Applied Signal Technology Inc. Announces Fiscal 2000 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. 18, 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 year ended Oct. 31, 2000. Revenues for fiscal year 2000 were $104,595,000 representing a 9% decrease compared with fiscal year 1999 revenues of $115,541,000. Revenues for the fourth quarter of fiscal 2000 were $25,607,000, down 32% compared to fiscal 1999 revenues of $37,548,000. The reduction in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues and fourth quarter revenues is due to a decrease in demand for the company's products and services. The decrease in demand was caused by what the company believes to be continued This article is about the Elton John box set. For the plot device commonly featuring the phrase "To be continued", see Cliffhanger. To Be Continued delays of certain engineering development contracts as well as fewer sales of the company's off-the-shelf products. Net income for fiscal 2000 decreased 63% to $3,676,000 or $0.41 per share for the year ended Oct. 31, 2000 from $9,887,000 or $1.14 per share for the year ended Oct. 31, 1999. The net loss for the fourth quarter of fiscal 2000 was $194,000 or $0.02 per share compared to net income of $3,693,000 or $0.42 per share for the same period of fiscal 1999. The decrease in year-to-date net income and the net loss for the fourth quarter are due to a decline in the sales of the company's products and services, to losses from the company's two new subsidiaries of $3,198,000 and from an increase in research and development (R&D) spending. The company increased its year-to-date and fourth quarter R&D spending so that it could continue its research and development initiatives while awaiting the award of certain engineering development contracts. New orders received during fiscal 2000 were $74,048,000, down 44% from the $131,167,000 of orders received during fiscal 1999. Order levels for the fourth quarter of fiscal 2000 were $21,038,000 down 55% from the $46,445,000, reported for the same period of fiscal 1999. The decrease in year-to-date and fourth quarter orders is due to what the company believes to be continued delays of certain engineering development contracts and to fewer orders for the company's off-the-shelf products. 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, 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:
The difference between estimated transaction costs and the amount actually paid. Notes: Slippage is usually attributed to a change in the spread. See also: Spread, Transaction Costs Slippage in engineering development orders and not the case that these contractual opportunities have disappeared. "The reduced level of orders for off-the-shelf products warrants more attention. We believe that this reduction in orders is at least partially due to a change in signal reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. requirements for our traditional customer base. Our approach to overcoming this situation is to invest heavily in R&D for equipment to operate on the most advanced telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. technologies." Yancey went on to say, "In addition, we are evaluating marketplaces that will demand more product orders. In particular, the military marketplace is being emphasized em·pha·size tr.v. em·pha·sized, em·pha·siz·ing, em·pha·siz·es To give emphasis to; stress. [From emphasis.] Adj. 1. in our R&D as well as marketing investments. "Management is emphasizing a program of simultaneous tactical and strategic actions to bring growth opportunities into the company. The tactical actions are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. near term opportunities to increase 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. that may or may not be in areas of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic plans. The strategic actions are to re-evaluate these long term plans to determine if they should be changed and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. expanded." Regarding the losses from the company's two new subsidiaries, Yancey stated, "I believe the subsidiaries are both focusing on unique, relatively narrow marketplaces with much more attention than would have been given by Applied Signal Technology. Even though these investments are currently resulting in reduced income for Applied Signal Technology, I am optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about their potential." Applied Signal Technology Inc, the parent company of eNetSecure Inc. and Transcendent Technologies 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 signals for signal reconnaissance applications and industrial 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 plans for the future, including the steps it may take and the programs it will emphasize, and beliefs concerning contractual opportunities for engineering development orders are forward-looking statements. These risks and uncertainties include whether engineering development orders will be issued by procurers and whether the company will be successful in obtaining contracts for these orders if they are forthcoming; the ability to develop and commercialize new products; the ability to successfully enter new marketplaces; customer concentration; competition; risks inherent in starting new business ventures; dependence upon personnel; 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, 1999.
Applied Signal Technology Inc.
Consolidated Statements of Income
For the Periods Ending Oct. 31, 2000 and Oct. 31, 1999
(in thousands except per share data)
Three Months Ended Twelve Months Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2000 1999 2000 1999
Revenues from contracts $ 25,607 $ 37,548 $104,595 $115,541
Operating expenses:
Contract costs 11,508 21,571 64,001 70,110
Research and development 7,282 4,154 16,970 12,913
General and administrative 7,371 6,062 20,055 17,244
Total operating expenses 26,161 31,787 101,026 100,267
Operating income (554) 5,761 3,569 15,274
Interest income/(expense), net 309 195 1,084 673
Income before provision
for taxes on income (245) 5,956 4,653 15,947
Provision for taxes
on income $ (51) 2,263 977 6,060
Net income $ (194) $ 3,693 $ 3,676 $ 9,887
Net income per share
- basic (A) $ (0.02) $ 0.44 $ 0.42 $ 1.17
Weighted Average shares
- basic 9,005 8,462 8,802 8,433
Net income per share
- diluted (B) $ (0.02) $ 0.42 $ 0.41 $ 1.14
Weighted Average shares
- diluted 9,005 8,714 9,041 8,696
(A) "Basic" earnings per share is calculated by dividing net
income applicable to common shares by weighted average common shares
outstanding.
(B) "Diluted" earnings per share is calculated by dividing net
income by weighted 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
Consolidated Condensed Balance Sheets
(in thousands)
Oct. 31, Oct. 31,
2000 1999
ASSETS
Current assets:
Cash $ 14,478 $ 16,680
Short term investments 2,029 --
Accounts receivable 32,223 36,738
Inventory 10,376 6,746
Prepaids and other current assets 3,474 3,312
Total current assets 62,580 63,476
Property and equipment, at cost 54,385 49,783
Accumulated depreciation and
amortization (33,871) (29,268)
Net property and equipment 20,514 20,515
Long-term investments 1,997 --
Other assets 58 43
Total assets $ 85,149 $ 84,034
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable,
accrued payroll and benefits $ 9,352 $ 12,344
Other accrued liabilities 2,464 2,293
Income taxes payable 2,506 3,831
Total current liabilities 14,322 18,468
Deferred income taxes 70 1,133
Shareholders' equity 70,757 64,433
Total liabilities and
shareholders' equity $ 85,149 $ 84,034
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