Here's one that made it!
Wednesday July 22, 8:04 am Eastern Time
Company Press Release
SOURCE: Hytek Microsystems, Inc.
Hytek Obtains Nasdaq Listing; Hybrid Circuit Manufacturer to Begin Trading On the Small Cap Market on July 27
CARSON CITY, Nev., July 22 /PRNewswire/ -- Hytek Microsystems, Inc. (OTC Bulletin Board: HTEK - news) announced today that the Nasdaq Stock Market, Inc. has approved its application for Small Cap listing of its common stock. Trading on the Nasdaq Small Cap market is expected to commence on July 27, 1998, under the symbol HTEK.
''We believe that re-listing will provide long-term benefit to our shareholders through improved liquidity and visibility in the marketplace,'' said Chuck Byrne, Hytek's President and CEO.
Management also believes that when listed on Nasdaq, the trading volume of the company's stock has better potential to increase and that it will build a stronger perception of the company in the investment community.
Hytek was originally listed on Nasdaq when it went public in 1983. However, a period of declining business conditions forced the company to de-list in 1992 in the face of rising listing requirements. During the past four years the company has returned to profitability and significantly improved its overall financial condition.
Last week, the company announced second quarter results. Revenues rose 69% to $3.7 million for the second quarter, compared to revenues of $2.2 million for the same quarter in 1997. Second quarter net income also posted a significant increase to $827,000, or $0.26 per diluted share, compared to net income of $335,000, or $0.11 per diluted share, for the second quarter of 1997.
Additionally, during the second quarter, Hytek received approximately $4.2 million in customer orders and the backlog of unfilled customer orders at quarter end remained strong at $8.5 million as compared to a backlog of $6.1 million at June 28, 1997. Due to the possibility of changes in customer delivery schedules or the cancellation of orders, backlog at any particular date may not be indicative of actual future sales.
The following table summarizes Hytek's progress over the past four years:
Operating Results ($000) 1997 1996 1995 1994
Revenues $9,020 $8,641 $5,409 $4,162
Net income 1,662 1,927 521 2
Earnings per share $.54 $.62 $.18 $.00
Founded in 1974, Hytek specializes in hybrid microelectronic circuits that are used in oil exploration, military and industrial systems, communications and other OEM applications.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and uncertainties due to certain factors, including, but not limited to, customer rescheduling or cancellation of orders, changes in the nature of or demand in the Company's markets, downturns in general economic conditions and shortages of raw materials.
Note: News releases and other information regarding Hytek Microsystems can be accessed on the Internet at hytek.com or ctaonline.com.
SOURCE: Hytek Microsystems, Inc. |
