Earnings:
California Amplifier Reports Fiscal Year 1999 Fourth Quarter and Year End Results
PR Newswire - April 08, 1999 16:30
CAMARILLO, Calif., April 8 /PRNewswire/ -- California Amplifier, Inc. (Nasdaq: CAMP) today reported results for its fourth quarter and year ended February 27, 1999.
Sales for the fourth quarter ended February 27, 1999 increased 19.3% to $10,077,000 as compared to $8,447,000 for the fourth quarter of the prior year. The Company reported net income for the quarter of $91,000, or $0.01 per share, as compared to a net loss of $2,105,000, or $0.18 per share for the fourth quarter of fiscal year 1998.
Sales for the fiscal year ended February 27, 1999 were $37,140,000 as compared to $46,933,000 for fiscal year 1998. The Company incurred a net loss for fiscal year 1999 of $1,436,000, or $0.12 per share, as compared to a net loss of $2,665,000, or $0.23 per share, for the year ended February 28, 1998.
Fred Sturm, Chief Executive Officer, commented, "We were pleased to return to profitability and quarter-to-quarter sales growth in the fourth quarter of fiscal year 1999. Increased sales and continued
cost containment programs both contributed to the improved results. The increase in fourth quarter sales as compared to the prior year fourth quarter was primarily a result of increases in Satellite Product sales as we focused on product opportunities in DBS markets.
"Despite the decrease in annual sales we were still able to reduce the annual net loss by over $1.2 million. The year-to-year improvements and return to profitability could not have been achieved without the efforts and sacrifices of many hardworking employees. In addition, we improved our balance sheet, increasing cash by $4.9 million to $9.3 million, and reducing accounts receivable and
inventory by an aggregate of $4.0 million."
The statements with respect to sales, and operating results discussed in this press release may be forward-looking statements that involves risk and uncertainties, including without limitation, product demand, competitive products, market acceptance of new product introductions, and other risks and uncertainties that are detailed from time to time in the Company's SEC reports, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of the Company's most recent
Form 10-Q and Form 10-K can be obtained from the Company on request.
California Amplifier, ISO 9001 certified, designs and manufactures a broad line of amplifiers, downconverters, antennas, and integrated products for the reception of microwave signals used primarily in conjunction with broadband communications worldwide. The Company's Satellite business unit produces reception components for worldwide DBS/DTH transmissions as well as consumer and commercial grade products for both C and Ku band applications. The Wireless business unit provides reception solutions for the Wireless Cable (MMDS) industry and markets MultiCipher(R), a proprietary broadband encryption technology for conditional access of multichannel television systems.
The Voice & Data business unit produces two-way wireless solutions for innovative voice, video, telephony, interactive, and networking applications. Micro Pulse, a consolidated subsidiary with 50.5% ownership investment, designs and manufactures components for a broad range of antenna primarily for GPS and wireless applications. |
