Monday August 11 7:30 AM EDT
Company Press Release
Applied Cellular Technology Inc. Reports Record Second Quarter Revenue of $24.74 Million and Earnings of $0.07 Per Share
NIXA, Mo.--(BUSINESS WIRE)--Aug. 11,1997--Applied Cellular Technology, Inc. (NASDAQ:ACTC) reported today that its revenues and net income for the second quarter ended June 30, 1997 were both at a record high.
Second quarter revenue of $24.74 million was greater than calendar 1996's revenue of $19.9 million, and was up by 1,158% compared to last year's second quarter revenue of $1.97 million. Revenue for the six months ended June 30, 1997 was $42.87 million, a 1,240% increase over 1996 revenue of $3.2 million.
For the second quarter, net income was $520,000 or $0.07 per share after preferred dividends of $18,000, versus the year-earlier net income of $61,000 or $0.03 per share, a 752% increase. No preferred dividends were paid in the second quarter of 1996.
For the six months ended June 30, 1997, the Company reported net income, after $36,000 in preferred dividends, of $799,000 or $0.12 per share compared to $102,000 or $0.04 per share in 1996, a 683% increase. No preferred dividends were paid in the six month period ended June 30, 1996.
The balance sheet at June 30, 1997 remains strong with cash and cash equivalents of $1.79 million compared to $114,000 in 1996, and total assets of $51.4 million compared to $6.14 million in 1996. Stockholders' equity was $21.23 million at June 30, 1997, compared to $3.49 million in 1996
Chairman & CEO Richard J. Sullivan stated, ``All three operating groups within Applied Cellular -- the Retail Group, Computer Group and Manufacturing Group -- reported strong increases year-over-year.''
Applied Cellular is a specialty telecommunications company specializing in communication interconnect technologies, computer aftermarket products and customized electrical component installation and manufacturing.
Statements about the Company's future expectations, including future revenue's and earnings, and all other statements in this press release other than historical facts are ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. |
