Radyne ComStream Reports Fourth Quarter and Fiscal Year 2003 Results
PR Newswire, Thursday, February 19, 2004 at 05:55
PHOENIX, Feb 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- Radyne ComStream (Nasdaq: RADN; Warrants: RADNW) today reported net earnings of $2.6 million, or $0.16 per fully diluted share, for its fiscal fourth quarter ended December 31, 2003 compared to net earnings for fourth quarter 2002 of $0.4 million.
Net sales for the three-month period ended December 31, 2003 were $16.5 million compared to $13.7 million for the quarter ended December 31, 2002. Gross margins increased in the current period to $8.9 million from $5.6 million in the quarter ended December 31, 2002 and expenses decreased to $4.8 million in the current period from $5.4 million for the same quarter last year.
Revenues were $58.0 million for the year ended December 31, 2003, compared with $57.7 million for 2002. Gross margins for 2003 were up to $26.4 million form $19.2 million and expenses were down to $19.9 million from $24.2 million for 2002. Net income was $4.1 million or $0.26 per fully diluted share for the year ended December 31,2003 compared a net loss of $9.0 million, or $0.59 per fully diluted share for 2002. The 2002 results included restructuring charges of $1.5 million, asset impairment charges of $1.0 million and the cumulative effect of change in accounting principle of $4.3 million. Excluding these charges, the Company's 2002 loss would have been $2.2 million or $0.14 per fully diluted share."Sales were up substantially over the fourth quarter of last year, margins were higher and costs were down,"commented Bob Fitting, CEO."Our continued focus on costs and operations resulted in an 11% drop in operating costs from fourth quarter last year and a high mix of new products increased gross margins to 54%. Improved operations and a strong balance sheet place us in a strong competitive position for the returning capital equipment markets. The PIPE that was announced a few days ago resulted in the Singapore Technology holdings being purchased by more than 40 Financial Institutions eliminating the overhang concern and will, upon registration, improve the float and liquidity of the stock."About Radyne ComStream |
