I would like to re nominate RADN for an index. I really think this stock has found a base here, around $5.50
>> (BSNS WIRE) Radyne ComStream Announces Record Bookings, Backlog, Revenue
Radyne ComStream Announces Record Bookings, Backlog, Revenues and Earnings
Business Editors
PHOENIX--(BUSINESS WIRE)--Nov. 10, 1999--Radyne ComStream Inc.
(OTC BB: RADN), Wednesday announced record bookings, backlog, revenues
and earnings for the third quarter ended Sept. 30, 1999.
Revenues increased 323% on record sales of approximately
$14 million compared to $3.3 million in the third quarter of 1998.
After-tax earnings were $635,000 (before consideration of $188,000 of
extraordinary income) compared to a loss of $550,000 in the third
quarter of 1998. Per share income increased to $.13 from a loss of
$.09 for the three months ended Sept. 30, 1998.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) and before extraordinary income improved to $1.7 million from
a loss of $300,000 for the same period in 1998. Bookings increased
311% to $16.2 million from $3.9 million in the third quarter of 1998.
This resulted in an increased backlog of 111% to $13.2 million from
$6.3 million as of Sept. 30, 1998.
All of these indicators are record-setting performances for the
company.
Another highlight of the quarter occurred when stockholder
capital became positive as a result of the company's rights offering
to existing shareholders becoming effective. Stetsys Pte Ltd, the
company's parent, converted its $15.6 million loan to equity when it
exercised its rights under the offering. The rights under the offering
will expire on Dec. 1, 1999.
Radyne ComStream, headquartered in Phoenix, designs, manufactures
and markets satellite modems and terminals, satellite broadcast
receivers, frequency converters and ancillary products for Internet,
data, video and audio communications over satellite.
The company has offices in the U.S. located in Phoenix, San Diego
and Boca Raton, Fla., and internationally in Singapore, Beijing,
Jakarta, Indonesia and London.
For more information, contact Radyne ComStream Inc.
3138 East Elwood St., Phoenix, AZ 85034 USA. Tel: 602/437-9620,
Fax: 602/437-4811; e-mail: info@radynecomstream.com; or visit our web
site at www.radynecomstream.com.
Statements in this press release that are not strictly historical
are forward-looking statements regarding potential future events or
the future financial performance of the company. These statements are
only predictions and reflect the current beliefs and expectations of
the company. Actual events or results may differ materially.
Some of the factors that could cause actual results to differ
materially from the forward-looking statements contained herein
include, without limitation, whether new products the company has
developed will be accepted in the markets addressed by the company,
whether the company's increased backlog as compared to that of the
same period in 1998, will result in improved operating results,
whether increased competition in the markets the company addresses
will result in price reductions, pricing pressures, and loss of market
share for the company, whether the satellite communications industry
will continue to develop, whether the Internet will continue to grow
in international markets, whether the company will be able to
capitalize on opportunities available to it, whether international
economic markets will continue to experience difficulties, and whether
foreign currency valuations will adversely affect demand for the
company's products.
Please carefully read the documents filed by the company from
time to time with the Securities and Exchange Commission.
Specifically, the reader should examine the company's annual report on
Form 10-K/A and its quarterly reports on Form 10-Q.
These documents contain and identify important factors that could
cause the actual results to differ materially from those contained in
the projections or forward-looking statements.
-0-
*T
Radyne ComStream Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
Three Months Ended
Sept. 30, Sept. 30,
1999 1998
Net sales $13,999,479 $ 3,307,146
Cost of sales 7,295,589 2,280,421
Gross profit 6,703,890 1,026,725
Operating expenses:
Selling, general and administrative 3,390,169 806,430
Research and development 2,214,649 577,166
Total operating expenses 5,604,818 1,383,596
Income (loss) from operations
before interest expense and
extraordinary income 1,099,072 (356,871)
Interest expense, net 463,587 192,773
Net income (loss) before
extraordinary income and taxes 635,485 (549,644)
Extraordinary income 188,182 0
Net income (loss) before
provision for income taxes 823,667 (549,644)
Provision for income taxes 15,000 0
Net income (loss) available
for common stockholders $ 808,667 $ (549,644)
Basic net income (loss) per
common share $ 0.13 $ (0.09)
Diluted net income (loss)
per common share $ 0.13 $ (0.09)
Weighted average shares used
in computation
Basic 6,008,435 5,931,340
Diluted 6,101,879 5,931,340
Radyne ComStream Inc.
Condensed Consolidated Balance Sheets
Sept. 30, Dec. 31,
1999 1998
Unaudited Audited
Current assets:
Cash & cash equivalents $ 1,622,256 $ 254,956
Accounts receivable - trade,
net of allowance for doubtful
accounts of $784,958 and $632,815 6,827,761 7,270,732
Other receivable 0 1,265,000
Inventories, net 8,238,202 9,380,478
Prepaids and other current assets 430,536 590,161
Total current assets 17,118,755 18,761,327
Property and equipment - net 3,961,371 5,533,645
Other assets 3,888,029 4,895,742
Total assets $24,968,155 $29,190,714
Liabilities and stockholders'
capital/(deficiency)
Current liabilities:
Notes payable under line of
credit agreement $12,920,000 $ 8,000,000
Note payable 0 7,000,000
Current installments of obligations
under capital leases 64,561 124,891
Accounts payable - trade 2,512,724 3,291,915
Accounts payable - affiliates 0 8,150
Accrued expenses 7,255,518 9,140,341
Income taxes payable 15,000 0
Total current liabilities 22,767,803 27,565,297
Notes payable to affiliates 0 15,618,272
Obligations under capital
leases, excluding current
installments 76,572 88,588
Accrued stock option compensation 1,108,804 1,155,477
Total liabilities 23,953,179 44,427,634
Stockholders' capital/(deficiency)
Common stock, $.002 par value,
20,000,000 shares authorized,
Shares issued and outstanding,
10,151,026 at Sept. 30, 1999 and
5,931,340 at Dec. 31, 1998 20,303 11,862
Additional paid-in capital 21,435,312 6,105,404
Accumulated deficit (20,440,639) (21,354,186)
Total stockholders'
capital/(deficiency) 1,014,976 (15,236,920)
Total $24,968,155 $29,190,714
*T
--30--sig/ix*
CONTACT: Radyne ComStream Inc., Phoenix
Garry D. Kline, 602/437-9620
KEYWORD: ARIZONA CALIFORNIA FLORIDA INTERNATIONAL ASIA/PACIFIC
EUROPE
INDUSTRY KEYWORD: HARDWARE INTERNET TELECOMMUNICATIONS EARNINGS
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