If you're still here, you're in a better place now: stock up 33% to 9.58 on prelim earnings announcement
Radyne ComStream Announces Preliminary 4th Qtr and 2003 Results: Expects to Report $0.15 EPS on 20% Increase in Revenues - Cash Reaches $30M
PHOENIX, Jan. 23 /PRNewswire-FirstCall/ -- Radyne ComStream Inc. (Nasdaq: RADN; Warrants: RADNW), today reported that it expects to report net earnings of approximately $2.4 million, or $0.15 per share on a diluted basis, for its fiscal fourth quarter ended December 31, 2003 compared to a net loss of $3.8 million, or $0.25 per share, for the fourth quarter of 2002. Revenues were up 20% to approximately $16.5 million for the fourth quarter of 2003 compared to $13.7 million for the same quarter of 2002.
Estimated earnings for fourth quarter 2003 benefited from a projected increase in gross margins of almost 60% to approximately $8.9 million from $5.6 million in the year earlier period due to the increased sales and to the mix of newer, lower cost products introduced during 2003. Gross margins for fourth quarter 2003 also benefited from cost reductions resulting in lower operating overhead compared to fourth quarter 2002. Operating expenses were down $0.4 million or 8% compared to the same quarter of 2002 due primarily to staff and cost reductions in prior periods.
Earnings reported for the year ended December 31, 2003 are expected to be approximately $4.0 million, or $0.24 per diluted share on revenues of $57.9 million compared to a loss of $2.6 million on revenues of $57.7 million for the 2002 year, before charges for the write off of impaired assets and restructuring costs that totaled $6.3 million. Loss per diluted share in the prior year, after all charges, was $0.59. Bookings in the quarter were approximately $15.0 million, ending the year with backlog of about $8 million.
Cash increased to about $30 million at December 31, 2003 from $16.2 million at December 31, 2002.
Radyne ComStream will conduct a conference call and webcast to comment on and answer any questions related to its fourth quarter 2003 financial results when those results are finalized, which includes an audit by our independent auditors. We expect that the conference call will be scheduled to occur about February 19, 2004. The Company will send out a press release approximately one week in advance of the call with instructions for those who wish to participate. |
