HTEK up on news,
Hytek Microsystems Anticipates Improved Second Quarter
CARSON CITY, Nev., Jul 3, 2001 /PRNewswire via COMTEX/ -- Hytek Microsystems, Inc. (Nasdaq: HTEK chart, msgs) announced today that results for the second quarter ended June 30, 2001 have improved substantially over the first quarter of 2001. Final results are expected to be announced later in July 2001.
"Production was up significantly in the second quarter. We have begun to see a return on our first quarter investment in automated production and process equipment," said Chuck Byrne, Hytek Chairman and CEO. "We are very pleased with the upswing in plant productivity in the second quarter."
"Additionally, customer order activity was strong during the second quarter with a variety of orders from both existing and new customers and new markets," said Byrne. "Chesapeake Sciences has ordered and taken delivery of additional geophysical exploration circuits, and has placed additional orders on a new program involved with military towed array systems. Chesapeake anticipates this new program to expand in the future. On June 30, the Company's total backlog was approximately $5.8 million. Our outlook for the remainder of the year is positive," noted Byrne.
"Although orders for our optical support products have declined along with the overall softening in the fiber-optic industry, we believe there is significant future long-term potential in this market and have increased our research and development efforts in the fiber-optic area," added Byrne.
Founded in 1974, Hytek, headquartered in Carson City, Nevada, specializes in hybrid microelectronic circuits that are used in oil exploration, military applications, satellite systems, industrial electronics, opto-electronics and other OEM applications.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and uncertainties due to certain factors, including, but not limited to, customer rescheduling or cancellation of orders, changes in the nature of or demand in the Company's markets, inability to develop new products or increase market share in new or existing markets, downturns in general economic conditions and shortages of raw materials. |
