Hi Sergio;
VARL news for you guys
Tuesday April 13, 8:02 am Eastern Time
Company Press Release
SOURCE: Vari-L Company, Inc.
Vari-L Company Announces Record First
Quarter Results
Net Sales Increase 31% to $5.3 Million, Net Income Advances 30% to $754,000;
International and Military/Aerospace Customer Orders Suggest Further Strong
Growth
DENVER, April 13 /PRNewswire/ -- Vari-L Company, Inc. (Nasdaq: VARL - news), a leading provider
of advanced components for the wireless telecommunications industry, today announced record sales and
earnings for its fiscal 1999 first quarter ended March 31, 1999.
First quarter net sales were up 31% to $5,313,000 compared with net sales of $4,045,000 in the first
quarter of 1998. Net income increased 30% to $754,000, or 14 cents per basic and diluted share, versus
year-ago net income of $579,000, or 11 cents per basic and diluted share.
''We are extremely pleased with our financial results, especially since the first quarter is historically one
of the slowest quarters of our year,'' said Dave Sherman, president and CEO. ''The strong increases in
sales and earnings reflect continuing demand for our products in both the commercial and
military/aerospace market segments.''
Sherman said the surge in first quarter sales was notable for two additional reasons: First, it was achieved
notwithstanding continued delays in shipments to certain foreign customers due to government-mandated
export restrictions on military/aerospace products; and, second, it included initial shipments against an
840,000-unit order for VCOs to be used in subscriber devices manufactured by the Wireless Access
division of Glenayre Technologies, Inc. (Nasdaq: GEMS - news).
''The outlook for 1999 is very bright,'' Sherman added. ''We are experiencing a significant increase in
quotation activity from traditional customers in the commercial wireless and military/aerospace market
segments. In addition, we are very optimistic about increasing demand from the subscriber marketplace,
particularly in the second half of the year.''
Vari-L experienced a strong resurgence during the first quarter in firm customer orders from international
markets and military/aerospace markets. Compared with the first quarter of 1998, international orders
increased 93% to $1.5 million and military/aerospace orders increased 43% to $1.0 million. Overall order
flow still favored domestic markets (62% domestic vs. 38% international) and commercial markets (75%
commercial vs. 25% military/ aerospace), but the Company is heartened by the renewed vigor in these
other markets. The Company ended the first quarter with an order backlog of $16.8 million.
Through its headquarters in Denver, Vari-L designs, manufactures and markets a wide range of radio and
microwave frequency signal source and processing components used in the wireless telecommunications
industry for both commercial and military applications. Vari-L serves a diverse customer base comprised
of some of the world's leading technology companies, including California Microwave, Ericsson, Harris,
Hughes, IBM, Lockheed Martin, Lucent Technologies, Mitsubishi, Motorola, NEC, Nokia, Northrup
Grumman, Raytheon, Samsung, Siemens, Stanford Telecom and Wireless Access.
INCOME STATEMENT DATA
First Quarter Ended
March 31,
1999 1998
Net Sales $5,313,000 $4,045,000
Net Income $754,000 $579,000
Basic Earnings Per Share $.14 $.11
Diluted Earnings Per Share $.14 $.11
Basic Weighted Average
Shares Outstanding 5,488,000 5,290,000
Diluted Weighted Average
Shares Outstanding 5,580,000 5,370,000
BALANCE SHEET DATA
March 31, December 31,
1999 1998
Working Capital $16,097,000 $16,383,000
Total Assets $51,274,000 $50,671,000
Non-current Liabilities $14,585,000 $14,561,000
Shareholders' Equity $33,336,000 $32,425,000
Some of the statements contained in this news release are forward-looking statements. The accuracy of
these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to
the success of the products into which the Company's products are integrated, governmental action
relating to wireless communications licensing and regulation, internal projections as to the demand for
certain types of technological innovation, competitive products and pricing, the success of new product
development efforts, the timely release for production and the delivery of products under existing
contracts, future economic conditions generally, as well as other factors.
SOURCE: Vari-L Company, Inc.
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and News:
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Vari L Co Inc (Nasdaq:VARL - news)
Related News Categories: aerospace/defense, computers, earnings, telecom
Have a good day Allan P
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