Acrodyne Communications, Inc.Announces First Quarter Results
May 18, 1998 11:41 AM
BLUE BELL, Pa.--(BUSINESS WIRE)--May 18, 1998--Acrodyne Communications, Inc. ACRO today reported its results for the first quarter
ended March 31, 1998.
For the three months ended March 31, 1998 net sales were $3,163,975 as compared to $2,268,198 for the same period in 1997. Net income
was $21,602, or a $0.003 per share, on 7,173,065 weighted average common shares outstanding for the three months ended March 31, 1998,
as compared to a net loss of ($374,917), or a loss of ($0.09) per share, on 4,401,303 weighted average common shares outstanding for the
same period in 1997. During the quarter, sales rose 39.5% due primarily, the Company believes, to the issuance by the Federal
Communications Commission of the final channel allocations relative to Digital Television. Domestic High Power sales, which were basically
non-existent in fiscal 1997 increased to $1,793,580 during the three months ended March 31, 1998 as compared to the three months ended
March 31, 1997. Gross margins improved in the most recent quarter to 32% as compared to 26% for the same period a year earlier as the
greater percentage of High Power in foreign sales demand higher margins. Operating expenses increased 9% during the quarter due to
increases in research and development expenditures and administrative expenses. These expenses were offset by interest income compared
to interest expense in the year earlier period. A. Robert Mancuso, Chairman and CEO, commented, "After a extended period of relative inaction
we are finally seeing indications that the logjam related to the sale of High Power Transmitters has finally been broken. The FCC's channel
allocations removes any lingering doubt that may have existed that the transition to digital tv will occur. We expect a rapid acceleration of
requests for information and quotations going forward. We are ideally suited to satisfy the total demands of the broadcast industry with a line of
products that span high and low power analog and digital transmitters." Acrodyne Industries, Inc., the operating subsidiary of Acrodyne
Communications, Inc., is an established and respected manufacturer of television broadcast equipment. In business over 25 years, the
Company has developed the leading position as a technologically advanced, high quality low cost producer of transmitters and translators used
by television stations to broadcast and retransmit over-the-air signals.
ACRODYNE COMMUNICATIONS, INC.
SUMMARY OF RESULTS
(Unaudited)
Three Months Ended March 31,
1998 1997
Revenues $ 3,163,975 $ 2,268,198
Gross Profit 1,030,537 596,313
Total Operating Expenses 1,000,581 932,702
Operating Profit/(Loss) 29,956 (336,389)
Other Income/(Expense) 5,674 (18,640)
Net Income/(Loss) 35,630 (355,029)
Dividend on 8% Convertible
Redeemable Preferred Stock 14,028 (19,888)
Net Income/ (Loss) Available to
Common Shares 21,602 (374,917)
Net Income/ (Loss) Per Share 0.003 (0.09)
Weighted Average Common
Shares Outstanding 7,173,065 4,401,303
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