RF Monolithics Reports Third Quarter Results.DALLAS--(BUSINESS WIRE)--June 14, 1999-- RF Monolithics, Inc. (Nasdaq:RFMI RFMI Request for More Information ) today reported financial results for the third quarter and nine months ended May 31, 1999. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the third quarter ended May 31, 1999, were $13.0 million, as compared to $14.6 million in the third quarter of the prior year. Compared to the third quarter last year, sales of the Company's Virtual Wire(R) short-range short-range adj. 1. Designed for or limited to short distances: a short-range airliner. 2. Of or relating to the near future: short-range goals. Adj. radio modules increased 169%. This increase was offset by a decline in both filter and low-power In electronics, the term low-power means one of two things about a device:
For the third quarter ended May 31, 1999, the Company reported net income of $862,000 or $.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 compared to net income of $1,459,000 or $.24 per diluted share in the third quarter of FY98. For the nine months ended May 31, 1999, net sales were $38.9 million as compared $40.7 million for the prior year's first nine months. The Company earned net income for the nine month period of $2,430,000 or $.41 per diluted share compared to $3,232,000 or $.54 per diluted share for the same period of FY98. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RF Monolithics, Inc., Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Densmore commented, "Our Virtual Wire(R) short-range wireless radio modules continue to out perform our expectations with significant sales growth in this quarter. We are encouraged by early design wins for our recently introduced transceiver (TRANSmitter reCEIVER) An electronic device or circuit that transmits and receives analog or digital signals. It comes in many forms; for example, a transponder on a satellite, a network adapter in the computer or the circuits in a cellphone. product as well as market reception to our new low cost receiver module. Additionally, we continue to maintain our market leadership position in our low-power components area and our filter quoting activity continues to remain high." Quarter Highlights: 1. During the quarter, we saw very strong gains in our radio business. RFM's Virtual Wire(R) short-range radio modules, which includes our new fully integrated transceiver module, had record sales for the quarter reporting a 169% increase over last year and a 41% increase over last quarter. While a significant amount of the increase was from existing products, the new fully integrated transceiver module, which was launched late February February: see month. , has been well received with several pilot production orders and NRE (Non-Recurring Engineering) Refers to the cost of creating a new product, which is paid up front. Contrast with "production cost," which is ongoing and based on the quantity of material produced. contracts already booked. These pilot orders are for higher volume applications such as run flat tire, remote meter meter, unit of measure meter, abbr. m, fundamental unit of length in the metric system. The meter was originally defined as 1/10,000,000 of the distance between the equator and either pole; however, the original survey was inaccurate and the meter was later reading and RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. tagging. The book to bill ratio for the quarter for this product was 1.6:1. 2. Substantial progress was made in incorporating a new generation of assembly equipment to prepare us to make the new products that are coming on stream. Additionally, over the next six months, we plan to expand our production capability almost four fold in the Virtual Wire(R) Product area 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 increasing demand. 3. The expansion of our filter effort continued at a high pace. During the quarter, we received six new design wins which collectively could aggregate an estimated annual sales value of over $8.4 million. Initial production deliveries are anticipated to begin late in fiscal 2000. Additionally, we continue to focus on increasing our filter design efforts with over twelve new designs submitted during the past three months. 4. During the quarter, the Company repurchased 36,000 shares of its common stock under a previously announced repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. We will continue to repurchase our stock when we feel it is in the Company's interest to do so. RFM RFM Recency, Frequency, Monetary RFM Rotorcraft Flight Manual RFM Reform Party RFM Radio Frequency Module RFM Radio Free Monterey RFM Retirement and Financial Management RFM Reply to Flagged Message RFM Radio Frequency Monitor RFM Request for Material , headquartered in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , is a leading developer, manufacturer and supplier of a broad range of radio frequency components and modules based on surface acoustic wave A surface acoustic wave (SAW) is an acoustic wave traveling along the surface of a material having some elasticity, with an amplitude that typically decays exponentially with the depth of the substrate. technology for the automotive, computer, consumer, industrial and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. markets worldwide. This news release contains 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, including timely development, acceptance and pricing of new products, timely implementation of related manufacturing processes, difficulty in obtaining production material, the potential transition to value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products, the impact of competitive products and pricing, general economic conditions as they affect the Company's customers, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on 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. for the year ended August 31, 1998. -0-
RF Monolithics, Inc.
Condensed Statements of Income
(In Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
May 31, May 31,
1999 1998 1999 1998
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(Unaudited) (Unaudited)
Sales $12,967 $14,595 $38,949 $40,691
Cost of sales 8,263 8,708 25,117 24,231
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Gross profit 4,704 5,887 13,832 16,460
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Research and development 1,155 1,276 3,808 4,056
Sales and marketing 1,378 1,557 3,996 4,427
General and administrative 785 774 2,175 2,260
Litigation -- -- -- 641
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Operating expenses 3,318 3,607 9,979 11,384
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Income from operations 1,386 2,280 3,853 5,076
Other income (expense), net (49) (43) (86) (21)
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Income before income taxes 1,337 2,237 3,767 5,055
Income tax expense 475 778 1,337 1,823
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Net income $862 $ 1,459 $ 2,430 $ 3,232
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Earnings per share:
Basic $ .15 $ .26 $ .42 $ .58
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Diluted $ .15 $ .24 $ .41 $ .54
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Weighted average common shares
outstanding:
Basic 5,818 5,628 5,757 5,578
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Diluted 5,894 5,979 5,907 6,011
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RF Monolithics, Inc.
Condensed Balance Sheets
(In Thousands)
May 31, 1999 Aug. 31, 1998
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ASSETS (Unaudited)
Cash, cash equivalents and short-term
investments $ 5,456 $5,613
Accounts receivable, net 11,419 11,357
Inventories 13,003 8,514
Other current assets 1,271 1,611
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Total current assets 31,149 27,095
Net property and equipment 18,335 17,129
Other assets 519 566
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Total $ 50,003 $ 44,790
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 12,887 $ 9,809
Long-term debt 193 815
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Total liabilities 13,080 10,624
Stockholders' equity 36,923 34,166
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Total $ 50,003 $ 44,790
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