AMK blowout earnings, best quarter in company history..
American Technical Ceramics Corp. Announces Record Second
Quarter Results
Business Editors
HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--Feb. 2, 2000--AMERICAN
TECHNICAL CERAMICS CORP. (AMEX Symbol: AMK), today announced record
sales and earnings for the second quarter ended December 31, 1999.
Net sales for the second quarter ended December 31, 1999
increased 75% to $14,893,000, from $8,504,000 in the comparable
quarter in fiscal year 1999. The Company reported net income of
$1,659,000, or approximately $.43 per common share ($.43 per common
share assuming dilution), for the second quarter ended December 31,
1999, compared with net income of $516,000, or approximately $.13 per
common share ($.13 per common share assuming dilution), for the same
quarter in fiscal year 1999.
Net sales for the six months ended December 31, 1999 increased
56% to $26,756,000, from $17,143,000 in the comparable period in
fiscal year 1999. Net income amounted to $2,489,000, or approximately
$.65 per common share ($.64 per common share assuming dilution), for
the six months ended December 31, 1999, compared with net income of
$434,000, or approximately $.11 per common share ($.11 per common
share assuming dilution), for the comparable period ended December 31,
1998.
Management stated that the increase in net sales was attributable
to broad-based increases in virtually all product areas, with the
strongest growth in Thin Film products and core domestic commercial
capacitors. The increase in net income was primarily due to the higher
sales volume, particularly in Thin Film products, and the resulting
increase in efficiencies.
Management noted that net income for the quarter was almost twice
the net income in the immediately preceding quarter, primarily due to
a 25% increase in sales.
Management indicated that orders in the second quarter increased
compared to both the second quarter last fiscal year and the
immediately preceding quarter. These increases reflect continued
growth in core product demand, particularly in the wireless
infrastructure market, as well as the receipt of a previously
announced large Thin Film order. Overall sales activity during the
early weeks of the current quarter continues at levels achieved during
the second quarter.
Victor Insetta, Chairman of the Company, stated, "We are very
pleased that our efforts to build up our sales presence and
manufacturing capabilities are paying off in record orders, sales and
net income. We believe that by continuing to expand production
capacity and investing in new product development, coupled with our
long standing relationships with customers who are leaders in their
fields, we are well positioned to meet the expanding requirements of
the markets in which we operate. Given what we perceive to be the
current trends in these markets, we feel we should be able to sustain
our current level of business throughout the balance of the fiscal
year."
We are pleased to invite you to participate in the upcoming
conference call with management. The details are as follows:
Thursday, February 3, 2000
11:00 A.M. Eastern Standard Time
TOLL FREE CALL IN NUMBER: 1-800 450-0785
American Technical Ceramics Corp. (ATC) 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.
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