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naren Announces Record Net Sales, New Orders, and ProfitabilityFor Fiscal 2000 Second Quarter
SYRACUSE, N.Y., Jan. 18 /PRNewswire/ -- Anaren Microwave, Inc. (Nasdaq: ANEN) today reported record results for the second quarter of fiscal 2000, ended December 31, 1999. Net sales for the quarter were $13,270,876, up 20% from net sales of $11,056,604 for the same quarter of the prior fiscal year. Net income for the second quarter was $1,923,929, an increase of 35%, over net income of $1,430,345 for the second quarter of the prior fiscal year. Diluted earnings per share for the second quarter were $0.32 compared to diluted earnings per share of $0.25 for the second quarter of last fiscal year.
Highlights for the quarter include;
-- Record revenues driven by continued strong growth in the Wireless
Group. Wireless Group net sales for the second quarter were
7.54 million, up 57% from the second quarter of last fiscal year.
"The Wireless Group continues to capture increasing dollar content on
wireless basestations and improve penetration rates with each OEM
customer they serve," said Lawrence A. Sala, Anaren President and CEO.
"In addition, the group is experiencing robust new design activity for
both AdrenaLine(TM) and backplane technology for third generation (3G)
basestation applications."
-- Record profitability driven by continued improvement in operating
efficiency. As a percentage of net sales, operating margins improved
40 basis points to a record 18.6%, and pre-tax income was a record
22.3%.
-- Record new orders of $38.0 million for the second quarter as a result
of the Spaceway(TM) contract announced on December 17, 1999. "The
Space and Defense Group continues to develop technologies that uniquely
position the company to capture advanced satellite subsystem
contracts," said Sala. "It is our intent to leverage the high
frequency broadband technology that enabled the Group to capture the
Spaceway program into other terrestrial commercial applications."
For the six months ended December 31, 1999, net sales were $25,735,239, up 19.5% from net sales of $21,535,391 for the six months ended December 31, 1998. Net income was $3,672,664, an increase of 33%, over net income of $2,752,949 for the six months ended December 31, 1998, while diluted earnings per share were $0.62, compared to diluted earnings per share of $0.48 for the first six months of the prior fiscal year.
Statements contained in this news release which are not historical information are "Forward-looking" statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that are described in more detail in Anaren's Annual Report and in Anaren's Form 10-K and 10-Q Reports and exhibits to those Reports filed with the Securities and Exchange Commission.
Anaren designs, develops, manufactures and sells complex microwave signal distribution networks and components for the wireless communications, satellite communications and defense electronics markets.
Anaren Microwave, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
Net sales $13,270,876 $11,056,604 $25,735,239 $21,535,391
Cost of sales 7,930,472 6,550,512 15,443,530 13,024,103
Gross profit 5,340,404 4,506,092 10,291,709 8,511,288
Operating expenses:
Marketing 1,158,617 1,014,065 2,280,302 1,995,960
Research and
development 787,494 784,628 1,489,732 1,359,733
General and
administrative 925,527 810,610 1,789,402 1,564,144
Total operating
expenses 2,871,638 2,609,303 5,559,436 4,919,837
Operating income 2,468,766 1,896,789 4,732,273 3,591,451
Other income (expense):
Interest expense (10,654) (9,620) (20,029) (19,240)
Other, primarily
interest income 501,817 314,176 938,420 663,738
Total other income 491,163 304,556 918,391 644,498
Income before
income taxes 2,959,929 2,201,345 5,650,664 4,235,949
Income taxes 1,036,000 771,000 1,978,000 1,483,000
Net income $1,923,929 $1,430,345 $3,672,664 $2,752,949
Net income per
common share:
Basic $0.35 $0.26 $0.66 $0.50
Diluted $0.32 $0.25 $0.62 $0.48
Weighted average shares
used in computing net
income per common share:
Basic 5,566,383 5,496,170 5,553,671 5,510,759
Diluted 5,943,677 5,725,872 5,888,632 5,736,848
Anaren Microwave, Inc.
Consolidated Statements of Income
Three Months Ended Six Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 59.8% 59.2% 60.0% 60.5%
Gross profit 40.2% 40.8% 40.0% 39.5%
Operating expenses:
Marketing 8.7% 9.2% 8.8% 9.3%
Research and
development 5.9% 7.1% 5.8% 6.3%
General and
administrative 7.0% 7.3% 7.0% 7.3%
Total operating
expenses 21.6% 23.6% 21.6% 22.9%
Operating income 18.6% 17.2% 18.4% 16.6%
Other income (expense):
Interest expense (0.1%) (0.1%) (0.1%) (0.1%)
Other, primarily
interest income 3.8% 2.8% 3.7% 3.1%
Total other income 3.7% 2.7% 3.6% 3.0%
Income before
income taxes 22.3% 19.9% 22.0% 19.6%
Income taxes 7.8% 7.0% 7.7% 6.2%
Net income 14.5% 12.9% 14.3% 13.4%
Anaren Microwave, Inc.
Consolidated Balance Sheets
December 31, 1999 June 30, 1999
(Unaudited)
Assets:
Cash, cash equivalents
and short-term
investments $28,952,451 $28,486,705
Accounts receivable, net 8,623,550 6,333,096
Inventories 8,400,869 8,384,922
Other current assets 618,984 802,892
Total current assets 46,595,854 44,007,615
Net property, plant
and equipment 9,819,016 8,603,784
Marketable debt securities 5,280,801 4,976,275
Other assets 873,423 879,025
Total assets $62,569,094 $58,466,699
Liabilities and
stockholders' equity
Liabilities:
Accounts payable 2,481,117 2,360,226
Accrued expenses 1,592,924 1,773,762
Income taxes payable 121,738 472,190
Customer advance payments 179,997 348,454
Total current
liabilities 4,375,776 4,954,632
Other non-current
liabilities 1,794,924 1,666,569
Total liabilities 6,170,700 6,621,201
Stockholders' equity:
Retained earnings 21,464,131 17,791,467
Common stock and additional
paid-in capital 39,266,674 37,535,014
Deferred compensation (851,428) --
Less cost of
treasury stock (3,480,983) (3,480,983)
Total stockholders'
equity 56,398,394 51,845,498
Total liabilities and
stockholders' equity $62,569,094 $58,466,699
SOURCE Anaren Microwave, Inc.
CO: Anaren Microwave, Inc.
ST: New York
IN: CPR TLS ARO
SU: ERN
01/18/2000 16:15 EST prnewswire.com |
