Full press release:
Vari-L Company, Inc. Reports Record Fourth Quarter and Fiscal Year
1997 Financial Results
1997 Net Income Increases 73% to $2 Million on Sales up 42% to $17.4 Million
DENVER, Jan. 20 /PRNewswire/ -- Vari-L Company, Inc. (Nasdaq: VARL - news), a leading provider of advanced
components for the wireless telecommunications industry, today announced record results for its fourth quarter and fiscal year
ended December 31, 1997.
Fourth quarter net income increased 52% to $824,000 on sales that advanced 25% to $5.55 million, as compared with net
income of $541,000 on sales of $4.4 million in the fourth quarter a year ago. These results represent basic earnings per share
of 16 cents and diluted earnings per share of 15 cents, as compared with basic and diluted earnings per share of 14 cents in
1996.
For the year, net income advanced 73% to $2,035,000 on sales that increased 42% to $17.4 million, as compared with net
income of $1,178,000 on sales of $12.2 million for 1996. These results represent basic earnings per share of 45 cents and
diluted earnings per share of 43 cents, as compared with 32 cents and 30 cents, respectively, for 1996.
''Management is extremely pleased to report another year of record growth and profitability, which we attribute to continued
strong demand for VARI-L's products in traditional markets and growing demand from the emerging personal communications
services (PCS) industry,'' said Dave Sherman, president.
Sherman noted that economic unrest in the Pacific Rim did not have a material impact on the Company's financial results for
1997, adding that Asian markets are not expected to make a meaningful contribution to revenue until the third quarter of 1998.
He said the vast majority of sales and new orders originated from traditional domestic, European and Scandinavian market
segments.
Customer orders for the fourth quarter surged 66% to $10.3 million versus $6.2 million in the fourth quarter of 1996.
Domestic orders were $3.3 million and international orders totaled $7.0 million, or approximately 68% of total orders.
Military/aerospace orders totaled $1.0 million and commercial orders totaled $9.3 million, or more than 90% of total orders.
Customer orders for 1997 advanced 57% to $19.6 million compared with $12.5 million in 1996. Domestic orders accounted
for $9.6 million while international orders totaled $10 million, or approximately 51% of total orders. Military/aerospace orders
totaled $3.6 million and commercial orders totaled $16.0 million, or more than 82% of total orders.
Vari-L closed 1997 with a backlog of $16.6 million, up 15% from 1996's year-end backlog of $14.4 million and 41% from a
backlog of $11.8 million at the end of the third quarter of 1997. |
