Applied Signal Technology Inc. Announces Fiscal 1996 Year-End 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.--(BUSINESS WIRE)--Dec. 16, 1996--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 revenues and net income for the year ended Oct. 31, 1996. Revenues for fiscal year 1996 were a record $77,410,000, representing a 14% increase over fiscal year 1995 revenues of $67,664,000. Net income increased 101% to $1,815,000 or $0.23 per share for the year ended Oct. 31, 1996, from $904,000 or $0.12 per share in fiscal 1995. Revenues for the fourth quarter of fiscal 1996 were $25,138,000, down 5% from $26,483,000 for the fourth quarter of fiscal 1995. Net income for the fourth quarter of fiscal 1996 was $451,000 or $0.06 per share, down 45% compared to net income of $816,000 or $0.11 per share for the same period of fiscal 1995. Consistent with the Company's past business practices and in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of the high volume of contract awards, management again permitted selected early contract starts as well as the buildup build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of product inventory to support customer requirements. This action resulted in the strong fourth quarter revenue results seen in both fiscal 1995 and 1996. Net income for the fourth quarter of fiscal 1996 decreased to $451,000 primarily as a result of changing cost estimates at completion on certain of the Company's contracts. New orders received during fiscal 1996 totaled $130,733,000, up 97% from fiscal 1995. Order levels for the fourth quarter of fiscal 1996 were $38,952,000, up 10% from the $35,308,000 reported for the same period of fiscal 1995. Regarding the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. operating results, Mr. Yancy, President and Chief Executive Officer of the Company, commented, "In light of the extreme difficulty in upsizing in these times of rapid economic growth, I am very pleased that our revenue growth rate in fiscal 1996 over fiscal 1995 was 14%. We believe we could have achieved a higher growth rate except for difficulty in brining In cooking, brining is a process similar to marination in which meat is soaked in a salt solution (the brine) before cooking. Brining makes cooked meat moister by hydrating the cells of its muscle tissue before cooking, via the process of osmosis, and by allowing the cells on new staff encountered during the first half of last fiscal year. This belief is certainly supported by our record 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. position. The strong increase in net income recorded between fiscal 1995 and fiscal 1996 is primarily due to the previously announced charge to earnings recorded during fiscal 1995 regarding the governments' investigation of certain contract. Our challenge in fiscal 1997 will be to increase margins to meet our normal business model as well as to meet the upsizing requirements demanded by our expanding business base." Applied Signal Technology 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 commercial and government applications. For additional Company-related information, visit the Company's website at http://www.appsig.com . This news release may contain forward looking statements which reflect the Company's current thinking on future events. These predictions or estimates involve risks and uncertainties that could cause actual results to differ materially. Theses risks and uncertainties include 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. filed for the fiscal year ended Oct. 31, 1995. -0-
APPLIED SIGNAL TECHNOLOGY INC.
CONDENSED STATEMENTS OF INCOME
FOR THE PERIODS ENDING OCT. 31, 1996 AND OCT. 31, 1995
(In thousands except per share data)
Three Months Ended Twelve Months Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1996 1995 1996 1995
(Unaudited)
Revenues from
contracts $ 25,138 $ 26,483 $ 77,410 $ 67,664
Operating expenses:
Contract costs 17,714 16,721 53,333 45,418
Research and
development 3,032 4,001 9,380 9,873
General and
administrative 3,709 4,572 11,954 11,221
Total operating
expenses 24,455 25,294 74,667 66,512
Operating income 683 1,189 2,743 1,152
Interest income/
(expense), net 11 4 49 188
Income before
provision for
taxes on income 694 1,193 2,792 1,340
Provision for
taxes on income 243 377 977 436
Net income $ 451 $ 816 $ 1,815 $ 904
Earnings per
share $0.06 $0.11 $0.23 $0.12
Average common shares
outstanding 8,035 7,687 7,919 7,635
APPLIED SIGNAL TECHNOLOGY
CONDENSED BALANCE SHEETS
Oct. 31, Oct. 31,
1996 1995
ASSETS
Current assets:
Cash and cash equivalents $ 1,559 $ 369
Short term investments 767 0
Accounts receivable 30,019 29,565
Refundable income taxes 106 106
Inventory 3,208 3,474
Prepaids and other current
assets 2,129 1,990
Total current assets 37,788 35,504
Property and equipment, at cost 30,069 24,747
Accumulated depreciation and
amortization (17,198) (13,492)
Net property and equipment 12,871 11,255
Long-term investments 1,326 2,095
Other assets 118 176
Total assets $ 52,103 $ 49,030
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued
payroll and benefits $ 7,382 $ 7,612
Other accrued liabilities 1,900 1,547
Income taxes payable 2,029 2,077
Total current liabilities 11,311 11,236
Deferred income taxes 827 847
Shareholders' equity 39,965 36,947
Total liabilities and
shareholders' equity $ 52,103 $ 49,030
CONTACT: Applied Signal Technology Inc., Sunnyvale Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. M. Offi (CFO See Chief Financial Officer. ) or Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. Rogge (IR), 408/749-1888 |
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