This thread is very quiet. Well, I will go ahead a post the latest earnings report:
Monday August 24, 8:41 am Eastern Time
Company Press Release
American Technical Ceramics Corp.
Announces Fourth Quarter and
Year End Earnings
HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--Aug. 24, 1998-- AMERICAN
TECHNICAL CERAMICS CORP. (AMEX Symbol: AMK - news), today announced earnings
for the fourth quarter and fiscal year ended June 30, 1998.
Net sales for the fourth quarter ended June 30, 1998 decreased 4% to $9,695,000, from
$10,062,000 in the comparable quarter in fiscal year 1997. Net income amounted to $849,000,
or approximately $.22 per common share ($.21 per common share assuming dilution), for the
fourth quarter ended June 30, 1998, compared with net income of $1,231,000, or approximately
$.32 per common share ($.31 per common share assuming dilution), for the comparable quarter
ended June 30, 1997.
Net sales for the fiscal year ended June 30, 1998 increased 11% to $40,399,000, from
$36,529,000 in fiscal year 1997. Net income amounted to $4,202,000, or approximately $1.08
per common share ($1.05 per common share assuming dilution), for the fiscal year ended June
30, 1998, compared with net income of $3,429,000, or approximately $.88 per common share
($.87 per common share assuming dilution), for the fiscal year ended June 30, 1997.
Management stated that the decline in net sales for the fourth quarter compared to the
comparable quarter in the prior fiscal year was principally due to a continued slowdown of
capacitor sales into foreign markets. Sales of capacitors within the United States remained at
comparable levels to both last fiscal year's fourth quarter and the previous sequential quarter in
this fiscal year, while sales of Thin Film products worldwide continued to grow.
Victor Insetta, Chairman of ATC, said ''We believe the long-term outlook remains strong in the
principal industries that drive our business, including wireless, satellite communications and
medical electronics. We intend to continue a vigorous Research and Development program
targeted towards specific application areas within these markets. In June, we introduced the first
of a series of capacitors designed to operate at higher frequencies than those previously attainable
for products compatible with high-volume circuit assembly technologies. We will continue to
make the necessary investments in facilities and equipment to support these new products, as well
as in our Thin Film product line, which has seen continued growth during the recent market
slowdown.''
New order rates since the end of the fiscal year are continuing at levels comparable to the fourth
quarter of the prior fiscal year, with Thin Film accounting for a larger share of orders. For the first
quarter of fiscal year 1999, a greater than usual proportion of orders are expected to be for
shipment in later quarters, so that net sales for the first quarter are expected to be lower than the
first quarter of fiscal year 1998 and the immediately preceding quarter.
Management further stated that the decline in net income for the fourth quarter compared to the
comparable quarter in the prior fiscal year was due to the lower sales, continued price erosion on
the Company's core products and increased operating expenses.
AMERICAN TECHNICAL CERAMICS CORP. designs, develops, manufactures, and
markets RF/Microwave/Millimeter-Wave ceramic and porcelain capacitors and Thin Film
Products. The Company's products are focused primarily in the high reliability market for UHF
and microwave applications.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward looking statements that are subject to risks and uncertainties,
including, but not limited to, the impact of competitive products, product demand and market
acceptance risks, fluctuations in operating results, delays in development of highly-complex
products and other risks detailed from time to time in American Technical Ceramics Corp.'s
filings with the Securities and Exchange Commission, including, without limitation, those contained
under the caption ''Item 1. BUSINESS--CAUTIONARY STATEMENTS REGARDING
FORWARD- LOOKING STATEMENTS' in the Company's Annual Report on Form 10-K.
These risks could cause American Technical Ceramics Corp.'s actual results for future periods to
differ materially from those expressed in any forward looking statements made by, or on behalf
of, the Company.
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Three Months Ended
June 30,
------------------------------
1998 1997
---- ----
Net sales $ 9,695,000 $10,062,000
Income from operations 1,322,000 2,116,000
Net income 849,000 1,231,000
Earnings per share:
Basic $ .22 $ .32
Diluted $ .21 $ .31
Weighted average common shares outstanding:
Basic 3,901,000 3,891,000
Diluted 3,955,000 3,977,000
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Years Ended June 30,
---------------------------------
1998 1997
---- ----
Net sales $40,399,000 $36,529,000
Income from operations 6,498,000 5,579,000
Net income 4,202,000 3,429,000
Earnings per share:
Basic $ 1.08 $ .88
Diluted $ 1.05 $ .87
Weighted average common shares outstanding:
Basic 3,897,000 3,897,000
Diluted 4,009,000 3,920,000 |
