Applied Signal Technology, Inc. Announces Fourth Quarter Fiscal 2002 Operating 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)--Dec. 17, 2002 Applied Signal Technology, Inc. (Nasdaq:APSG APSG Antisymmetrized Product of Separated Geminals ) announced its operating results for the fourth quarter of fiscal year 2002 and for the fiscal year ended October October: see month. 31, 2002. Revenues for the fourth quarter of fiscal year 2002 were $23,162,000, representing a 23% increase compared with revenues of $18,806,000 recorded during the fourth quarter of fiscal year 2001. The increase in revenues in the fourth quarter of fiscal year 2002 when compared to the fourth quarter of fiscal year 2001 is primarily due to an increase in the revenues generated by the Company's engineering development contracts related to signal intelligence efforts for the U.S. Government. Revenues for fiscal year 2002 were $76,184,000, an increase of 4% from revenues of $73,489,000 recorded during fiscal year 2001. The increase in revenues during fiscal year 2002 when compared to fiscal year 2001 is primarily due to an increase in the sale of the Company's standard products. Net income for the fourth quarter of fiscal year 2002 was $819,000 or $0.08 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 to net income for the fourth quarter of fiscal year 2001 of $328,000 or $0.03 per diluted share. The increase in net income for the fourth quarter of fiscal year 2002 when compared to the fourth quarter of fiscal year 2001 is primarily due to increased revenues. Net income for fiscal year 2002 was $3,921,000 or $0.39 per diluted share compared to a net loss of $12,383,000 or $1.31 per share for the fiscal year 2001. The increase in net income for fiscal year 2002 when compared to fiscal year 2001 is due, in part, to the lower operating cost structure that resulted from the Company's fiscal year 2001 restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities and, in part, to the absence of losses incurred by the Company's reintegrated subsidiary corporations. New orders received during the fourth quarter of fiscal year 2002 were $32,322,000, up 29% compared to new orders received during the fourth quarter of fiscal year 2001 of $24,993,000. Order levels for fiscal year 2002 were $87,122,000, up 15% compared to orders of $75,946,000 reported for the same period of fiscal year 2001. The increase in orders for the fourth quarter and fiscal year 2002 when compared to the same periods of fiscal year 2001 is primarily due to what the Company believes to be a renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. interest in signal intelligence spending by the U.S. Government to respond to the threat of increased terrorist activities and the war against terrorism. Regarding the 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:
Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . We believe the increase in orders in fiscal year 2002 compared to fiscal year 2001 should allow sufficient revenue growth in fiscal year 2003 such that the Company can return more closely to its historic operating margin." Mr. Yancey went on to say, "We have experienced increased order activity in the recent months and continue to respond to numerous inquiries from our customers. We believe this increased activity is directly related to the on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" 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. campaign." The Company will host a conference call on Tuesday Tuesday: see week. , December December: see month. 17, 2002 to discuss the operating results for fiscal year 2002. 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 December 17, 2002 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 si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics 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 belief about fiscal year 2003 operating margins; growth in orders and revenue during fiscal year 2003; the effect of its restructuring activities, and spending by the U.S. Government on signal intelligence for the Company's products and services for fiscal year 2003 are forward-looking statements. The risks and uncertainties associated with these statements include whether orders will be issued by the U. S. Government; whether the Company will be successful in obtaining contracts for these orders if they are forthcoming; whether the Company will be able to improve its operating margins; 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 31, 2001.
APPLIED SIGNAL TECHNOLOGY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
October 31, October 31,
2002 2001
----------- -----------
Current assets:
Cash and cash equivalents $ 12,217 $ 9,743
Short term investments 12,710 --
Accounts receivable 24,627 24,037
Inventory 7,259 8,714
Refundable income taxes -- 5,053
Prepaids and other current assets 2,083 985
----------- -----------
Total current assets 58,896 48,532
Property and equipment, at cost 57,446 55,418
Accumulated depreciation and amortization (42,932) (37,736)
----------- -----------
Net property and equipment 14,514 17,682
Other assets 414 428
----------- -----------
414 428
Total assets $ 73,824 $ 66,642
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued payroll
and benefits $ 6,701 $ 5,622
Other accrued liabilities 2,004 1,703
----------- -----------
Total current liabilities 8,705 7,325
Other liabilities 146 --
Shareholders' equity 64,973 59,317
----------- -----------
Total liabilities and shareholders' equity $ 73,824 $ 66,642
=========== ===========
APPLIED SIGNAL TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDING OCTOBER 31, 2002 AND OCTOBER 31, 2001
(In thousands except per share data)
Three Months Ended Twelve Months Ended
------------------ -------------------
Oct. 31 Oct. 31 Oct. 31 Oct. 31
2002 2001 2002 2001
-------- -------- -------- ---------
Revenues from contracts $23,162 $18,806 $76,184 $ 73,489
Operating expenses:
Contract costs 15,877 8,389 49,067 52,199
Research and development 2,097 4,381 8,798 17,122
General and administrative 4,430 6,596 15,160 20,451
Restructuring costs -- 428 -- 2,689
-------- -------- -------- ---------
Total operating expenses 22,404 19,794 73,025 92,461
-------- -------- -------- ---------
Operating income (loss) 758 (988) 3,159 (18,972)
Interest income/(expense), net 86 105 34 435
-------- -------- -------- ---------
Income (loss) before provision
(benefit) for income taxes 844 (883) 3,193 (18,537)
Provision (benefit) for income
taxes 25 (1,211) (728) (6,154)
-------- -------- -------- ---------
Net income (loss) $ 819 $ 328 $ 3,921 $(12,383)
======== ======== ======== =========
Net income (loss) per share -
basic $ 0.09 $ 0.03 $ 0.40 ($1.31)
Average shares - basic 10,055 9,599 9,889 9,417
Net Income (loss) per share -
diluted $ 0.08 $ 0.03 $ 0.39 ($1.31)
Average shares - diluted 10,222 9,710 10,061 9,417
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