AGT...impressive...a lot of multi million $ deals and great last quarter earnings...AMEX stock...
– August 29, 2000
AimGlobal Technologies Announces Fiscal 2001 First Quarter Financial Results
Toronto, Ontario – August 29, 2000 – AimGlobal Technologies Company Inc. (AMEX, TSE: AGT) today announced record financial results for the first quarter of fiscal 2001, the three months ended June 30, 2000.
Sales for the first quarter of fiscal 2001 were $36.6 million compared to $18.2 million in the first quarter of fiscal 2000. Loss from continuing operations for the first quarter of fiscal 2001 was $600,000, compared to $2.7 million in the same period last year. Loss per share of continuing operations for the first quarter of fiscal 2001 was $0.038 compared to $0.197 for the first quarter of fiscal 2000. Earnings before interest, tax, depreciation and amortization was $0.103 per share for the first quarter of fiscal 2001.
The increased profitability was attributable to higher sales and from increased gross margins, which increased to 12.3% in the first quarter of fiscal 2001 from 11.7% in the fourth quarter of fiscal 2000 and 3.8% in the first quarter of fiscal 2000.
Our business development efforts have also contributed to our revenue growth of 101% over the same period last year. Business development costs were 4% of revenue in the first quarter of fiscal 2001, compared to 3% of costs in the same period last year.
General and administration costs declined as a percentage of revenue to 7% in the first quarter of fiscal 2001, compared to 12% in the same period last year.
The Company substantially expanded staff and facilities through fiscal 2000 allowing for the realization of new programs. This has resulted in a 20% increase of order backlog to $210 million to date, with an increase in new customer programs. Our expectations, based on customer forecasts, are that sales growth will favorably leverage fixed costs over the balance of the year.
AimGlobal’s strong financial condition further improved, with working capital of $50 million representing a current ratio of 2.3X.
A conference call to discuss financial results will be held today at 5 pm Eastern Daylight Time. The dial-in numbers are as follows:
For local and international calls: 1-604-517-3400, access # 9978
For toll-free access anywhere in North America: 1-877-602-4242, access # 9978
Financials
About Aimtronics Corporation
Aimtronics, a wholly owned subsidiary of AimGlobal Technologies (TSE, AMEX: AGT) offers a complete range of Electronics Manufacturing Solutions and is a leading technical provider of services in the Microelectronics industry. Aimtronics’ supply chain management solutions offer design assistance - reducing time-to-market metrics, time-to-volume metrics, full product testing, packaging, warranty service, and end-of-life support. Aimtronics’ Microelectronics Technology Centre provides proprietary thick film hybrid design and assembly including Chip-on-Board, Multi-Chip Module, and Flip-Chip technologies.
Through five facilities located across the country Aimtronics’ serves the high technology markets through out North America.
About AimGlobal Technologies Company
Founded 14 years ago, and through two operating subsidiaries, AIMGlobal Technologies serves the Medical, Aerospace, Communications, Industrial, Military, Emergency Services and Consumer markets. With operations in New York State, Ontario and British Columbia, AIMGlobal Technologies is a recognized technical innovator and a leading manufacturer of proprietary microelectronic solutions.
Safe Harbor Statement |
