Beautiful!!
And for those who haven't seen the full report, here it is.
Oh, reminder, Conference Call at 4:15, EDT: 303-205-0066.
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Thursday October 21, 8:03 am Eastern Time
Company Press Release
SOURCE: Vari-L Company, Inc.
Vari-L Company Reports Best-Ever Results in Third Quarter
37% Increase in Net Sales Yields Record-Breaking $6.6 Million Quarter; Net Income Up 29% to 16 Cents per Diluted Share
DENVER, Oct. 21 /PRNewswire/ -- Vari-L Company, Inc. (Nasdaq: VARL - news), a leading provider of advanced components for the wireless telecommunications industry, today announced record sales and earnings for the third quarter and nine-month period ended September 30, 1999.
Third-quarter net income increased 29% to $965,000, or 17 cents per basic share and 16 cents per diluted share, compared with net income of $749,000, or 14 cents per basic and diluted share, in the third quarter last year. Net sales for the quarter were up 37% to $6,594,000 versus year-ago net sales of $4,805,000. Both net sales and net income in the most recent quarter were the strongest for any quarter in Company history.
Through nine months, net income advanced 24% to $2,466,000, or 44 cents per basic and diluted share, compared with net income of $1,981,000, or 37 cents per basic share and 36 cents per diluted share, in the comparable period last year. Nine-month net sales grew 32% to $17,367,000 from net sales of $13,181,000 at the nine-month mark last year.
Dave Sherman, president and CEO, said, ``Vari-L's record sales and earnings in the third quarter reflect the continued resurgence of international markets as well as the steady growth of domestic commercial infrastructure markets. We also experienced an acceleration in demand for our newer products -- including those aimed at emerging broadband and subscriber markets -- which we are confident will contribute to our future growth.'
Firm customer orders received during the third quarter were up 16% to $5.3 million from $4.6 million in the third quarter of 1998. On a geographical basis, international orders increased 115% to $1.8 million while domestic orders were relatively flat at $3.5 million. By product type, both commercial and military/aerospace orders showed solid growth with commercial advancing 15% to $4.7 million and military/aerospace increasing $24% to $570,000.
Sherman noted that total commercial orders included approximately $540,000 in orders for the Company's new subscriber components. ``While not yet a significant percentage of overall orders, subscriber orders are up almost three-fold from the second quarter,' Sherman said. ``We believe this growth demonstrates Vari-L's potential for long-term success in this market segment.'
Additional highlights from the third quarter include:
-- ISO9001 certification for the Company's military/aerospace products,
promoting Vari-L's sales in Europe and around the world.
-- Major orders in the aggregate amount of $2.4 million for Vari-L's new
high-end, broadband components designed for wireless Internet
applications.
-- Two new U.S. patents that will permit a dramatic reduction in the
time and cost of production of dual-band components for
next- generation subscriber applications.
Through its headquarters in Denver, Vari-L designs, manufactures and markets radio- and microwave-frequency signal source and processing components used in the wireless telecommunications industry. Vari-L's patented products are used in a variety of commercial, subscriber and military/aerospace applications, including emerging digital and broadband communications technologies. Vari-L serves a diverse customer base comprised of some of the world's leading technology companies, including Adaptive Broadband, Ericsson, Harris, Hughes, IBM, Lockheed Martin, Lucent Technologies, Mitsubishi, Motorola, NEC, Nokia, Northrop Grumman, Raytheon, Samsung, Siemens, Stanford Telecom and Wireless Access.
INCOME STATEMENT DATA
Third Quarter Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net Sales $6,594,000 $4,805,000 $17,367,000 $13,181,000
Net Income $ 965,000 $ 749,000 $ 2,466,000 $ 1,981,000
Basic Earnings
Per Share $ .17 $ .14 $ .44 $ .37
Diluted Earnings
Per Share $ .16 $ .14 $ .44 $ .36
Basic Weighted Average
Shares Outstanding 5,665,000 5,460,000 5,559,000 5,378,000
Diluted Weighted Average
Shares Outstanding 6,096,000 5,529,000 5,664,000 5,563,000
BALANCE SHEET DATA
September 30, December 31,
1999 1998
Working Capital $16,414,000 $16,383,000
Total Assets $55,715,000 $50,671,000
Non-current Liabilities $13,776,000 $14,561,000
Stockholders' Equity $37,364,000 $32,425,000
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, governmental action relating to wireless communications licensing and regulation, internal projections as to the demand for certain types of technological innovation, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, future economic conditions generally, as well as other factors.
SOURCE: Vari-L Company, Inc.
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