The American Materials Technologies Corporation Reports Record Sales in First Quarter
PR Newswire, Monday, April 27, 1998 at 08:23
LOS ANGELES, April 27 /PRNewswire/ -- The American Materials &
Technologies Corporation (NASDAQ:AMTK; PCX: MTK) announced today that revenue
for the first quarter ended March 31, 1998 increased 64% to $11,715,000 from
$7,152,000 for the first quarter of 1997. Adjusting for the February 27, 1997
purchase of Grafalloy, the sales gain was 32%.
Operating income rose 94% to $529,000 compared to $273,000 for the first
quarter of 1997, but this was partially offset by higher interest expense
following the Grafalloy purchase. Net income rose 28% to $350,000 or $.08 per
share. This compares to net income for last year's first quarter of $274,000
or $.06 per share.
AMTK's two subsidiaries, Culver City Composites and Grafalloy, reported
record sales for the first quarter. "Shipments to our traditional aerospace
customers have rebounded from depressed fourth quarter 1997 levels.
Grafalloy, a premium composite golf club shaft manufacturer, benefited from
business from two new OEMs," said Paul W. Pendorf, president and chief
executive officer of AMT.
Pendorf continued, "The Company is aggressively pursuing additional
opportunities in our composites business, and our R&D expenditures have
increased significantly due to this product development activity."
Through its subsidiaries, The American Materials & Technologies
Corporation manufactures and markets advanced composite materials for
customers in the aerospace, defense, transportation, communication, sporting
goods, and other industries. Products include fabrics, tapes and parts made
from graphite, fiberglass, aramid, quartz and other fibers impregnated with
proprietary resin formulations, with special emphasis on high temperature
applications, aircraft interiors and high performance golf club shafts.
Except for the historical material contained herein, the matters discussed
in this press release are "forward looking statements" under the federal
securities laws. Actual results could differ materially from those forecasts
and projections and there can be no assurance that such estimates of future
results will be achieved. Factors that may cause results to vary from
projection include the timely availability and market acceptance of new
products offered by AMT, the impact of competitive products and prices in the
advanced composites industry, fluctuations in material costs, and the changing
requirements of the Company's major customers. Other such factors are
identified under "Factors That May Affect Future Operating Results" in the
Company's Form 10-KSB for the year ended December 31, 1997.
THE AMERICAN MATERIALS & TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
1998 1997
Net sales $ 11,715 $7,152
Costs and expenses:
Materials 5,822 3,384
Manufacturing 2,513 1,769
Selling, general and
administrative 2,351 1,433
Research and development 500 293
11,186 6,879
Income from operations 529 273
Other income (expense):
Interest expense (207) (84)
Interest and other income 28 81
Minority interest -- 70
(179) 67
Income before income taxes 350 340
Income tax expense -- 66
Net income $350 $274
Net income per share:
Basic $0.08 $0.06
Diluted $0.08 $0.06
Weighted average number of shares:
Basic 4,355 4,350
Diluted 4,540 4,457
SOURCE American Materials & Technologies Corporation
-0- 04/27/98
/CONTACT: Paul W. Pendorf, President of American Materials & Technologies
Corporation, 310-841-5275, or fax, 310-837-2845; or John G. Haviland of
Haviland Communications, Inc., 760-731-3084, or fax, 760-731-3186/
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:AMTK
American Materials & Tech Corp
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