Applied Signal Technology, Inc. Announces First Quarter Results.Business Editors 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. 10, 2000 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 2000 ended January January: see month. 28, 2000. Revenues for the first quarter of fiscal 2000 were $26,528,000, up 16 percent from the $22,848,000 recorded during the first quarter of fiscal 1999. Net income for the first quarter of fiscal 2000 was $2,116,000 or $0.24 per share, up 49 percent compared to net income of $1,422,000 or $0.16 per share for the same period of fiscal 1999. The earnings per share numbers are reported on a 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. basis. The increase in revenue recorded during the first quarter of fiscal 2000 is due in part, to increased contract activity resulting from a continued demand for the Company's products and services and in part, due to the Company recognizing a higher average profit on contracts during the first quarter of fiscal 2000 compared to the first quarter of fiscal 1999. The increase in net income recorded during the first quarter of fiscal 2000 compared to the same period of fiscal 1999 reflects an improvement in contract margins. The contract margins improved from 36 percent for the first quarter of fiscal 1999 to 38.2 percent for the first quarter of fiscal 2000 primarily due to a shift in the mix of the Company's sales from engineering services type contracts to products. This shift in the mix of sales improved the Company's net income from 6.2 percent recorded during the first quarter of fiscal 1999 to 8 percent recorded during the same period of fiscal 2000. Order levels for the first quarter of fiscal 2000 were $15,419,000, a 97 percent increase from the $7,826,000 reported for the same period of fiscal 1999 reflecting the government's continued demand for the Company's products and services. Regarding the first quarter operating results, 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:
Mr. Yancey further remarked, &uot;We are still observing observing, v 1. to look or notice through visual inspection. 2. to quietly look at the client's inhalation and exhalation patterns to discern the breath wave and perceive areas that need therapeutic intervention. that our intelligence agency customers are becoming more focused on providing intelligence through signal reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . I believe this bodes well for our traditional marketplace 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.&uot; Applied Signal Technology designs, develops, manufacturers 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 and industrial telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. applications. For additional Company-related information, visit the Company's website at http://www.appsig.com. Except for historical information contained herein, matters discussed in this news release may contain forward looking statements that involve risks and uncertainties including customer concentration, competition, dependence upon personnel, volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of operating results, use of estimates in program costs-to-complete 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. for the fiscal year ended October October: see month. 31, 1999.
APPLIED SIGNAL TECHNOLOGY, INC.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share data)
Three Months Ended
------------------
January 28, January 29,
2000 1999
----------- -----------
Revenues from contracts $26,528 $22,848
Operating expenses:
Contract costs 16,394 14,628
Research and development 2,342 2,728
General and administrative 4,703 3,401
----------- -----------
Total operating expenses 23,439 20,757
----------- -----------
Operating income 3,089 2,091
Interest income/(expense), net 324 202
----------- -----------
Income before provision
for income taxes 3,413 2,293
Provision for income taxes 1,297 871
----------- -----------
Net income $ 2,116 $ 1,422
=========== ===========
Net income per share-basic(a) $ 0.25 $ 0.17
Weighted average shares-basic 8,550 8,480
Net income per share-diluted(b) $ 0.24 $ 0.16
Weighted average shares-diluted 8,832 8,793
(a) &uot;Basic&uot; earnings per share is calculated by dividing net income
applicable to common shares by weighted average common shares
outstanding.
(b) &uot;Diluted&uot; earnings per share is calculated by dividing net income
by weighted average common shares outstanding plus the dilutive effect
of common shares issuable upon exercise or conversion of outstanding
options, warrants, and convertible securities.
APPLIED SIGNAL TECHNOLOGY
CONDENSED BALANCE SHEETS
(in thousands)
ASSETS
Jan. 28, Oct. 31,
2000 1999
--------- ---------
(unaudited)
Current assets:
Cash $ 9,184 $ 16,680
Short term investments 8,019 --
Accounts receivable 34,236 36,738
Inventory 9,146 6,746
Prepaids and other current assets 3,253 3,312
--------- ---------
Total current assets 63,838 63,476
Property and equipment, at cost 50,782 49,783
Accumulated depreciation and amortization (30,239) (29,268)
--------- ---------
Net property and equipment 20,543 20,515
Other assets 43 43
--------- ---------
Total assets $ 84,424 $ 84,034
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued payroll and benefits $ 9,828 $ 12,344
Other accrued liabilities 2,348 2,293
Income taxes payable 3,945 3,831
--------- ---------
Total current liabilities 16,121 18,468
Deferred income taxes 1,133 1,133
Shareholders' equity 67,170 64,433
--------- ---------
Total liabilities and shareholders' equity $ 84,424 $ 84,034
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