@###@!! WTT - what do you expect from a company from New Jersey ?
Here's VARL's January's release . JAN 20 th .
VARL may not be affected by any asian weakness .
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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.
INCOME STATEMENT DATA
Fourth Quarter Ended
December 31,
1997 1996
Net Sales $5,550,000 $4,428,000
Net Income $824,000 $541,000
Basic Earnings Per Share $.16 $.14
Diluted Earnings Per Share $.15 $.14
Basic Weighted Average
Shares Outstanding 5,249,000 3,806,000
Diluted Weighted Average
Shares Outstanding 5,448,000 3,848,000
Fiscal Year Ended
December 31,
1997 1996
Net Sales $17,385,000 $12,211,000
Net Income $2,035,000 $1,178,000
Basic Earnings Per Share $.45 $.32
Diluted Earnings Per Share* $.43 $.30
Basic Weighted Average
Shares Outstanding 4,528,000 3,737,000
Diluted Weighted Average
Shares Outstanding 4,826,000 3,912,000
*Net income for the 1997 fully diluted computation was $2,093,000.
Through its headquarters in Denver, Vari-L designs, manufactures and markets a wide range of radio frequency and microwave signal processing components used in the wireless telecommunications industry for both commercial and military applications. Vari-L serves a diverse customer base comprised of some of the world's leading technology companies, including Ericsson, Hughes, IBM, Lockheed Martin, Lucent Technologies, Magnavox, Mitsubishi, Motorola, NEC, Nokia, Northern Telecom, QUALCOMM, Raytheon, Samsung, and Texas Instruments.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, governmental action relating to wireless communications licensing and regulation, internal projections as to the demand for certain types of technological innovation, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, future economic conditions generally, as well as other factors.
SOURCE: Vari-L Company, Inc.
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Anyone out there using level II screens ? I wonder if any particular firm is
sitting on the bid picking up lots of shares . ???
Anyone know this CEO & what he is made of ???
Strong management is a big plus. |
