CAL AMP RECORDS BLEAK FISCAL RESULTS FOR 1998.Byline: Deborah Adamson Daily News Staff Writer California Amplifier, a Camarillo-based maker of products for the wireless cable television and satellite dish satellite dish n. A dish antenna used to receive and transmit signals relayed by satellite. satellite dish A parabolic antenna used to receive signals relayed by satellite. industries, reported disappointing earnings and revenues for fiscal year 1998. The company said results were hurt by weaker-than-expected demand in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , a soft U.S. wireless cable market and lower shipments of its satellite products because major overseas contracts had been fulfilled. For the fourth quarter, California Amplifier reported a net loss of $2.1 million, or 18 cents 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 with a net loss of $908,000 (8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) for the like period a year ago. Sales were $8.45 million vs. $8.85 million. For the year, the net loss was $2.7 million (23 cents per share), compared with a net income of $633,000 (5 cents per share) a year ago. Sales were $47 million vs. $49.3 million. ``Our first objective is to reverse the negative revenue trend,'' said Michael Ferron, chief financial officer of California Amplifier. To do so, the maker of amplifiers, down-converters, antennas and other products for microwave reception is evaluating products and market opportunities while keeping costs down. ``If we're able to reverse this revenue trend, we'll be in a position to go to profitability very quickly because we have downsized our operations,'' Ferron said. Latin American business slowed down as clients, mainly entrepreneurs, cut back on orders in part due to lack of access to capital, he added. In addition, revenues for the year declined because the company completed filling orders for contracts serving New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and Canada in the third quarter. However, the contracts should resume in the middle of fiscal 1999. The company also suffered $1 million in canceled orders because clients still had high inventories on hand. In the fourth quarter, the company recorded $2.2 million in inventory reserves. Cal Amp said it is shifting away from the wireless cable television business to other satellite and wireless applications. The wireless cable industry, especially digital video services, is ``dead for the most part,'' said Russell Solomon, a vice president and senior analyst at Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , a bond rating agency in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . |
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