AML Communications Inc. announces results for third
quarter, fiscal 1997
CAMARILLO, Calif.--(BUSINESS WIRE)--Jan. 21, 1997-- AML Communications Inc
Tuesday announced its results from operations for the third fiscal quarter ended Dec. 31, 1996.
Revenues for the quarter increased 126 percent to $4,073,000, compared with revenues of
$1,803,000 for the three-month period ended Dec. 31, 1995.
Net income for the third fiscal quarter jumped 143 percent to $729,000, or 11 cents per share, on
6,502,000 weighted average shares outstanding, as compared with net income of $300,000, or 6
cents per share, on 4,881,000 weighted average shares outstanding for the three-month period
ended Dec. 31, 1995.
Revenues for the nine-month period ended Dec. 31, 1996, increased 166 percent to
$11,631,000, compared with revenues of $4,380,000 for the same period a year ago.
Net income for the nine-month period jumped 181 percent to $2,074,000, or 32 cents per share,
on 6,506,000 weighted average shares outstanding, as compared with net income of $739,000, or
16 cents per share, on 4,738,000 weighted average shares outstanding for the prior nine-month
period.
Revenues for the quarter were derived primarily from sales of cellular and wireless telephony
products generating approximately $3,279,000, or 80 percent of total revenue, and sales of new
PCS products generating approximately $378,000, or 9 percent of total revenue, with the balance
of revenues being realized from sales of custom products.
Jacob Inbar, chairman and chief executive officer of AML Communications, commented on the
company's quarterly performance, saying: "While we observed changing market trends, we are
very pleased with the company's performance and its continued revenue growth, particularly as it
represents diversification into new markets and the introduction of new products in our established
markets.
"During the third quarter, we realized several key achievements, including the introductory sales of
our new M-140 multi-carrier amplifier, which we believe offers the highest power available to the
cellular industry today.
"Additionally, the company sold its first Masthead PCS products. Many experts project the PCS
market to represent a large new sector for the telecommunications industry. We strongly believe
this offers significant future opportunities for AML."
AML Communications designs, manufactures and markets multi-carrier amplifiers, masthead
amplifiers and repeaters for the cellular, PCS, paging and other communications markets. Note:
Statements in this news release that relate to future plans, financial results or projections, events or
performance are forward-looking statements within the meaning of Section 27A of the Securities
Act of 1993, as amended, and Section 21E of the Securities Act of 1934, as amended. Actual
results may differ materially due to a variety of factors. Information about certain of these factors is
contained in the company's most recently filed Form 10-KSB and other documents filed by the
company with the Securities and Exchange Commission. Copies of the most recent Form 10-KSB
report are available from AML Communications' Investor Relations department and may be
obtained by calling or writing.
AML Communications Inc.
Selected Financial Information
(Unaudited)
Operations Data:
For the Three Months For the Nine Months
ended Dec. 31: ended Dec. 31:
1996 1995 1996 1995
Net sales $4,073,000 $1,803,000 $11,631,000 $4,380,000
Income before
taxes 1,158,000 495,000 3,292,000 1,226,000
Provision for
income taxes 429,000 195,000 1,218,000 487,000
Net income $ 729,000 $ 300,000 $ 2,074,000 $ 739,000
Earnings per
share $0.11 $0.06 $0.32 $0.16
Weighted average
common shares
outstanding 6,502,000 4,881,000 6,506,000 4,738,000
Balance Sheet Data:
(Audited)
Dec. 31, March 31,
1996 1996
Cash and equivalents $ 6,635,000 $ 6,312,000
Accounts receivable, net 3,400,000 1,549,000
Current assets 11,803,000 10,506,000
Total assets $14,195,000 $11,645,000
Current liabilities $ 1,683,000 $ 1,876,000
Capital lease obligations,
long-term 72,000 360,000
Shareholders' equity 12,440,000 9,409,000
Total liabilities and
Shareholder equity $14,195,000 $11,645,000
Note to editors: All share and per-share data have been adjusted to give retroactive effect to the
3-for-2 stock split paid on June 28, 1996.
CONTACT: AML Communications Inc., Camarillo
Kirk A. Waldron, 805/388-1345
or
Coffin Communications Group, Sherman Oaks, Calif.
Steven B. Johnson, 818/789-0100 |
