This just in!!!!!!!!I Wish I held onto my shares. Daaammmmnnnn!!!!
Wednesday, April 1 17:30 p.m. Eastern Time
Applied Magnetics Sees Dramatic Turnaround In Demand for Advanced TFI Heads. Dramatic Increases in 3Q FY 98 and 4Q FY 98 Revenues Expected
APPLIED MAGNETICS CORP. Expects Significant and Dramatic Turnaround in Third and Fourth Quarter Results.
Apr 01, 1998, Applied Magnetics Corp. (NYSE:APM - news) said that because of a resurgence of demand for advanced thin film products and inventory problems that have plagued the industry to no longer be a problem. It no longer anticipates decreases in revenues and earnings during the third and fourth quarters of fiscal 1998. APM said it now expects that revenue for third quarter of fiscal 1998 will be approximately 55% greater than the third quarter of fiscal 1997 and the fourth quarter to be approximately as good if not better than the third quarter results. On an operating basis, earnings for the third and fourth quarters are also expected to be up substantially on both a sequential and annual basis.
On December 8, APM said it expected revenues for the second quarter of fiscal 1998 to ''rebound'' from first quarter fiscal 1998 as ''drive inventories are brought into line.'' APM noted that third and fourth quarter fiscal 1998 revenues were expected to be down, however as a result of its largest customer making ''significant'' increases in orders especially for the advanced TFI heads which carry very large margins, its prospects have changed dramatically.
APM also said that in response to these orders the production schedules are being increased. It has taken several measures to reduce expenditures, including capital spending, in order to realign costs to the current level of business. This included the planned shutdown of the manufacturing facility in Ireland.
For the second quarter of fiscal 1997, APM posted net income of $31,091,000 (including a charge of about. $2,900,000, or $0.12 per share, related to the termination of a merger proposal), or $1.24 per share, on net sales of $126,311,000.
For the first quarter of fiscal 1998, APM posted net loss of $39,749,000, or $1.67 per share, on net sales of $74,412,000.
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