generated by the Company's engineering development programs. The revenues generated by these programs were primarily a result of the new orders received during the third and fourth quarters of fiscal year 2002. Net income for the first quarter of fiscal year 2003 was $1,785,000 or $0.17 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 an increase of 6% when compared to the first quarter of fiscal year 2002 net income of $1,691,000 or $0.17 per diluted share. This increase in net income is primarily due to the growth in revenues during the first quarter of fiscal year 2003 when compared to the first quarter of fiscal year 2002. New orders received during the first quarter of fiscal year 2003 were $12,044,000, down 9% compared to fiscal year 2002 first quarter orders of $13,162,000. The decline in new orders is due to what the Company believes to be the typical fluctuations experienced in the U.S. Government procurement Government procurement, also called public tendering, is the procurement of goods and services on behalf of a public authority, such as a government agency. With 10 to 15% of GDP in developed countries, and up to 20% in developing countries, government procurement accounts process. 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:
international affairs affairs - transactions of professional or public interest; "news of current affairs"; "great affairs of state" and the Bush Administration's reactions to them provides increasing opportunities for APSG." "In addition, we believe our stellar program performance is allowing us the opportunity to get exposure to new program initiatives as well as new customers. As a result of our superior performance on two prior programs, the Company has been selected for a major cyber (1) From "cybernetics," it is a prefix attached to everyday words to add a computer, electronic or online connotation. The term is similar to "virtual," but the latter is used more frequently. See virtual. security contract that will be awarded soon. The Company is keeping a strong emphasis on program performance in order to earn our way to continued growth." Mr. Yancey went on to say, "We are pleased with our first quarter results and definitely see the path for continued growth the remainder of this fiscal year and 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. I believe our marketplace and strategic plans provide growth opportunities on a continued basis. Our job as management is to see to it that we continue to perform superbly on our programs." The Company will host a conference call on February February: see month. 18, 2003 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 18, 2003 at 5:00 p.m. EST/2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . 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. designs, develops, manufactures and markets 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). equipment to collect and process a wide range of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. signals for signal reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. applications. For additional Company-related information, visit the Company's 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. Statements as to the Company's continued growth throughout the year and into the foreseeable future; the future spending by the U.S. Government on counter-terrorism Counter-terrorism or counterterrorism refers to the practices, tactics, techniques, and strategies that governments, militaries, and other groups adopt in order to fight terrorism. ; the Company's belief that the fluctuations in the U.S. Government procurement process are typical; the Company's plans for the future, including the steps it may take and the programs it will emphasize; the Company's beliefs concerning marketplace opportunities for its products and services; and beliefs concerning contractual opportunities for orders are forward-looking statements. The risks and uncertainties associated with these statements include whether orders will be issued by procurers, including the U. S. Government; the timing of any orders placed by procurers; whether the Company will be successful in obtaining contracts for these orders if they are forthcoming; whether any contracts obtained by the Company will be profitable and whether any such contracts might be terminated prior to completion; whether the Company will be able to hire additional qualified staff as needed as needed prn. See prn order. ; the ability to successfully enter new marketplaces; the Company's ability to maintain profitability; and other risks detailed from time to time in the Company's SEC reports including its 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 October: see month. 31, 2002.
APPLIED SIGNAL TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share data)
Three Months Ended
January 31, February 1,
2003 2002
Revenues from contracts $ 18,178 $ 16,231
Operating expenses:
Contract costs 11,556 9,759
Research and development 1,701 1,917
General and administrative 2,921 2,700
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Total operating expenses 16,178 14,376
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Operating income 2,000 1,855
Interest income (expense), net 100 24
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Income before provision
for income taxes 2,100 1,879
Provision for income taxes 315 188
---------- ----------
Net income $ 1,785 $ 1,691
========== ==========
Net income per share-basic $ 0.17 $ 0.17
Average shares-basic 10,216 9,732
Net income per share-diluted $ 0.17 $ 0.17
Average shares-diluted 10,429 9,888
APPLIED SIGNAL TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, October 31,
2003 2002
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 10,174 $ 12,217
Short term investments 20,557 12,710
Accounts receivable 18,766 24,627
Inventory 9,497 7,259
Prepaids and other current assets 1,928 2,083
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Total current assets 60,922 58,896
Property and equipment, at cost 58,405 57,446
Accumulated depreciation and amortization (44,065) (42,932)
---------- ----------
Net property and equipment 14,340 14,514
Other assets 414 414
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Total assets $ 75,676 $ 73,824
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued payroll
and benefits $ 5,873 $ 6,701
Other accrued liabilities 1,927 2,004
Income taxes payable 52 --
---------- ----------
Total current liabilities 7,852 8,705
Other liabilities 146 146
Shareholders' equity 67,678 64,973
---------- ----------
Total liabilities and
shareholders' equity $ 75,676 $ 73,824
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