Applied Signal Technology Inc. Announces Record Order Levels and Second Quarter 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)--May 17, 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 its operating results for the second quarter ended May 3, 1996. New order levels for the current quarter were a record $64,044,000, up 410% from the $12,559,000 reported for the same period of fiscal 1995. Order levels for the first six months of fiscal 1996 were also at a record level of $78,173,000 versus $16,145,000, up 384% compared to the same period of fiscal 1995. Revenues for the second quarter of fiscal 1996 were $16,970,000 which represents a 30% increase over second quarter fiscal 1995 revenues of $13,030,000. Net income declined 71% to $79,000 or $0.01 per share for the quarter ended May 3, 1996 from $270,000 or $0.04 per share for the same period of fiscal 1995. Revenues for the first six months of fiscal 1996 were $32,768,000 which represents a 22% increase over the first six months of fiscal 1995 revenues of $26,851,000. Year to date net income decreased 82% to $229,000 or $0.03 per share for the six months ended May 3, 1996 from $1,290,000 or $0.17 per share for the same period of fiscal 1995. Commenting on the operating results, 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]. Offi, the Company's Chief Financial Officer explained, "With respect to the new orders, we are pleased to see the continued firming of orders which we experienced during the first quarter of this year. Included in these order levels is a multi-year competitive contract award for the "Scalpal" program -- the largest in the Company's history. We believe these order levels represent a strong vote of confidence from our customers in our people and our products. "Revenues for the quarter and first six months of fiscal 1996 were up compared to the same periods of fiscal 1995 primarily due to increased development contract activity experienced in the Company's three engineering divisions (Strategic Systems, Military Reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and Commercial Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Divisions). "The Company is still experiencing some constraint Constraint A restriction on the natural degrees of freedom of a system. If n and m are the numbers of the natural and actual degrees of freedom, the difference n - m is the number of constraints. on earnings resulting from lower average profitability on its production jobs. This is due in part to the unfavorable adjustments in estimated costs-to-complete on production jobs recorded during the first quarter of this fiscal year and in part, due to absorbing ab·sorb tr.v. ab·sorbed, ab·sorb·ing, ab·sorbs 1. To take (something) in through or as through pores or interstices. 2. To occupy the full attention, interest, or time of; engross. unrecoverable indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
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 signals for commercial and government applications. For additional Company-related information, visit the Company's website located at http://www.appsig.com. Except for historical information contained herein, the matters discussed in this news release contain forward looking statements that involve risks and uncertainties including 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 October October: see month. 31, 1995. -0- Selected income statement data (in thousands except per share data):
Three Months Ended Six Months Ended
May 3, May 3, May 3, May 3,
1996 1995 1996 1995
Revenue $16,970 $13,030 $32,678 $26,851 Net Inc. $ 79 $ 270 $ 229 $ 1,290 EPS $ 0.01 $ 0.04 $ 0.03 $ 0.17 Avg Sh O/S 7,991 7,577 7,881 7,614
APPLIED SIGNAL TECHNOLOGY INC.
CONDENSED STATEMENTS OF INCOME
FOR THE PERIODS ENDING MAY 3, 1996 AND APRIL 28, 1995
(Unaudited)
Three Months Ended Six Months Ended
May 3, April 28, May 3, April 28,
1996 1995 1996 1995
(In thousands except per (In thousands except per
share data) share data)
Revenues from contracts $ 16,970 $ 13,030 $ 32,768 $ 26,851 Operating expenses: Contract costs 12,180 8,964 22,995 17,423 Research and development 2,155 1,660 4,067 3,473 General and administrative 2,528 2,015 5,368 3,998 Total operating expenses 16,863 12,639 32,430 24,894 Operating income 107 391 338 1,957 Interest income/ (expense), net (4) 59 15 193 Income before provision for taxes on income 103 450 353 2,150 Provision for taxes on income 24 180 124 860 Net income $ 79 $ 270 $ 229 $ 1,290 Earnings per share $0.01 $0.04 $0.03 $0.17 Average common shares outstanding 7,991 7,577 7,881 7,614
APPLIED SIGNAL TECHNOLOGY
CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
May 3, October 31
1996 1995
Current assets:
Cash $ -- $ 369
Accounts receivable 24,686 29,564
Refundable income taxes 106 107
Inventory 6,874 3,474
Prepaids and other current
assets 2,392 1,990
Total current assets 34,058 35,504
Property and equipment, at cost 27,917 24,747 Accumulated depreciation and amortization (15,263) (13,492) Net property and equipment 12,654 11,255 Long-term investments 2,086 2,095 Other assets 110 176 Total assets $ 48,908 $ 49,030
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued
payroll and benefits $ 6,866 $ 7,612
Other accrued liabilities 1,509 1,547
Income taxes payable 1,435 2,077
Bank line of credit 500 --
Total current liabilities 10,310 11,236
Deferred income taxes 847 847 Shareholders' equity 37,751 36,947 Total liabilities and shareholders' equity $ 48,908 $ 49,030 CONTACT: Applied Signal Technology, Inc. Brian M. Offi, CFO See Chief Financial Officer. 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, Investor Relations Investor relations The process by which the corporation communicates with its investors. 408/749-1888 |
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