Applied Signal Technology, Inc. Announces Third Quarter Operating Results.SUNNYVALE, 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 third quarter and first nine months of fiscal year 2008 showing double-digit growth in revenues over the same periods in fiscal 2007. Revenues for the third quarter of fiscal year 2008 were $49,948,000 representing a 26% increase when compared to revenues of $39,542,000 for the third quarter of fiscal year 2007. Third quarter 2008 revenues increased primarily due to increased sales related to engineering development programs, standard products, and recognized revenues on approximately $1.9 million of pre-contract costs. Revenues for the first nine months of fiscal year 2008 were $137,957,000 representing an 11% increase when compared to revenues of $124,140,000 for the first nine months of fiscal year 2007. 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 third quarter of fiscal year 2008 was $3,218,000 compared to operating income of $1,623,000 for the third quarter of fiscal year 2007. Operating income increased for the third quarter of fiscal 2008 due to increased royalties associated with the licensing of our intellectual property into commercial satellite communications markets and as a result of improvements in company operations. Operating income for the first nine months of fiscal 2008 was $8,433,000 compared to operating income of $7,239,000 for the same period in fiscal 2007 due to increased royalties. Net income for the third quarter and first nine months of fiscal year 2008 was $1,965,000 or $0.15 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 and $5,468,000 or $0.43 per diluted share, respectively, compared to net income for the third quarter and first nine months of fiscal year 2007 of $977,000 or $0.08 per diluted share and $4,420,000 or $0.36 per diluted share, respectively. This represents a 24% increase in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income compared to fiscal 2007. The effective tax rate for fiscal year 2008 is estimated to be 45.9%, compared to an effective tax rate of 43.2% for fiscal 2007. New orders received during the third quarter of fiscal year 2008 were slightly lower at $70,275,000 compared to new orders of $74,081,000 received during the third quarter of fiscal year 2007. New orders for the first nine months of fiscal year 2008 were $145,314,000 compared to new orders of $150,861,000 for the same period of fiscal year 2007. New orders and 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. could be reduced by $2 to $4 million following the settlement of a notice to terminate several delivery orders for the convenience of the customer. "We are pleased with the year-over-year increase in revenues and income," said Mr. William Van Vleet, President and Chief Executive Officer. "We will continue to enhance our operational efficiency and improve our financial performance as our internal initiatives are fully implemented over the course of the next year. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for future business growth, as we have recently completed a high volume of proposals for new programs providing intelligence, surveillance and reconnaissance Intelligence, Surveillance and Reconnaissance may refer to:
Attached to this news release are unaudited condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. statements of operations and balance sheets. The Company will host a conference call on August 26, 2008 to discuss third 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 August 26, 2008 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 through World Investor Links' Vcall Website, located at www.InvestorCalendar.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 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. 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. Statements as to the Company's expected continued improvement in financial performance as operational improvements become fully implemented; the estimated impact of the terminated delivery orders on new orders and backlog; and the outlook for future business growth are forward-looking statements. The risks and uncertainties associated with these statements include whether such operational improvements will be successful in improving financial performance; to what extent the backlog will be reduced after settlement of the terminated efforts; whether new 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, 2007. The Company assumes no obligation to update the information provided in this news release. [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion