Here's the earnings:
Celeritek Reports Second Quarter Results
SANTA CLARA, Calif., Oct. 15 /PRNewswire/ -- Celeritek, Inc. (Nasdaq:
CLTK), a manufacturer of GaAs RF ICs and subsystems for the wireless
communications market, today reported results for the second quarter and first six months of fiscal 1998.
For the quarter ended September 30, 1997, Celeritek reported revenues of $13,529,000 compared with revenues of $11,657,000 for the same period a year ago. Net income for the second quarter of fiscal 1998 was $1,053,000, or $0.14 per share, compared with net income of $1,026,000, or $0.14 per share, for the same period a year ago.
For the first six months of fiscal 1998, Celeritek reported revenues of $26,124,000 compared with revenues of $23,175,000 for the same period in fiscal 1997. Net income was $2,009,000, or $0.27 per share, versus net income of $1,931,000, or $0.26 per share, for the first six months of fiscal 1997.
The company reported that sales from the commercial market in the second quarter of fiscal 1998 were down slightly versus the same period a year ago, while revenues from the defense market increased approximately 71 percent over the same period a year ago.
''Our GaAs RF IC products are ramping up in production as our customers introduce new platforms to the market place. This has resulted in an increase in our GaAs RF IC activity, which grew some 60 percent over the first quarter of fiscal 1998,'' said Tamer Husseini, president and chief executive officer. ''We received $1.8 million in new orders from PCS phonplatforms to the market place. This has resulted in an increase in our GaAs RF IC activity, which grew some 60 percent over the first quarter of fiscal 1998,'' said Tamer Husseini, president and chief executive officer. ''We received $1.8 million in new orders from PCS phone manufacturers reflecting the emergence of the PCS market. We continue to invest in growing our GaAs power amplifier MMIC Triniti DX(TM) product offerings. We recently introduced our new Triniti DX)(TM) PRO line of 3.0 volt power amplifiers for cellular, PCS CDMA/TDMA and GSM 1800/1900 phones. Unlike the 3.6 volt devices currently available in the market,
The company's Triniti DX(TM) product line addresses the demand for
linear, efficient power amplifiers enabling lighter handset with longer talk times and offers solutions for cellular and PCS frequencies (dual band), and supports TDMA, CDMA and GSM modulation schemes.
Husseini said that other developments in the commercial arena included a $3.2 million order from P-Com for microwave radio components, a $2.5
million contract from Alcatel for high frequency radio products and a
$1.6 million order from Hughes Network Systems for satellite products.
''We also received additional significant contracts in the defense
arena, including a $2.3 million order from Litton for microwave
products,'' he added.
Celeritek designs and manufactures GaAs RF ICs and high frequency radio products for wireless communications. The company's products are used worldwide by leading manufacturers of wireless communications systems.
This release contains forward-looking statements within the meaning of
276A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of known and unknown risk factors and uncertainties. Such factors may include, but are not necessarily limited to, the timing, cancellation or delay of customer orders; the mix of products sold; changes in manufacturing capacities and variations in the utilization of this capacity; market acceptance of the company's and its customers' products; variations in manufacturing yields and other competitive factors. Reference is made to the discussion of risk factors detailed in the company's filings with the Securities and Exchange Commission, including its reports on Form 10-K
and 10-Q.
CELERITEK INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
September 30 September 30
1997 1996 1997 1996
Total net sales $13,529 $11,657 $26,124 ,175
Cost of goods sold 8,591 7,355 16,814 4,607
Gross profit 4,938 4,302 9,310 8,568
Operating expenses:
Research and
development 1,270 1,050 2,478 2,131
Selling, general
and administrative 2,090 1,705 3,885 3,574
Total operating expenses 3,360 2,755 6,363 5,705
Income from operations 1,578 1,547 2,947 2,863
Interest income (expense)
and other, net 121 109 269 253
Income before
income tax 1,699 1,656 3,216 3,116
Provision for
income taxes 646 630 1,207 1,185
Net income $1,053 $1,026 $2,009 $1,931
Net income per share $0.14 $0.14 $0.27 $0.26
Shares used in per
share calculations 7,462 7,336 7,414 7,330
CELERITEK INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
September 30, March 31,
1997 1997
(Unaudited) (Note)
ASSETS
Current assets:
Cash and cash equivalents $4,373 $7,033
Short-term investments 8,750 8,200
Accounts receivable, net 11,698 10,111
Inventories 10,156 7,318
Prepaid expenses and
other current assets 538 270
Deferred tax assets 2,144 2,144
Total current assets 37,659 35,076
Property and equipment, net 6,862 6,038
Other assets 91 43
Total assets $44,612 $41,157
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of
long-term debt $131 $ --
Accounts payable 4,123 3,889
Accrued payroll 1,463 1,190
Accrued liabilities 3,637 3,594
Total current liabilities 9,354 8,673
Long-term debt less
current portion 542 --
Shareholders' equity 34,716 32,484
Total liabilities and
shareholders' equity $44,612 $41,1 |
